Comment

Comment by Susan Stuth on May 4, 2010 at 5:56am

They are one of the worst in my book. We are at the end of the deal, they asked the buyers to raise their price at the first of March and they agreed but we have no answer. Terry Hairston takes days/sometimes weeks to answer back and NOW they are telling my client to take a loan mod or be foreclosed upon. We have filed a complaint with the OCC but still no movement. My client had asked for a loan mod last fall and they told him no and NOW they are doing this stuff.... We have supplied additional paperwork twice since the beginning of March but nothing. Now they are trying to cover their butt with this loan mod thing. They are always mean and rude to my client on the phone.

Comment by Bryant Tutas on May 1, 2010 at 10:30am

Armi. It's really up to the seller at this point. If the property is foreclosed on they will STILL have a promissory note on the 2nd for the entire amount of the loan. Or they can sign a note now for 25% and avoid being foreclosed on. Plus they have now wiped out the 1st. To me it's a no brainer. But of course your sellers should seek legal advice and then do what they are comfortable doing.

Comment by Bryant Tutas on May 1, 2010 at 8:48am

Armi. The short answer is...negotiate. Ask the negotiator how they are coming up with this figure and reiterate the borrower's hardship.

Promissory notes are normally based on the borrower's ability to make the monthly payment. It's more of a decision based on future income than on current assets.

So you have to find out what they are basing their decision on then prepare a rebuttal based on facts.

Comment by Vanessa Calhoun on April 28, 2010 at 9:50am

HELP!!! All of my emails for US Bank are kicking back "undeliverable". Have they changed the format of their email addresses????

Comment by Vanessa Calhoun on April 23, 2010 at 5:37am

@ Jim. Since this is not a Freddie/Fannie loan......it appears that your client may be able to request a short sale through HAFA (if they're moving 90 miles away for a job relo).

Comment by Jim Hale on April 12, 2010 at 10:43am

I have asked my seller is ask USB (the originator and servicer for their fed VA loan) to ask USB who owns the note. The response: "USB owns the note but GinnyMae is the investor".
Does anyone have any lessons learned that apply to getting SS approval out of USB/GinnyMae?
Seller is not in arrears. But they are leaving Army active duty to take a USDA job 90 miles away and at substantially reduced pay and will clearly be in default soon.

Comment by Susan Stuth on April 10, 2010 at 6:28am

Thanks. I will try. We just want an answer since the buyer agreed to the price they wanted. Can't figure out why it is taking soooooo long!

Comment by Susan Stuth on April 10, 2010 at 5:23am

I have a US Bank deal that started in December. I have called many times and been told there is only 1 negotiator. His name is Terry. I am in St Louis so I'm not sure if they have 1 per state or what is going on as I had read alot of the posts here with different names in them.

So far, they have been the worst to deal with. It took 60 days just to get "Terry" to acknowledge he had all of the paperwork. He came back at the beginning of March and wanted 5,000 more for the property. Buyer agreed and we sent in all of the necessary paperwork. It has been over a month and I cannot get him to call, email, anything. I did get one guy on the phone and when I said I was going to put a complaint in with the OCC, then he told me that it had been sent out for management approval but there are up to 5 VP's that have to approve this and if 1 declines it, it will be turned down. It was sent out on 3/23 to management for approval. Here we are at April 10th and the buyer is considering walking away since they are not sure if they are going to get it or not and they want the Tax Credit.

I have asked for a supervisor and been told that there are none. If I push too hard, then I get told to email "[email protected]". Which of course does nothing.

I am going to call the person James suggested and I did get the fax number for the president but does anyone have any other ideas?

Comment by Kyle Griffin on March 26, 2010 at 1:25am

Does anyone have e-mail addresses or numbers for Short Sale people in the Columbus area? My wife and I are trying to buy our first house for the tax credit, and have an offer in on a house we love. We need help trying to move things along so we don't have to pull the offer when it gets close to April.

Comment by Julie Finch on March 25, 2010 at 12:48pm

Thank you for the info!!

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