Replies to This Discussion

Permalink Reply by Ben Benita on October 21, 2010 at 8:02pm

Wow, I am late to the "party"....ALWAYS remember, EVERYTHING on the short sale is negotiable...the key to "getting your way", talk tot eh person with the authority to help, not the negotiators.

For changing approval language, speak with the name on the approval letter first (give them a chance though this RARELY works, most are low on the totem pole and only doing as they are told).

Next move - for removing deficiency language, try the "legal department" for the Servicer (this works GREAT is you are closing with an attorney backed title company. Have the attorney send over a letter on legal letterhead)

Next move - try the executive offices

Next move -- find out who the Investor is on the note and contact them directly (ou may need to send in a "Qualifed Written Request", or QWR in banking speak, in order to get this information.

Generally speaking, one of the 4 options above will work (though of course it is not 100%)

Keep in mind, if you just let the home go, the Investor will have the right to chase you anyways.

2 best ways to combat future deficiency issues:

1) Bankruptcy if/when they come after you, not generally recommended
and
2) Start titling property in Trusts and LLC's (you should be doing this anyway just to cover your backside in the event someone sues you for some reason).

Hope this helps....best of luck!!!!

Permalink Reply by Dan McHale on February 27, 2011 at 5:42pm

It is now Feb 27th, 2011...  I found your story very interesting...  What was the outcome?

Permalink Reply by meme on March 16, 2011 at 4:04pm

Hey Dan, short sale approved, df verbiage was added, sold the house.
Cost me 5k at closing, buying and selling agents chipped in, and a 10k prom note, no interest 55 bucks a month. I'll ego that down later.

Permalink Reply by Dan McHale on March 17, 2011 at 8:43am

Group,

 

Did I jump the gun with Chase??  I sent in all the Chase required short sale paperwork 2 weeks ago. When I checked with Customer Service this past Monday I was told that my request has been denied. They gave me the name of a negotiator to call (Omar out of Ohio) and discuss why. After leaving a message with Omar on Monday, and then Tuesday, followed by this morning I decided to call Customer Service again. The Rep told me I was denied for the following reasons; 

 

1). I do not qualify for the HAFA program

2). The lender (Freddie Mac) does not participate in the HAFA program (for which I was denied anyway)

 

Any suggestions on the next move?  The Customer Service Rep at Chase told me that their is nothing they can do until an offer comes in. He also stated that at a certain point the loan will go into foreclosure if no offer comes in..  Any idea how long you can be behind before the note goes to foreclosure?

This is not my primary home. The house is an investment property located in Florida. It is listed with a Realtor. I owe $212K and have it listed at $145K. I just sent a note to the Realtor about this development. My fear is that I will get to many months behind and they start the foreclosure process.. Right now I am only March behind.   Thanks for any comments...     

Stingfish - thanks for sharing, that's good news... 

Permalink Reply by meme on October 28, 2011 at 9:02am

For those following this, I will soon update you all on the ending of this shortsale and share some additional notes that may be of some value to others.  Please be on the look as I am in final nego on the second, one year later... 

My updates will include the following.

10K prom note

1099C

tax breaks

and 2nd w/chase. 

and additional note to florida residents w/rental props like i had and dealing with the 1099c.  All good news...

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