Comment

Comment by Celeste ODea on September 30, 2011 at 6:56am

Need to escalate a file.  Does anyone have a contact name and number?

Comment by Randy Randolph on September 6, 2011 at 2:20pm

I have been trying to fax a short sale package to GMAC for the past 3 days and it won't go through. The number I am using is: 1-866-709-4744

 

Anyone have a better fax number for GMAC Short Sale Packets?

Comment by Dean E Eshelman, CPA, CDPE, IRES on August 29, 2011 at 11:02am

Contract on 7 year old Manufactured Home (mobile) 1700 square foot double wide on foundation on 3 acres. Sellers purchased for 159,000 9/08. Seller H lost job. Now divorced. Balance now over $180,000. Seller H has 21,000 judgement post divorce. Post divorce in Missouri, home is held tenants in common. Reduced price from 149,000 to 101,000 in steps until got a contract. Recieved an extension on the 8/9  foreclosure. We have an attorney as negotiator, who has done a number of these for our office. GMAC appraiser was out of the area - approx 50 miles away in St Louis County and home are in rural Jefferson County. Appraisal came in at 120,000. GMAC asked for highest and best so buyer increased to 104,000. Attorney sent letter re appraisal-attached.  Appraiser used two highest comps and said limited data and use stick built as comparable for third Foreclosures have been selling for considerably less, which attorney also pointed out in letter to GMAC. GMAC rejected contract without counter.

 

Where do we go from here? Any suggestions?2011-08-25%20letter%20to%20GMAC.docx

Comment by Erin Atherton on August 1, 2011 at 5:49am

Where did GMAC go on Equator? Hasn't been listed as a bank to initiate on there for a couple of weeks. I just faxed to initiate and was told we have to wait 10 days to be contacted by our negotiator and that once the account is "coded" for short sale, they cannot tell you anything until you are directly contacted by negotiator. Total mess, as opposed to Equator.

Comment by Pamela Lester on June 14, 2011 at 5:54am

Amy,

Have you had any luck on your second with Wells Fargo?  Here are the 3 numbers I have on file for Wells Fargo.  I think the first phone number is the number I used to get help with my short sale.

RE: Wells Fargo... These are the 3 numbers I called, and think the nice lady was at the first number:)  Good Luck to you!

1-800-840-5812 (Wells Fargo Home Mortg office of the President/Exec Retail)

1-800-853-8516 (Exec President of Wells Fargo Mort Servicing Dept

1-866828-9436 Exec Dept of Home Equity Mortgage (2nds)

Comment by Angela Pitre Reddy on June 7, 2011 at 9:34am

Amy- I have been able to negotiate charged off 2nd's, they are very difficult but can be done. I can usually get them done for 10% of the balance owed or sometimes 15%. Most of the reps are rude and obnoxious but stay firm and positive because it is better for them to be paid something than nothing at al (remind them they are in 2nd position and the customer is going to file BK if we can't get this settled). 10-15% has always worked for me. Most recently is Bureau of Recovery that was wanting 30% and I laughed and said the best we could do is 10% and we settled for 15%. Good luck!

Comment by joe beauchamp on June 7, 2011 at 9:24am

Amy, charge off almost always means it goes to someone with a collector mentality.  They are working in the "pennies for dollars" range and push extremely hard.  We try to avoid charge-off whenever possible - what you see is typical, except I'm used to hearing them wanting close to 100%.  They have a different center of gravity - it is ego and scoring to impress the boss.  This is the wrong way to maximize income for their collections company, but it is the normal way that they operate.  They will let it go to foreclosure.  This is based on them getting money from someone on other files at the last minute to avoid foreclosure.  They feel that on the whole, this averages out better for them.  (I don't believe that it does, but they think so and act accordingly.)

It generally is a tough, painful discussion, often escalating to his manager or higher and too often failing.  Good luck!

Comment by Kevin - Greenville, SC on June 6, 2011 at 8:09am

http://www.creditinfocenter.com/rebuild/debt_validation.shtml

Comment by Pamela Lester on June 6, 2011 at 8:06am

You got me there, I have never heard of a "debt valuation letter".  Can you tell me what you put in that letter?

Comment by Kevin - Greenville, SC on June 6, 2011 at 8:00am

@Pam have your tried sending a Debt Validation Letter after Charge Off?

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