QUICK TIP for B of A escalations
If you have ever been lied to about having your file "escalated", here is how you can now "catch" whomever says:
"Oh sure, we will escalate this"
As per a conversation I just had with Yolanda in the corporate consumer solution division, great number to have, ANYTIME a short sale is escalated, a file number for the escalation case is generated.
As such, if you are told:
"We will escalate this for you"
Your response should be:
"Great, can you give me the file number for this escalation"
And, to be certain they are NOT jerking your chain on this to just get you off the phone, speak with them for another minute or two then have them REPEAT the file number they just gave......
Keep fighting guys!!!!
Replies to This Discussion
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Permalink Reply by Brigitte Powell on
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Well, this is only my fourth short sale, and I have never had a Freddie Mac. When she told me that Freddie Mac NEVER pays for buyers cc unless it is FHA or VA, I believed her. I feel now that I was being lied to and I don't like that one bit. It's one thing to negotiate...and another to outright lie to someone. I don't lie to them. I may not tell them everything, but I don't lie when I am asked a direct question.
Juliana Oprea said:You're so right! Keep asking was the only way I got this done. Thank you for your advise!!! Now, I'm ready for the fight with Chase and I'm starting another one next week with ASC/WF.
Ben Benita said:Freddie Mac WILL pay closing costs if you push the issue....I would guess Rosie is just getting tired of you......you will see this is a good thing.
BEST NEGOTIAITON TIP I EVER GOT -- I had the pleasure of meeting George Ross, Donald Trump's attorney (yes I am name dropping but it is a good story) at an investor summit in Maryland.
I saw him eating lunch at teh hotel restaurant and thought to myself:
"Well, here is a once in a lifemtime opportunity to meet this guy"
so I sat down net to him and the host of the event and got to spend about 20 minutes picking his brain.
His best advice on negotiations:
"Ben, the BEST negotiator I ever came across, even after having worked with Donald for xxxx years, is my 4 year old niece....she just keeps asking and asking and asking until she gets her way"
Anyone here with kids knows this is 100% true and it works with short sales as well.....
JUST KEEP ASKING!!!
DO NOT GIVE UP AND DO NOT GO AWAY!!!!!
Do it for your client and of course for your paycheck!!!!
If I find out my employees "gave up" or their negotiator "beat them", they get educated the first time on how NOT to let that happen again....if it does, they are "released from services".
FOr most of you, this is the WOST time ever in your client's life and if you are not willing to go to bat for them, I would STRONGLY suggest you stay away from short sales.....or, keep your eyes on this message board!!!!
:-)
Enjoy your weekend...... -
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Permalink Reply by Ben Benita on
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Oh my new friend Brigette, you have so much to learn....
:-)
Banks can and will lie and when called out you will hear:
"We will make an exception for you just this once...." like with the closing cost issue.
Banks ONLY fiduciary responsibility is to the Seller....they lie to agents, attorneys, companies like mine....we have tried to record what they say or have them put some of the BS they tell us in writing and to date, no luck.
Keep in mind:
THEY GET PAID TO GET AS MUCH MONEY AS POSSIBLE FOR THE INVESTOR ON THE NOTE!!!!
:-) -
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You are right again :-) and I do have so much to learn. Today I learned A LOT and I thank you :-)...well, until I hear from Rosie :-)
Ben Benita said:Oh my new friend Brigette, you have so much to learn....
:-)
Banks can and will lie and when called out you will hear:
"We will make an exception for you just this once...." like with the closing cost issue.
Banks ONLY fiduciary responsibility is to the Seller....they lie to agents, attorneys, companies like mine....we have tried to record what they say or have them put some of the BS they tell us in writing and to date, no luck.
Keep in mind:
THEY GET PAID TO GET AS MUCH MONEY AS POSSIBLE FOR THE INVESTOR ON THE NOTE!!!!
:-) -
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Permalink Reply by Jeff Payne on
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EVERYONE NEEDS TO READ THIS AND UNDERSTAND IT. The negotiators job is to say NO, NO, NO. That is what they are trained to do. Remember that you are not their friend, you are not their partner, you do not represent them, you represent your seller and it is your job to push thru the NO answers to get the YES answer. With that being said, you dont have to be a jerk, don't have to be rude, actually you will get more flies with honey if you just be nice BUT persistant. Do not take no for an answer. For every no that you hear, you are one step closer to a YES.
Ben Benita said:Freddie Mac WILL pay closing costs if you push the issue....I would guess Rosie is just getting tired of you......you will see this is a good thing.
BEST NEGOTIAITON TIP I EVER GOT -- I had the pleasure of meeting George Ross, Donald Trump's attorney (yes I am name dropping but it is a good story) at an investor summit in Maryland.
I saw him eating lunch at teh hotel restaurant and thought to myself:
"Well, here is a once in a lifemtime opportunity to meet this guy"
so I sat down net to him and the host of the event and got to spend about 20 minutes picking his brain.
His best advice on negotiations:
"Ben, the BEST negotiator I ever came across, even after having worked with Donald for xxxx years, is my 4 year old niece....she just keeps asking and asking and asking until she gets her way"
Anyone here with kids knows this is 100% true and it works with short sales as well.....
JUST KEEP ASKING!!!
DO NOT GIVE UP AND DO NOT GO AWAY!!!!!
Do it for your client and of course for your paycheck!!!!
If I find out my employees "gave up" or their negotiator "beat them", they get educated the first time on how NOT to let that happen again....if it does, they are "released from services".
FOr most of you, this is the WOST time ever in your client's life and if you are not willing to go to bat for them, I would STRONGLY suggest you stay away from short sales.....or, keep your eyes on this message board!!!!
:-)
Enjoy your weekend...... -
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Just got an email from Leon (Rosie's boss) I had emailed "ALL" asking if my Seller could know who the investors were and who the MI is. Leon said that the investor is Freddy Mac and that he could not disclose the MI co name because of their agreement the bank has with its investors and MI companies. He told me that the first did not have an MI but the second did (both were with countrywide now with BofA). He also indicated that we should receive a response by Monday.
Wish us good luck and approval :-)
Jeff Payne said:EVERYONE NEEDS TO READ THIS AND UNDERSTAND IT. The negotiators job is to say NO, NO, NO. That is what they are trained to do. Remember that you are not their friend, you are not their partner, you do not represent them, you represent your seller and it is your job to push thru the NO answers to get the YES answer. With that being said, you dont have to be a jerk, don't have to be rude, actually you will get more flies with honey if you just be nice BUT persistant. Do not take no for an answer. For every no that you hear, you are one step closer to a YES.
Ben Benita said:Freddie Mac WILL pay closing costs if you push the issue....I would guess Rosie is just getting tired of you......you will see this is a good thing.
BEST NEGOTIAITON TIP I EVER GOT -- I had the pleasure of meeting George Ross, Donald Trump's attorney (yes I am name dropping but it is a good story) at an investor summit in Maryland.
I saw him eating lunch at teh hotel restaurant and thought to myself:
"Well, here is a once in a lifemtime opportunity to meet this guy"
so I sat down net to him and the host of the event and got to spend about 20 minutes picking his brain.
His best advice on negotiations:
"Ben, the BEST negotiator I ever came across, even after having worked with Donald for xxxx years, is my 4 year old niece....she just keeps asking and asking and asking until she gets her way"
Anyone here with kids knows this is 100% true and it works with short sales as well.....
JUST KEEP ASKING!!!
DO NOT GIVE UP AND DO NOT GO AWAY!!!!!
Do it for your client and of course for your paycheck!!!!
If I find out my employees "gave up" or their negotiator "beat them", they get educated the first time on how NOT to let that happen again....if it does, they are "released from services".
FOr most of you, this is the WOST time ever in your client's life and if you are not willing to go to bat for them, I would STRONGLY suggest you stay away from short sales.....or, keep your eyes on this message board!!!!
:-)
Enjoy your weekend...... -
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-
Leon Chausse, Rosie's supervisor, good guy.....he will give you the No BS answers Rosie is not permitted to give you. He is also the one you will hear the:
"Well, we can make an exception just this once....."
line from....
Remember you are negotiating guys.....expect to hear "no" a few times before you hear yes (I think, on average, persosn say no at least 4 times before they say "yes", I thought I heard 80% of sales are closed AFTER the 4th "no")
Negotiate - Do not get discouraged, have fun with it......
Jeff -- good points, keep fighting until you hear "yes".
If you guys have the time (and I know we are all OVERLOADED with free time), try listening to most anything from Brian Tracy, he touches on the psycholigical aspects of selling....good stuff to have on during thsoe RARE occaisions where you are waiting on hold with the banks!!!
I often get on hear if I am on hold...... -
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Will do, thanks :-)
Ben Benita said:Leon Chausse, Rosie's supervisor, good guy.....he will give you the No BS answers Rosie is not permitted to give you. He is also the one you will hear the:
"Well, we can make an exception just this once....."
line from....
Remember you are negotiating guys.....expect to hear "no" a few times before you hear yes (I think, on average, persosn say no at least 4 times before they say "yes", I thought I heard 80% of sales are closed AFTER the 4th "no")
Negotiate - Do not get discouraged, have fun with it......
Jeff -- good points, keep fighting until you hear "yes".
If you guys have the time (and I know we are all OVERLOADED with free time), try listening to most anything from Brian Tracy, he touches on the psycholigical aspects of selling....good stuff to have on during thsoe RARE occaisions where you are waiting on hold with the banks!!!
I often get on hear if I am on hold...... -
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Permalink Reply by Julie R. on
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Hi Ben,
Like everyone else, I am looking forward to your book. I would like to take your advice in having the loan investor contacted. I understand that it is Fannie May. Do you have any contact information for bringing them into the loop to put pressure on BOA?
Thank you again for all your tips, I have tried to use many of them. =)
Sincerely,
Julie
Ben Benita said:Juliana -- B of A gets paid to "Service" the note, as soon as the short sale gets done, they lose your Seller as a client and nO LONGER GET PAID TO SERVICE THE NOTE....this is the number one reason short sales take so long.
#2 Reason -- Approving short sales creates more work for los mitigaiton. I have been told on average there are 12 to 40 pages of documents and disclosures loss mit. must provide to the investor explaining what happened when a short sale gets approved.....if they irritate you and you give up, guess what, they simply delete your file/property from the system and the property goes over to the foreclosure or REO department......no more calls or hassles from you....
Again, we are up against a TOTALLY UNMOTIVATED group working with Servicers on short sales...that is why it is SO SO SO SO (you get the point) helpful when you know who the ivnestor or MI company is, THOSE are the persons that stand to lose the cash if a foreclosure turns up versus a short sale....get THEM invovled in the process and watch how quick and cooperative the Servicer becomes!!!!!
Enjoy your weekend. -
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Ben, since they (Bof A) Rosie's boss is citing confidentiality and will not disclose the MI company, how do I get hold of the powers that be at Freddie? By the way :-) I'm buying your "written document" just because :-)
Julie R. said:Hi Ben,
Like everyone else, I am looking forward to your book. I would like to take your advice in having the loan investor contacted. I understand that it is Fannie May. Do you have any contact information for bringing them into the loop to put pressure on BOA?
Thank you again for all your tips, I have tried to use many of them. =)
Sincerely,
Julie
Ben Benita said:Juliana -- B of A gets paid to "Service" the note, as soon as the short sale gets done, they lose your Seller as a client and nO LONGER GET PAID TO SERVICE THE NOTE....this is the number one reason short sales take so long.
#2 Reason -- Approving short sales creates more work for los mitigaiton. I have been told on average there are 12 to 40 pages of documents and disclosures loss mit. must provide to the investor explaining what happened when a short sale gets approved.....if they irritate you and you give up, guess what, they simply delete your file/property from the system and the property goes over to the foreclosure or REO department......no more calls or hassles from you....
Again, we are up against a TOTALLY UNMOTIVATED group working with Servicers on short sales...that is why it is SO SO SO SO (you get the point) helpful when you know who the ivnestor or MI company is, THOSE are the persons that stand to lose the cash if a foreclosure turns up versus a short sale....get THEM invovled in the process and watch how quick and cooperative the Servicer becomes!!!!!
Enjoy your weekend. -
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Bridgette -- that it TOTAL BS......try calling:
Customer Service - 800-432-1000
General Customer Service - 877-231-9372
Office of the CEO - 704-386-5687
and asking them:
"My client needs to know who the MI company is on his/her loan, can you tell me where to fax in the signed written request to obtain this informaon?"
They will give it to you.
Keep in mind most everyone OUTSIDE of loss mitigiation reads from a different "script", i.e., they are NOT told to NOT HELP YOU!!!!!
Get creative, make it happen.....as I tell agents, pretend this is your mom's house (assuming of course you still love mom), would you just give up, or, keep fighting!!!!!
:-)
If you do get the fax number, please post it here for everyone. -
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Bridgette - one day I will START PAYING ATTENTION, we have the fax number you are seeking (just got it and I think posted it on here under a different heading:
For finding out who investor (or MI company is)
Fax the signed written request to - 805-520-5019
Attn: Correspondence Department
with the loan number thereon
Giddyup....please let the board know if that works. -
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Hey Ben :-) I didn't need the fax number, I had it and gave it to someone else on here. She was looking for a fax in NC and I told her she should call the 800# I gave her to verify that I had given her the correct fax number. :-)
Ben Benita said:Bridgette - one day I will START PAYING ATTENTION, we have the fax number you are seeking (just got it and I think posted it on here under a different heading:
For finding out who investor (or MI company is)
Fax the signed written request to - 805-520-5019
Attn: Correspondence Department
with the loan number thereon
Giddyup....please let the board know if that works. -
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