Regions Requires Promissary Note of 50% of Balance on 2nds? Help Appreciated!

We have a Tampa Bay seller with a HEFTY Regions 2nd and they are repeatedly stating that it's company policy that they will accept nothing less than 50% of balance owed (in this case $100K) or they are going to send it to charge off at month end.  My seller is unemployed - this is nuts!

 

Anyone hear of this "policy" before?  Or have Supervisor contacts in Florida?

 

Thank you!

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Let me guess Shea is your rep? 
Lori - Affirmative on that!  You've had the pleasure?  She wouldn't back down (after sneaking in a couple of short remarks about "who are you - you're ONLY the Realtor" - fully intended to sound condescending).  We closed it Friday with 50% - ugh.  Your experience? 

Call the Florida VP of Regions Brett Couch 813-226-1212.  You can also complain that they will not cooperate with 1st on HAFA deals.  Such BS.  His email is [email protected].  He is on vacation but his assistant will pick up.

The way I explained it to Regions was 1. If the borrower gets foreclosed on you get ZERO.  Why not take the $6000 and be happy.  I don't understand the attitude with Regions.  Regions feels that they are running the show but fact is Realtors are now caught in the position of helping come to some type resolution.  These sellers don't want to speak with Regions and are so sick and tired of the games these banks are playing.  These are preforeclosure options not a one way conversation.

If all the Realtors will start getting on the horn and making complaints to Regions maybe they will wake up. 

 

I have a homeowner that has a 2nd a 20K Heloc with Regions and wants to negotiate that away to do a "normal" sale on her home verses a Short Sale. She is unemployed at this time. What are the chances they will settle the amount to something smaller like 2500 or take nothing? Would it be better to attempt a Short Sale to help prove the case she can no longer afford the home? She is reluctant to do a Short Sale because of not being able to buy another home anytime soon.

Hi Lori, I am attempting to help a Seller who has a 2nd with Regions a $20,000 dollar Heloc. Can you tell me what's the best case to make for a settlement of "less" than 50% of the balance? The seller is unemployed. She wants to do a Short Sale but this 2nd is hanging out there......  

Call the headquarters and make an official complaint against her.  Call Brett Couch 813-226-1212 and let him know her attitude with REALTORS.  You are going to be seeing lots of Regions seconds so do yourself and fellow Realtors a favor and log your complaint. 

Julia Fishel said:
Lori - Affirmative on that!  You've had the pleasure?  She wouldn't back down (after sneaking in a couple of short remarks about "who are you - you're ONLY the Realtor" - fully intended to sound condescending).  We closed it Friday with 50% - ugh.  Your experience? 

Is this contact for Brett Couch still good? Would like to hit as many high profile contacts as I can find. 

They are wanting $48,832 in payments or $33799.27 in cash!!

I am running into this same issue with Regions on a 2nd,

Chad.

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