Comment

Comment by Jose Diaz on May 22, 2010 at 10:17am

US Bank just gave us a net to them $255,461 from that figure, we had to pay commissions, 3% to closing cost and we offered $7500 to B of A. which represents 7.5% of $100,000. US Bank never said how any of the monies over the $255,000 was to be allocated. So if this deal does not through for some reason I know US Bank must net $255,461. I like this type of approval instead of the approval that state where every penny must go. This was my 1 and only short sale with US Bank so far. Currently I have 20+ short sales going and I did not find them so difficult, perhaps I was because the seller had filed BK7 and this loan was discharged?

Comment by Anna Mackey SDHS on May 22, 2010 at 7:22am

Jose, curious what was your principle balance on the second BofA was... meaning, what percentage of the UPB did they pay to BofA? On my deal they are saying they never pay more than 5% of UPB so I wonder if it is true

Comment by Jose Diaz on May 21, 2010 at 5:36am

William, fair market was $300 - $310K. Keep in the mind the $255k net to US Bank was NET. commissions and closing cost and $$7500 to a B of A second was on top of net the home sold for $290K. Sellers had already filed BK7 and this was purchase money which in CA makes it a non-recourse loan.

Comment by William C. Black on May 20, 2010 at 6:25pm

Jose,
What was the fair market value? Also what about the deficiency- my understanding is they never remove the deficiency even on 1st liens which in our case in Washington forces our client into foreclosure since they cannot persue once a foreclosure is put it place...This is where the risk comes in for some Realtors that offer advise that says they would never persue a judgment... but they are now!!!

Comment by Susan Stuth on May 20, 2010 at 4:19pm

I have been working one for almost 6 months. 60 days ago, they asked the buyer to increase their offer and they agreed...We are still waiting. Calling Terry Hairston, emailing, etc does no good. His voice mail is usually full and he never responds to emails. We have filed a complaint with the OCC but that did not help at all. No one seems to respond to us. They are the WORST!!!

Comment by Jose Diaz on May 20, 2010 at 4:04pm

Just received short sale approval from US Bank (Terry Hairston) What I did was to send Terry a friendly email every Monday, Fax every Wen. and Call and left message every Friday. I took him 60 days to counter and another 90 days to accept the offer. Not bad I expected it to take longer when I first joined the group. The outstanding principle was $506,000 and they must net $255,000 a 50% hit which is normal for short sales in the San Francisco Bay Area. Advise follow up regularly, and humor to the follow-up Always mention you respect his job and would not want to do it yourself and be consistent. Send emails or faxes with jokes. These guys are human too. Hope it helps.

Comment by William C. Black on May 12, 2010 at 1:23pm

We have an offer accepted from US Bank with only a 1st lien position. The amount owed was $223,000 and our offer is netting them $124,000. The problem is that they will not release the potential deficiency- In Washington State if they foreclosed the sellers would have no deficiency. As we being the attorney firm negotiating for the Realtor we always state we need to disclose what the exact ramifications are in the situation. The Realtor was not that clear as the fact that if they accept this US Bank will have 6 years to pursue over a $100,000 deficiency. This will also be on the credit report until paid (or 7 years) and once a deficiency is implemented there is 10 years to collect and another 10 year option of an extension.

I cannot understand why US Bank will force this to foreclosure but in this situation it only makes sense to the seller to not accept a short sale.

We are going to play hardball with US Bank and let them know- the seller will have no debt if they foreclose and if they accept the short sale they could have over a 100K in debt- Go ahead and foreclose.

We will see what happens as the auction is set for June.

Comment by Bryant Tutas on May 6, 2010 at 11:43am

Kyle. This means that US Bank has probably agreed to the deal but the MI (mortgage insurance) company now has to approve it. You are probably getting close to the end of the process.

Comment by Kyle Griffin on May 6, 2010 at 11:18am

Hi everyonne. My wife and I have had an offer in with US Bank for almost 3 months now, and just today we heard it was sent to the "MI Company" for approval. Anyone know what this means/where this is in the process?

Comment by Jennie Blackburn on May 4, 2010 at 12:51pm

What's the OCC?

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