Replies to This Discussion

Permalink Reply by The Negotiator on January 6, 2011 at 1:25pm

There is one on the first page of the LBPS group.. where they show all the phone numbers and contact stuff .. the top one says "sample payoff letter." That's it!

Permalink Reply by Robin Choi on January 6, 2011 at 2:15pm

Ok Thanks.  I was hoping for something a bit more definitive from them.  I got this last paragraph verbatim on one approval but the 2nd approval is missing the "very important" first line of the last paragraph: "Unless this settlenent agreement is fully executed."  So I wanted to see if there was another version.

Permalink Reply by Doretta Allison on February 17, 2011 at 4:24am

Just wondered if you had ever received anything that took that paragraph off the letter.  I have an approved short sale with the same wording and my seller on the advice of an attorney has refused to sign.  I got the same answer that they never changed it.  I am in Arizona where we are an anti-deficiency state but the law only refers to foreclosure not short sale.  My seller is going to let it foreclose if we can't get that changed or removed.  I have a buyer who wants the property and we may lose it due to this one paragraph.  Doesn't that seem ridiculous?  If you were able to resolve it, I would appreciate hearing from you.

Thanks,

Permalink Reply by Michael Hayley on March 4, 2011 at 5:21am

Robin, see if this attached letter helps you. This is for Florida, which is a deficiency state.

Permalink Reply by Robin Choi on March 4, 2011 at 7:56am

Yes I resolved it, they have two different letters and I was able to get the letter with the "waiver" language in it by having my client make a small cash contribution at closing.  The negotiator states that she doesn't have control over which letter we get however, once we offered the cash via a revised HUD we received a new letter:  The only difference is the second page last paragraph:

 

"Unless this settlement agreement is fully executed, nothing in this letter shall be construed to prejudice, waive modify or alter any of the rights or remedies for the owenr of the loan to collect the entire amount due and to come due on the laon or to be construed to waive any defense of LBPS or the owner of the loan." 

 

The first letter I received stated: "Nothing in this letter shall be construed to prejudice, waive modify or alter........

Doretta Allison said:

Just wondered if you had ever received anything that took that paragraph off the letter.  I have an approved short sale with the same wording and my seller on the advice of an attorney has refused to sign.  I got the same answer that they never changed it.  I am in Arizona where we are an anti-deficiency state but the law only refers to foreclosure not short sale.  My seller is going to let it foreclose if we can't get that changed or removed.  I have a buyer who wants the property and we may lose it due to this one paragraph.  Doesn't that seem ridiculous?  If you were able to resolve it, I would appreciate hearing from you.

Thanks,

Permalink Reply by Robin Choi on March 4, 2011 at 8:02am

Michael,  Thank you this is what we finally received!

Michael Hayley said:

Robin, see if this attached letter helps you. This is for Florida, which is a deficiency state.

Permalink Reply by david schlamp on March 7, 2011 at 7:53am

I am trying to complete my short sale in FL w/ LBPS. Can you send me a copy of the letter. Thanks

Permalink Reply by Robin Choi on March 7, 2011 at 2:14pm

David,

I am attaching two letters.  Same property same client: one letter prior to our offer of a cash contribution and the other after.  The big difference is page two first sentence of the last paragragh.

 

Good luck.

 

Robin

david schlamp said:

I am trying to complete my short sale in FL w/ LBPS. Can you send me a copy of the letter. Thanks

Attachments:

• LBSP LETTERS.pdf, 294 KB

Permalink Reply by david schlamp on March 8, 2011 at 11:35am

Thanks. I will pass it on to my lawyer.

Robin Choi said:

David,

I am attaching two letters.  Same property same client: one letter prior to our offer of a cash contribution and the other after.  The big difference is page two first sentence of the last paragragh.

 

Good luck.

 

Robin

david schlamp said:

I am trying to complete my short sale in FL w/ LBPS. Can you send me a copy of the letter. Thanks

Permalink Reply by david schlamp on March 14, 2011 at 7:43am

HELP! So I sent the letters to my lawyer and he sent them to LBPS. They replied

 

LBPS does not pursue the deficiency balance on short sales that close and our agreement is for a full settlement

.

 

Hopefully this will suffice as we will not make changes to our approval letter. Please advise if the customer will not sign it and we will cancel the referral. Thanks

    

 Do you think I am still legally liable? Thanks