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Comment by Brooks Blaskower on May 4, 2010 at 5:05am

I am having trouble also speaking with the negotiator on a short sale. He doesn't respond to emails and phone calls go straight to VM. Does anyone have a contact for a supervisor type at AHMSI?
Brooks

Comment by Jennie Blackburn on May 3, 2010 at 9:21am

I'm sort of in the same boat with AHMSI:

For the last 16 months, we have tried to complete a short sale on a townhome where AHMSI holds/services the 1st (and only) mortgage.

First, there are 126 units in this complex and, while they look like condos, legally, they are single family homes inside a PUD (Planned Urban Development). Another complication is that, even though the buildings are impossible to tell apart, they belong to one of two legally separate subdivisions and, consequently, two separate associations inside the PUD.

There are 24 units in one association and 102 in the other. Our subject property is in the smaller, 24-unit subdivision. Due to structural problems, significant repairs were needed, and a heavy assessment (over $30,000) was levied against each homeowner -- in addition to the regular HOA dues. Of course, the seller cannot pay this off – if she had that much money, she would have paid her mortgage!! We have tried to negotiate a settlement with the HOA in order to make the short sale work, but they have a policy of zero tolerance- no settlements allowed. We have tried everything to break through this barrier, including trying to work with their attorneys, but they have been directed by the association to reject any attempt at negotiation. We even asked American Home Mortgage Servicing about paying the association so that the property could be sold and were refused. When told they would have to pay $40k-$50k on top of the purchase price, the buyers & back-up offers canceled. We could find no one willing AND able to buy the property AND pay the association off in full (CA$H).

Luckily, we found a very unique buyer. He owns a much smaller unit in the complex and wants to spend $50,000+ to upgrade and repair the subject property so that he and his wife can live and spend their retirement there. He is already a member of the smaller association; he knows all of the board members and their policy regarding unpaid dues. In addition, he is a practicing Florida attorney who understands the financial implications for ANYONE that would own this unit. Not only is this buyer willing to spend $50,000+ to repair the townhome, but has agreed to assume all responsibility for the past due HOA fees and assessments. This lawyer/buyer is prepared to pay the heavy price of purchasing this unit, which well exceeds its value to any other human being in existence. His true purchase price is $183,000 PLUS $50,000 to the HOA, or $233,000.

AHMSI says the offer is too low, relative to the BPO, and they need to NET $180k. Hello?! This is Florida and anything worth $200k 16 months ago is now worth $185k, tops. Also, I explained how, technically, this is a $233k offer. If this goes to foreclosure, the lender will only have to pay the lesser of 6 mths dues or 1% of original loan. BUT - that doesn't include the assessment, which will need to be paid in full.

I explained this all to the negotiator - no response. Now what? Any hints on their escalation procedure?

Jennie Blackburn
www.StopFloridaForeclosureNow.com