Comment

Comment by Michael Schneider on June 22, 2011 at 4:09am

@Sally I think the 2nd is basically demanding that you give them a kickback of 1% of the commission.  I get this infrequently from subordinate lien holders.  Ironically, the most direct statement came from the State Public Assistance Dept. on a public aid lien.  CitiFinancial tries this too.

I say no, always, no exceptions on this whatsoever.  I will never permit a subordinate lien holder to demand a reduction in the commission approved by the 1st. Just say no.

If they persist, I would write to every board member of RBC (US Operation of Royal Bank of Canada?) and state that they are demanding that you agree to a transaction that you are concerned could be interpreted as a Section 8 violation of RESPA or a violation of Real Estate Law.

US RBC was bought by PNC, but I doubt that the deal has closed.

Comment by Neddie B. on June 22, 2011 at 3:48am

@Stephanie my understanding is that the allowed reserves are $5K and below.

 

Comment by Sally English on June 22, 2011 at 3:44am

Have SS approval from WF on the 1st. RBC who holds the 2nd is will only approve 5% commission.  WF will not approve less than 6% commission. Any thoughts on how to resolve?

Comment by Tara Polley on June 21, 2011 at 3:38pm

My understanding with reserves is anything over 3 month's payments can disqualify the seller....

 

Comment by Stephanie Greenberg on June 21, 2011 at 1:51pm

@Nedy, what is the reserve limit for HAFA?

Comment by Sherrie Barker on June 17, 2011 at 2:42pm

Thom,

Thank you! I appreciate your help. 

Comment by Neddie B. on June 17, 2011 at 5:56am

1. Processing - they make sure you file is complete and up to date.

2. Negotiator receives it from the processor and makes sure it's complete.

3. Negotiator sends it off to investor and/or insurers for final approval.

Quoting Amy Gerrish below...any idea of the time frame of the 3 stages.  My file was with WF direct but seller did not qualify for HAFA due to money in reserves. They have now trfrd to Equator, they already have 2 BPOs on it and we have a strong contract in place.  It's unfortunate that I did not know about the reserve limits or would have recommended seller to decline HAFA and apparently they did not know either because they were the ones pursuing HAFA.

Comment by Thom Colby CA Brkr 888-391-5245 on June 17, 2011 at 4:28am

Sherrie,  Have the borrower complete an IRS Form 4506t authorizing Wells to obtain their tax returns for 2009 & 2010 - then send it to Wells.  They can electronically pull the tax returns from the IRS within 48 hours.  Most short sale lenders are now requiring this anyway.

 

Best of Luck,

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Comment by Sherrie Barker on June 17, 2011 at 2:19am

Thank you!

She went yesterday to the local office and they told her that she would have to wait for the 1040 to come through the mail. That was the only way.

Comment by jennifer mullen on June 17, 2011 at 2:14am

I was just at the IRS office last week and people were coming in to get transcripts.  Maybe if she goes to the local office they can give her a transcript.  I was told my issue could only be dealt with by mail, too.  Good luck!

• ‹ Previous
• 1
• …
• 125
• 126
• 127
• 128
• 129
• …
• 220
• Next ›
• Page