Replies to This Discussion

Permalink Reply by Phil Hanner on October 1, 2010 at 8:49am

It's just a counter. The loss mitigator is just doing his/her job. See if the buyers will come up. If not, tell the bank this is the best the market will bear. The loss mitigator MUST show they tried in earnest to negotiate up.

Permalink Reply by Cami Pinsak on October 1, 2010 at 8:54am

The buyer won't come up. Which I will let them know. Meanwhile... I'm over it... This short sale has been going on for 10 months already. Already contacted WMMS and getting help from their end, as well...

Permalink Reply by Mark Raatz on October 1, 2010 at 11:06am

It's called "shared loss agreement" Cami. Chase did it on 2 of my deals; actually telling me on 1 of them they no longer cared what my offer was they were taking it to the sheriff's sale.
http://blog.foreclosures.com/is-the-fdic-killing-short-sales/

Permalink Reply by joe beauchamp on October 3, 2010 at 8:47pm

When I get a change in numbers, I usually already know when the BPO was done and that no new BPO came in so they are making up numbers to say that suddenly w/o basis, you need to pay more. I see a real stepup in bank activities to rip off everyone in the short sale - the lie and say it is the investor or the MI but it is usually often the negotiator looking to get a bonus for landing more cash. So, the first thing I'd nail down is how they claim to arrive at this new number with an approval of less in my hand. I'd also push for the exact number needed by the investor - if the negotiator is honest, you are likely to get the number because he's against the wall and wants to get this settled. If he is playing games, or just a primitive idiot "negotiator" (a huge number of these), he won't tell you. How can he tell you that the investor wants $750K and he is scamming your for $850K (or whatever)?

I'd bring up negotiating in bad faith - bring up discussing it with the investor, "my pal politician in the house", etc.

Somewhere along the line, they are likely to do something which violates truth in lending. BofA does illegal things all the time - you can sue them or work around it, usually, but it is illegal. There are hefty penalties for violations of that law including criminal action and jail time. I'd be using those tools in the discussion, too.

If you find the negotiator is just a stonewall, you have no choice but to get him changed out. You can discuss that with him and that you now need to speak to his manager. Then discuss the issues, mention one or two violations, ask for a negotiator who has a real interest in coming to some acceptable conclusion for you, the bank and the investor. No other negotiator available? Hmm. time to talk to the manager's manager. So, only 1 negotiator in all of Chase, is that right? Hmm... Don't let it drop - they need to know that if they play games with you, it will cost them one way or another. They are used to walking all over first time agents (1st time I use lightly - you really need to be in this daily to stay up with the issues and tactics, I think).

That can get you on the right track. Don't attack the person on the other side of the phone, attack the issues, the problems. It is always someone/something else, not you, you sweet thing.. ;-) [Yeah, it must be your dog that changed those numbers and signed your name to it... you bonehead sleazy ripoff!!]

I recommend that you try not to bang your head against the wall - I have found that not helpful. If you feel like banging a banker's head against the wall, well, that does seem to help sometimes - in any case, it's enjoyable... HA!