Replies to This Discussion

Permalink Reply by Smitty on May 25, 2012 at 3:15am

OMG...let me jump start my brain a bit.  I did a Bank of NY Mellon one and got 6% and I'm trying to remember which deal it was on.  It was not Nationstar serviced though.  I think it was Chase.  I'll try to figure it out and post back.

Permalink Reply by Jim Schneider on May 25, 2012 at 5:28am

Send a letter of authorization, then call "the mellon".

Permalink Reply by Ben Benita on May 25, 2012 at 12:05pm

Google "Bank of NY Mellon Bank" stock symbol, and go through the web sites that come up.

Like ANY Investor, they are VERY easy to work with once you get to corporate.....

Do you really think they would foreclose, take back and maintain a property over 1%...fat chance.

As teh "Servicer" Nationstar's hands are likely tied and you just need to push a few buttons as you are doing.....

nice Job.....KEEP FIGHTING FOR YOUR COMMISSION!!!

Permalink Reply by Suzanne White on June 27, 2012 at 5:22am

I was paid 6% with a Bank of NY Mellon but servicer was Bank of America.  The one with NationStar would not pay more than the 5% and I was told this is the agreement NationStar has with BNYMellon. I contacted BNY Mellon and was told they have nothing to do with this decision and I would have to speak with NationStar.  I did escalate the file to CEO of NationStar, received call from one of his associates and bottom line was that the short sale would be denied if we did not agree to the 5%. 

Permalink Reply by Karen Roberts on June 27, 2012 at 6:55am

Thanks Suzanne, 

 

We will close the deal with Nationstar and then file a claim for the 1% commission they withheld.  In California there is a Fee Recovery company that goes after the banks for the commission that was cut.  I am meeting with them today.  They take half of the commission but my goal is to show the banks that our commission is "non negotiable."  Maybe then they will stop cutting our commissions and get down to approving the files we work so hard to get done.  I work hard to get the banks "market value" for the short sales I do.  It is a slap in the face when they don't want to pay for the services realtors provide.

Permalink Reply by Shannon Jones on July 7, 2012 at 6:47am

Karen, very interesting. I'm in California as well and will be interested to see your update on the fee recovery company. If it works, I may be following in your footsteps as we're in the early process of a Nationstar short sale (on a file that was just transferred from Aurora).