Replies to This Discussion

Permalink Reply by Ben Benita on October 19, 2011 at 9:08pm

Shy,
Just FYI - the call in is NOT 100%, some private investors will not allow the Servicer to give that out without having the request in writing.

You ARE 100% about the phone call, many banks will tell you over the phone if you can get the right ding dong from the bank on the phone.

9 times out of 10 the bank WILL also tell you if the loan is gov. backed (Fannie, Freddie, VA), or, if it is a portfolio loan.
Issues can and do arise with private investors (Deutsche Bank, Bank of NY/Mellon Bank, etc.)

Good stuff....thanks for sharing.....

Permalink Reply by Sheyenne Schultz on October 20, 2011 at 2:59pm

Ben  I love you dearly. You know I do. But in my cases it has worked 100% EVERY TIME. It is illegal for the banks to NOT give the homeowner the name of the investor on their loan. This has worked EVERY time.

The proper wording to use with the ding dong you get on the other line is: Legally YOU have to tell me who the investor if on my loan.  And keep repeating that. I have had no problem with Deutsche Bank and tons of them are with Bank of Ny Mellon. It works, believe me. If you get a real problem with some ding dong on the line, then just hang up and get a better ding dong.  LOL   It works!!! NO problems with private investors either...do this   it works!! ciao

Permalink Reply by Ben Benita on October 21, 2011 at 1:34am

You probably sound nicer on the phone, or, some of my homeowners are wussies!!!!
;-)

I have been told that some servicers can get into "trouble" if they can not produce written proof that the Seller (or us) requested that the Investor name and contact information be disclosed.

Another "POSSIBILITY" - the "ding-dongs" at the banks lied to us.......
Oh wait, THAT NEVER HAPPENS!!!!

;-)

Ciao Bella.....

Good stuff, enjoy your weekends!!!

Permalink Reply by Ben Benita on October 21, 2011 at 1:36am

One other thing guys, use the above to find out teh name and contact information for the mortgage insurer as well.....VERY IMPORTANT.

And, when you contact the MI company, ask what the "coverage ratio" is, this will tell you how much cash the Investor will get if this goes to foreclosure, and, how much cash teh MI company MIGHT have to pay out....2 MUST HAVE numbers for your short sale offer!!!!

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