Replies to This Discussion

Permalink Reply by Ben Benita on June 4, 2010 at 6:15pm

YOU HAVE HIT ON THE KEY TO SHORT SALE SUCCESS MY FRIEND -- you will still need to go through the Servicer, BUT, getting the ivenstor invovled, fannie, freddie, private entity, whomever, will GREATLY increase your closing rate (get teh mortgage insurer involved where applicable as well).

The trick is finding out WHO the investor or MI company is, best found by having the homeowner get this info., either on the phone or by qualifed written request "QWR"......

Best of luck

Permalink Reply by Noel Crider on May 29, 2012 at 11:00am

Ben, I realize this is an old thread, but are you suggesting going straight to the investor on the loan? I have a Chase first with B of A as the investor. I was told by Chase that if I go directly to B of A, B of A will prevent me from doing future business with them.... The investor has twice increased their required net to the point the market will not bear their price. If it goes to foreclosure they will not net near as much as our short sale will net them. I am not sure who to contact to get someone to see reason.

Permalink Reply by Ben Benita on May 30, 2012 at 12:06am

What Chase told you about B of A NOT doing business with you in the future - I would BET THE FARM it is an outright lie.

Have the yo-yo at Chase that told you that put it in writing.....tell them you spoke to your attorney and he/she would like verification.

The required amounts being twice increased:

1) COULD also be a lie
2) COuld be the mortgage insurer trying to cover losses (see if your loan has mortgage insurance on it)
3) Could be a bad BPO or property valuation

Seems to be lots going on here....again, you already know B of A is the Ivnestor, contact them directly (REGARDLESS of what Chase tells you), either the corporate offices, or, get to the asset management or foreclosure department and you should be fine.

I would also check to see if there is mortgage insurance and if so, find out what the "coverage ratios" are....this will tell you how much $$$ the Ivnestor gets reimbursed if the property gets foreclosed on.

Best of luck!!!!

Permalink Reply by Jeff Payne on June 5, 2010 at 2:52am

+1 on Ben's reply. I had BofA deny a short sale due to the investor, When I called the investor, they had no record of BofA even submitting a short sale request to them.


Ben Benita said:

YOU HAVE HIT ON THE KEY TO SHORT SALE SUCCESS MY FRIEND -- you will still need to go through the Servicer, BUT, getting the ivenstor invovled, fannie, freddie, private entity, whomever, will GREATLY increase your closing rate (get teh mortgage insurer involved where applicable as well).

The trick is finding out WHO the investor or MI company is, best found by having the homeowner get this info., either on the phone or by qualifed written request "QWR"......

Best of luck

Permalink Reply by Molly G on June 5, 2010 at 4:14am

Great. Thanks guys. Anyone know how to get a hold of Freddie? I saw an e-mail for loss mitigation on their website but anyone have something more specific (Contact name or even a phone number)?

Permalink Reply by Ben Benita on June 5, 2010 at 1:50pm

Chris R -- will you send me that e-mail contact you have for Freddie loss mit? I am at [email protected].....