Comment

Comment by Wendy Rulnick on July 4, 2012 at 4:09am

Chad - That's a great job with Regions!

Comment by Chad Stewart on July 4, 2012 at 3:00am

FYI, I just settled a Regions 2nd ($100,000 balance on the 2nd) for 21%.  Here is how it broke down, 5% of balance was cash at closing from borrower, 16% of loan balance was $100 payments over 160 months. This was in addition to $4,500 from the 1st mortgage for the release of lien.

It was not easy, it took a lot of work, discussion, and documentation, but got it done, and like Wendy says, They will work with you.

Comment by Wendy Rulnick on June 25, 2012 at 8:56am

Ludora - No, I was just citing some examples.  That is such a low amount - $10,000 - you could probably get the amount from the senior to settle it.

Comment by Ludora Cooper on June 25, 2012 at 8:53am

Wendy, Are you saying Regions will only offer a settlement on a 2nd lien i.e. Home equity line of credit? I have a Seller that has a second with Regions for $10,000? She is unemployed and has no income to do a promissory note. What would you suggest?

Comment by Wendy Rulnick on June 25, 2012 at 6:06am

I work with Regions short sales a lot. They commonly offer either a "settlement" option with cash contribution at closing OR a promissory note. Often, 40-50% for prom note...

Comment by Jeanne Dufort on June 25, 2012 at 5:03am

Looks like Regions Bank short sale deals don;t come up very often on this forum.  Anyone have recent information to share? I have a First with Regions, Second with Fidelity (purchased in a bundle from a failed local GA bank). Any advice as I get started would be helpful.

Comment by Ron Wysocarski on February 26, 2012 at 10:58am

Thanks Wendy. I have been told that Regions was difficult to negotiate with. The seller is in no position to pay 250k over 30 years. So many others will much less of a hardship get much better deals than this with other banks. Just looking to help this family have a future.

Comment by Wendy Rulnick on February 26, 2012 at 4:09am

Ron - If the attorney is negotiating, what can you do? Hopefully the attorney understands that Regions negotiates... They will do part cash and part prom note combinations...  He can also "settle" with them after closing.  I've had sellers do that quickly after closing for better terms.  He should consider speaking directly with the Regions rep.

Comment by Ron Wysocarski on February 26, 2012 at 2:49am

I have a seller that is using an attorney to negotiate his short sale. Chase 1st , Regions 2nd. Chase will be made whole on the deal with a purchase price of 700k. Regions has a 700k 2nd mtg, and will be receiving about 175k from the proceeds of the sale. They want the seller to bring 150k to closing or 250k in 30 year note. Sellers income is only 20% of what it was during the market boom in Florida. It is a primary residence, and he does not own any other real estate. He will be renting when its all said and done. True hardship, but Regions is playing hardball. Suggestions or thoughts anyone???

Comment by Lisa Helweg on December 2, 2011 at 8:32am

I am working on a deal very similar to Wilsie's - Chase has the first, Regions is the second.  Seller filed Chapter 7 and the debt to both was discharged. The gist of my question... Is it true that if the property goes to a Foreclosure Sale, Chase will be REQUIRED to pay a minimum of $3K to Regions?  Thanks!

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