Fifth Third Bank

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Comment by Lina Robertson on August 29, 2010 at 11:08pm

Just got involved on a Fifth Third short sale at the eleventh hour! The day I submitted the short sale package, the trustee filed notice and a foreclosure date has been set for 9/19/10. I have dropped price significantly trying to obtain an offer on the home quickly. No offers yet. Has anyone had any experience with getting a foreclosure date postponed without an offer?

Comment by sherry on July 8, 2010 at 2:54pm

Wow - This is a great deal to put this puppy to rest and know theywill not come after you. It's worth it for a piece of mind which it comes down too....

Comment by Kynse L. Agles on July 8, 2010 at 1:57pm

Fifth Third originally wanted a $150K note which we negotiated down. They wanted cash at closing as well but the seller did not have any cash so we settled at a $50K note. The deficiency was $226K so to settle for $50K is a good deal for my seller, much better than a $226K judgement in the future. Fifth Third is great about being fair to the sellers!

Comment by sherry on July 8, 2010 at 1:38pm

Nice Kynse. I believe I had mention my outcome with Fifth Third: Final outcome was seller to come to closing with $6000 plus a promissory note for $15,000.00 Seller did not want to worry about the deficiency loss to Fifth of $90,000.000. Originally Fifth Third wanted a note for $30K. I have one closing by end of the month with Chase where balance on loan is $135,000.00 purchase price is $48,000, seller to come to closign with $3800 to waive deficiency and settle in full..... I believe sellers have to realize as banks gets smarter, more and more are asking for come to closing dollars or promissory note especially if owed HOAs are high...

Comment by Kynse L. Agles on July 8, 2010 at 10:34am

I just closed another Fifth Third short sale last Thursday! Amount owed $370K, purchase price $170K, Net to Fifth Third $151K. Seller signed a $50K promissory note 0% interest for 15 years payment $278 per month in lieu of Fifth Third being able to pursue a deficiency judgement. Total loss to Fifth Third= $176K.

I once again would like to thank my negotiator for a smooth and successful short sale process. I have more Fifth Third deals getting ready to be submitted and hope and pray for the same negotiator I had on my last 2!

Comment by Kynse L. Agles on June 9, 2010 at 8:04am

My latest Fifth Third short sale is going very smooth. I can not thank my negotiator enough! It is such a blessing to work with someone that returns my emails and phone calls. Communication is key when it comes to closing a short sale and I would like to thank the staff at Fifth Third for making the process easier than most lenders! I am supposed to have this one wrapped up by the end of the week. The total owed to Fifth Third is $370K- Total loss to Fifth Third will be over $200K. I will update once I have the approval!

Comment by Ginny Risley on June 7, 2010 at 6:14pm

Both first and second mortgages are with Fifth Third, is there any special way to proceed with this short sale?

Comment by Kynse L. Agles on April 27, 2010 at 9:58pm

Sherry, I have closed two with Chase. Congrats on your Fifth Third! Mine closed today at 5:00PM, Im exhausted!

Comment by sherry on April 27, 2010 at 9:54pm

Kynse - Have you done much with Chase. Closing my Fifth Third Tomorrow. Chase is my next hurdle :)

Comment by Kynse L. Agles on April 27, 2010 at 9:47pm

CLOSED! One of my Fifth Third short sales closed today for $525K. 144 days from listing. Loss to Fifth Third $128,469.00. My next Fifth Third short sale will be starting negotiations this week.

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