Comment

Comment by Kevin - Greenville, SC on June 10, 2011 at 8:17am

Sean,

 

Keep sticking with 6%.  If they are not going to show it, I'm not gonna change it.   Who is the investor btw?

Comment by Sean Barrow on June 10, 2011 at 8:14am

Thanks for all the encouragement!  I countered with full 6% commission, and asked to see investor guidelines dictating the 5% max commission.  Negotiator & Asset manager replied withing hours, stating they cannot provide written investor guidelines, and investor dictates max 5% commission...interesting that they think we should give up close to a third of our income at first request just because of a simple 'they say so.'  Happy Friday everyone!

Comment by Kyle Souza on June 9, 2011 at 7:30am

make sure it is signed and dated

Comment by George Isaacs on June 9, 2011 at 7:25am

Great advice from all, thank you! The sellers have no assets and have had to finance an out of state move by credit cards. They have a provided thorough documentation that they have no funds available. The push back letter is in draft form already.... :-)

Comment by Nancy Campbell on June 9, 2011 at 6:36am

Up the hardship ... why are they selling in the first place ... send another 'reminder' letter signed by the seller ...they don't have the funds and won't have the funds ... they can not contribute anything and the market home values keep depleting .... blah blah blah, I have successfully got two WF seller's out of contribution with full release of remaining debt.

Comment by Pamela Walsh on June 9, 2011 at 6:34am

If you can present the financial documentation to show the borrower just simply can't make a contribution or payments, you can push back and likely get a lower or zero contribution. good luck!

Comment by Kyle Souza on June 9, 2011 at 6:31am

not necesarily true.  If they have a good reason for inability to pay we have successfully negotiated it lower or approved w/o contribution.  It's all about the LOE.

Comment by Barbara J. Rice on June 9, 2011 at 6:25am

Absolutely. Wells and other lien holders are asking for contribution by the homeowners. They didn't ask for "skin in the game" when they gave these people loans to buy a house, but they're looking for that skin now. :-|

You may be able to negotiate a lower payment, but unless your clients have ZERO funds, Wells is probably going to require something.

Comment by George Isaacs on June 9, 2011 at 6:18am

Anyone seeing Wells come back on a first with a request for Sellers contributions?(in this case 10k cash or 20k note). They took almost 60 days to counter the offer. The BPO was within range and the market is declining....

Comment by Tara Polley on June 8, 2011 at 10:54am

Hi Aida,

You may want to determine if the second mortgage was charged off or not, and if there is still a lien against the property. Did it show up on the Prelim? If the homeowner was not paying the 2nd, it's possible it was charged off, and sent to collections, which is who the attorney would be. If that is the case, it could be considered unsecured debt, meaning the lien is no longer against the property, it is instead against your client, personally, in which case, it would not even need to be a part of the short sale negotiation. The attorney will obviously not verify that, as they would be using the sale as leverage to get the collection account paid without your knowledge of the circumstances. Keep in mind, when a debt is charged off, it is sold to collections for pennies on the dollar, and can be settled for much less than is owed.

 

Hope that helps!

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