Comment

Comment by Amy Martin on March 6, 2012 at 11:21am

Hi Jeff,

 

Need to escalate US Bank as 2nd lienholder. Our 1st already approved the short sale but 2nd has been declined. Do you have a contact info to where we can escalate? Please advice. Thank you much!

 

Comment by William C. Black on March 5, 2012 at 9:38am

If the decision is to file BK I would suggest to try to keep the house while in and after BK to then short sale- the 2nd is in no positon of power once the note is stripped and will accept whatever is offered typcially. This gives him 2-3 more months beyond the foreclosure date as well if planned accurately since the BK will STOP the foreclsoure typucally until discharged.

Comment by Anna Parker on March 5, 2012 at 8:32am

Thanks for the clarification Will.  We're trying to pursue some direct communication with USBank as the investor to see if they will help move this along.  The collections company they're utilizing is unprofessional & unhelpful. But sadly, if we get no where the seller is willing to bankrupt the 2nd (USBank will get nada) & let the 1st take the home back in foreclosure....and he'll be on his merry way.  Hopefully we won't have to go that route!

Comment by William C. Black on March 5, 2012 at 8:24am

Anna- non-recourse vs. judicial and non-judicial are two separate things...

The first will do a non-judicial foreclosure 99% of the time and have no authority to come after the lien holder on that note (non-recource) and this strips the 2nd lien. The "note" is still lingering there on the 2nd as IS "recourse". BK is not really required unless the note holder pursues the deficiency judgement- most of the time they may settle for 10 cents on the dollar. Credit Unions are notorious for doing this right away. I am in Washington but the law firm I consult with is licensed both in Washington and Oregon.      

Comment by Anna Parker on March 5, 2012 at 8:15am

FYI -- DO NOT CALL DAVID SHONKWEILER -- HE IS NO LONGER IN THE MORTGAGE DEPARTMENT.  TIFFANY RAY IS THE BETTER CONTACT: 513-639-6569

Comment by Anna Parker on March 5, 2012 at 8:07am

Thanks Will,

We're actually a dual track state. They can go judicial foreclosure but not likely. Our seller can bankrupt it and the first gets it all. His account with USBank was a cash out refi; and he has no assets to speak of.  And he is over a year behind.

Our guy is over 90 days late. But is in his late 70s so no big money or bank accounts to speak of to bring to the table.

If this servicer & USBank doesn't help to make any progress it looks like our client will likely be pursuing bankruptcy or foreclosure.

Comment by William C. Black on March 5, 2012 at 7:46am

Anna, 

When you say that Oregon is a non-recourse state- what does that mean to you on a 2nd lien? If this was not a purchase money 2nd and they have not made payment over 90 days it goes to "charge off" status and the collection company is looking to try to get 50% minimum or they do not earn a profit. I would assume that if I was to look at a credit report as the collection company is looking at I would probably see the seller is current, has a healthy "previous" job title and the collection company may still pursue them after the lien is released in the foreclosure for the note. That is why they play hardball and will push it in foreclosure if needed. I consult for law firms that negotiate short sales and its my recommendation to NEVER go over 90 days late with US Bank and if the seller has a cash-out 2nd and assets to be prepared to come in with money. They also typically charge a $500.00 fee due to the lack of success on working with US Bank. (My 2 cents) 

Comment by Anna Parker on March 5, 2012 at 6:12am

SERVICER REFUSES TO PRESENT OFFER TO USBANK! Professional Bureau of Collections of Maryland, Inc is the servicer for this 2nd lien, servicing for USBank.  They are in position to receive 23% of their unpaid balance for payoff -- but the servicer is refusing to even send it beyond their "upper management" team to the investor for USBank to decide.  Despite being told numerous times, there are no more funds, commission is non-negotiable, & OR is a non-recourse state should the 1st take the home back in foreclosure -- this company is still refusing to send to the investor for review.  They are arbitrarily deciding for USBank.  Does any one have the ear of someone high up the chain at USBank? I can't imagine they want to be paying a servicer to arbitrarily be making these kinds of decisions that have no sound financial footing?

Comment by Pam Pont on March 1, 2012 at 8:02am

Does anyone have the name and phone number for a direct contact at US Bank office in Irvine, CA???  I have been faxing my LOA with all the required information for the last week and a half, probably faxed it about 15 times but everytime I call to verify they have received it I'm told they do not have it.  I have also tried escalating this to a supervisor but each time customer service transfers me to a different person's voice mail.  Does anyone have any insider info they can share with me?

Comment by Teresa Simon on February 16, 2012 at 5:32pm

I just wanted to say that I researched this whole group to get a jump start on the offer before submission.  I really think that helped.  I do want to say that I included my tax number, but when the bank was talking to the closing attorney US bank wanted his and not mine.  It may be prudent to add both to offer submissions,

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