Comment

Comment by Carlos Aznar on March 10, 2010 at 6:01pm

Chase not accepting LLC as buyer. Anyone encounter this issue? know a way around? Thanks! Carlos.-

Comment by Ben Benita on March 10, 2010 at 11:19am

Anna, send me an e-mail at [email protected] noting that you want a copy of the HUD and the attorney invoice, I will get them to you (I got LOTS of e-mails so be certain to tell me what you want). I enjoy helping others "in the trenches" on short sales.

Comment by Laura Marshall on March 10, 2010 at 7:18am

comment to my prior post. I was able to reach a supervisors voice mail at Chase Recovery - regarding their collection company. If I get anywhere, I will let you know. GOTTA LOVE THESE SHORT SALES !!!!! lol.

Comment by Pacita C Dimacali on March 10, 2010 at 7:00am

I was able to postpone the trustee sale only when I submitted an all cash offer on a condo, and just in the nick of time.And it looked like we were rolling along until the BPO agent submitted a higher value. Not only that, the BPO agent knew zilch about the area --- being from another city and county, and asked me for help. So I took the pictures, gave him comps, provided tons of information about things that are affecting the market value of the properties in the area, and he still recommended a higher price. The cash buyer won't raise his offer. And I'm trying to get the back up to raise his offer. At the same time, I'm also trying to get Chase to reconsider the BPO. However, Chase re-schedules the trustee sale for March 29. So it's another round of daily calls and faxes to try to postpone the second trustee sale.

Comment by Laura Marshall on March 10, 2010 at 5:34am

Has anyone had any luck getting Chase Recovery to pull a file back from their collection company? I have a file with a 2nd lien (Chase Recovery) that sent the file to Oxford Management, then pulled it back and sent it to GC Services. I have an approval from the 1st lienholder, and we are up against the clock for the trustees sale. The 2nd will get a total of $15,000. $3,000 from the 1st, $9500 from the buyer and $2500 from agents! This is a purchase money 2nd and a non judicial foreclosure. If the 1st forecloses, the 2nd can not go after the seller. Any ideas? Thanks!!!!!

Comment by Anna Mackey SDHS on March 10, 2010 at 5:22am

Ben, I really like your style! I have definitely seen similar results from pushing back and saying no. Sometimes it seems miraculous! Would you mind sharing what lines on the HUD you use for the neg fee and the proc. fees and what do you call them on the HUD? Also, I'd love to se the language on that attny invoice as well. Can I email you for it?

Comment by Ben Benita on March 10, 2010 at 4:13am

Our initial HUD ALWAYS has negotiating and short sale processing fees....as you and everyone here is aware, why NOT try to get paid for the additional work required for a short sale? The attorney fee we also get a part of (I can send you a copy of the invoice we use explaining WHY we should get paid if you e-mail me off [email protected]). These fees are one of the first things the lender tries to have removed, and of course we have learned to tell them "no". 9 times out of 10 we get paid the negotiating or processing fees. Keep in mind, end of the day, with the right person on the phone at the bank, they will RARELY foreclose over a few hundred or a few thousand dollars. I can not emphasize this enough, THEY ARE NEGOTIATORS....tell them "no" and push back and you will be SHOCKED at the results. We had a closing yesterday where B of A ABSOLUTELY INSISTED on a $50,000 prom. note from the Seller (I can show you the e-mails). Guess what, we told them no, negotiated with them, and, NO PROMISSORY NOTE WAS SIGNED!!! Again, PUSH BACK!!!!!

Comment by Steele V. Propp on March 10, 2010 at 3:38am

Ben, thanks for the clarification. In your own practice do you also charge (or try to charge) a separate negotiating fee? I can see that the bank would be more likely to approve legal fees, so having negotiating combined with legal assistance might go smoother from that perspective.

Comment by Ben Benita on March 9, 2010 at 5:42pm

Certainly understand, and, perhaps I was unclear. The attorney I work with is a partner and part of our negotiations team, he steps in and writes letters to higher ups as needed. Depending on who the liens are with, if there are first and seconds, if a foreclosure date has been set and contact will need to be made with foreclosure attorneys, etc., these are all estimated costs that are billed and sent to the title company and short sale lender (in the Washington DC area, most attorneys get $200 -- $500/hour). Invoices are sent and tracked accordingly and everything is disclosed. His fees are negotiable just like an agent's commission is negotiable. Hope that helps? As far as us "practicing law", I do not and ALWAYS advise the owner to seek legal counsel. Any attorney could hire you, me, a temp., or any $10/hour person to assist with short sale negotiations (it is also another HUGE benefit to your Seller when you tell your client you have an attorney you work with for legal questions, to review acceptance letters, etc.). Again, LOTS to get into on here....my 2 cents, again, find a local attorney familiar with the process and get him or her on your team ASAP.

Comment by Steele V. Propp on March 9, 2010 at 4:44pm

Would there be any legal ramifications for charging the bank, say, $2,000 in attorney fees when in fact there is only $1,000 in legal fees? If you keep a portion of these fees are you suggesting you are actually practicing law?

Have to admit I am a bit concerned with this. Would rather have a negotiator fee built in. But that's me.

Not picking on you, Ben. These are honest concerns.

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