I am working with Seterus and received this awful piece of communication.  Any ideas???

"Seterus has requested that National Collection & Loss Mitigation Services, LLC, an affiliate of The National Groups, work in cooperation with you to help avoid foreclosure on this property, and complete a successful short sale. Please read this email carefully as it contains the terms of the cooperation agreement.  I will be your assigned Marketing Specialist support team member. I will be working with you through the listing process of the short sale until an offer is received or we have exceeded the 120 day marketing period. When an offer is received I will advise the assigned Marketing Specialist and she will contact you to discuss the offer and the next steps in the process for approval. Please note:  The maximum commission paid will be 5% with a 1% fee to NCLMS.

If the property is not sold in the 120 day marketing period NCLMS will offer the borrower/seller other Mortgage Release programs such as DIL “Deed in Lieu” ECT”, and we ask that you advise the borrower/Seller of this.

Please see the below list of required documents needed to complete the short sale process.  I will also order a valuation of the property and advise you when that has been completed. After the valuation there is a review process and I will keep you up to date. Please advise who the best contact person and phone number for the BPO agent conducting the valuation?

  • Tax returns signed year 2010 - 1040 form only)
  • Buyer’s Proof Of Funds not older than 30-45 days
  • 710 Uniformed Borrowers Agreement Form (Must include ALL expenses or may jeopardize your short sale) UBA I have is not complete (there is not food, utitities, etc.)
  • HOA Statement if applicable
  • 2nd Lien Statement if applicable

 

 

In cooperation with you, NCLMS will use its expertise to fast track negotiations. However, all other real estate activity, including the showing, listing, and advertising will be completed by you. NCLMS will fully comply with the laws of Arizona and submit to the regulatory jurisdiction of the department for activities subject to real estate broker licensure.

Please be advised that by agreeing to work with NCLMS in short sale process you accept responsibility for actions taken by both parties, including NCLMS, during the negotiation process.

Please respond to this email if you agree to the terms of this cooperation agreement, and we can begin the process of completing a successful short sale."

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Replies to This Discussion

I take issue with the commission reduction too.  What is going on here?

This is a shake down. And you know what, you have no  choice. I have a Seterus transaction underway. I initially declined to pay the bank 1% of my/our commission. So what happens? Absolutely nothing. It sits and sits for 3 months. Then in frustration, I agreed to the 1% shakedown and presto, within a few days, the file moves forward and a negotiator is assigned and BPO done. 

In the following line, I have no idea how an agent can take responsibility for actions by the bank or its 3rd party negotiator. I cannot imagine any court enforcing it, but Im a Realtor, not an attorney. Its Alice in Wonderland...

Please be advised that by agreeing to work with NCLMS in short sale process you accept responsibility for actions taken by both parties, including NCLMS, during the negotiation process.

 

 

Requested means "asks". Just say no. Unless the seller wants to hire them.

Michael gave this the right term. It is a shake down. I've gotten around these by demanding to see a real estate broker's license that gives the company a right to collect a commission, and I explain that I need it in order to put the 1% commission into the 700s on the HUD. Which is true, btw. No license? No 700s fee. Otherwise, it violates the federal RESPA law. Do they want to violate RESPA? I don't think so. I will have to report them to the California Department of Real Estate and the newly formed Consumer Protection Bureau if they do. Sometimes the bank owns the third-party negotiator. Everybody's out to make a buck on the backs of short sales.

Hi.  I just received the same email from NCLMS on a Seterus short sale in Phoenix.  I'm interested in hearing what you do and what results you get.

I agree with taking a tough stance and being a negotiator, and I did so. But... when I did that, absolutely nothing happened for 2-months, Seterus absolutely ignored the file. Then I agree to pay the 1% and the BPO is ordered the very next day. It makes me mad as H*ll, but I've got a duty to move to closing. I don't know an effective way to fight these "pistols". 

They are headquartered in Oregon. Once package is uploaded, I use the 888-917-6004 # although you can still get thru on the 866-570-5277 #... I sent them a full SS package after talking to a great lady named Andree Crampton at the 1st number...

once it was confirmed, I TOO got an Ana Pacheco at NCLMS contacting me saying they got the package assigned to them, and since I was used to 3rd party companies doing this when they are HAFA...this short sale was not HAFA...I told them send the package back to Seterus...asap...NCLMS is NOT to negotiate on Seterus' behalf...especially since this was not HAFA.  She was super nice, requested it go back to Seterus. I called Seterus 2 days later to confirm, and yes, it had been sent back. A negotiator has been assigned and they are ordering a BPO asap and moving this thru fast.

*They DID say that mondays are a bad day to call in, since they get so many calls that day, you will usually be on hold forever....they jokingly call it "realtor mondays"   SOOOO  if you call any other time, you should get thru. And

I DID tell that ANA that NCLMS had no right to negotiate on Seterus's behalf.

Gee, maybe they are getting nicer?  Go figure..

I wish I could "Like" all your responses like I can on Facebook.  This WAS a shake down.  We said no and had them send it back to Seterus.  Problem solved.

Excellent!

I, too, said "No" and they said they would send it back to Seterus.  Of course I am worried about how much additional time it will take with Seterus, but I will just keep pushing ...

Well, I too said "no" and absolutely nothing happened with Seterus. Nothing. ..Nothing <60-days> . It almost seemed vengeful. I finally gave up and agreed to the 1% shakedown. 

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