Comment

Comment by Kari A. Battaglia on April 13, 2011 at 11:40pm

My short sale with AHMSI is going to be closing next week.  Definitely not my favorite lender and I found if I call in the afternoon I get someone in India who is ready from script and I am told that I have to wait 30 days for review.  That was their standard answer.  If I call before 10:30am I get someone from America and who actually might be helpful.  

Comment by Bryant Tutas on April 13, 2011 at 11:35am

Jeanette. Place the $500 as an expense to the buyer on the buyer side of the HUD. The seller side will show $1,000 going to the 2nd. Or it can show as a POC item on the buyer side. Or the buyer/seller can mail a check to the 2nd for $500 prior to closing. There are many ways to get this done legally. I've done this numerous times. I don't ask the 1st for permission. I just do it. The HUD gets approved and we close.

Comment by Steve Early on April 13, 2011 at 11:27am

@Jeanette - this is happening a lot, and it is driven by the investor. We just had an AHMSI transaction go to auction today because AHMSI would not allow the 2nd lien to get more than $3,000. The second wanted $6,000. The buyer and realtors were willing to contribute to make it happen, but AHMSI said no - the maximum the second could get from any source was $3,000. I think we all need to write to our Congressmen.

Comment by Jeanette Becker on April 13, 2011 at 10:34am

Can't get approval on first with AHMSI for amount to second. Had approval on AHMSI as the first on the mortgage. They first approved a hud  that gave the second 1000 dollars. The second said they would not approve less than 1500 dollars. Got the buyer to contribute to satisfy both banks.  When we sent in the HUD with the second getting the 1500 dollars, now the first (AHMSI) will not submit the new hud to the investor to get approval. She suggested we pay the 500 outside of closing. This is illegal.  Cannot get any response from the loss mitigator to get this to close. Is there an escallation number to get past this loss mitigator? All phone calls go to voice.

Comment by Steve Early on March 2, 2011 at 10:34am

Two of my negotiators are telling me that AHMSI seems to be playing games with their fax numbers. They are giving us FAX numbers to send in Authorizations and SS Packages that don't work. Then when you call them they give a new number which also doesn't work. Yesterday they gave one of my people FOUR different numbers. Anybody else having this fun with these clowns?

Comment by Steve Early on February 17, 2011 at 9:36am

Congratulations Dipan!

Comment by dipan on February 17, 2011 at 9:11am

The selling agent today informed me that it has been approved. However they informed that they will not pay credit card debts as they are not mortgages. The sellers are getting lawyers involved to get it squared out. Thanks everyone for their help.

Comment by dipan on February 14, 2011 at 1:50am

Steve: You were right, there has been no updates from the bank since they came back with the counter over a week ago. The selling agent has put in a request that the file be escalated but has not heard back from anyone. I am not sure if the file has been sent to the investors for final approval yet. Hopefully they come around soon.

Comment by dipan on February 9, 2011 at 4:47am

Thanks Steve for the insight. Hopefully they will do something. I just do not like the unending wait. 

Comment by Steve Early on February 9, 2011 at 2:04am

Dipan:

They don't care what kind of a time limit you put on your offer. Should five days be reasonable? Any reasonable person would probably think so, but it will take them however long it takes to review and decide on your offer.

Also, bear in mind that the investor is going to have to approve your most recent offer after AHMSI does. AHMSI is the servicer and the investor has the final say. Their approval can be just a "rubber stamp" or they can even come back and counter the offer again if they want.

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