Comment

Comment by Amy Martin on July 19, 2010 at 8:40am

Great Ben..thats makes a lot of sense. Tks!

Comment by Ben Benita on July 19, 2010 at 8:22am

the Investor is the ONLY party that truly cares about getting a short sale done and at market value.

Keeping it short, who the Homeowner writes his/her check to each month is known as the "Servicer", they get paid motnhly servicing fees to collect payments, handle escrows, harass homeowners who are late, etc. End of hte day, the LONGER the short sale drags on, the more money the Servicer makes, this is actually THE NUMER ONE REASON SHORT SALES TAKE SO LONG!!!!
(B of A for example is having an AWESOME year in case you are wondering.

If you circumvent the Servicer, and, contact the Investor dierctly with an e-mail like (our favorite):

"Why is CITI continuing to charge ________(name of the investor) unnecessary servicing fees"

heads will roll and you will get your short sale done.....

it works.....good stuff

Comment by Amy Martin on July 19, 2010 at 7:22am

I have to come back to you Ben. Im wondering why we need to know who the investor. Can you expound on this, and its impact on a short sale? Would greatly appreciate!

Comment by Amy Martin on July 19, 2010 at 7:19am

Thanks Ben. Yes I did call- its a 1st lien, delinquent and I dont know the investor. I have a sale date tomorrow and I got this rep to load my package and to postpone sale. I should have an answer this afternoon. Wow, I am praying hard, if it works, mmmm... they are awesome! Have a great Monday!

Comment by Ben Benita on July 19, 2010 at 7:11am

Amy, - where to send LOA and short sale packets varies GREATLY, and, depends on:

1 - Is it a first or second lien
2 - Are payments Current
3 - Who is the Ivnestor

What we advise, call customer service once and loss mit. once, give them the account number, then, see if the fax number they give you matches, if so, all good, if not, make the third call......

Remember, they get paid more by delaying the process, some Servicers are VERY good at this!!!!!

Comment by Amy Martin on July 19, 2010 at 6:47am

I have to refax my LOA with the same fax number as you are submitting a short sale 866-641-4350. I faxed my LOA to the number listed above and short sale dept. said they do not recognize the fax number.

Comment by Deborah McGraw-McCormick on July 15, 2010 at 2:09pm

Wow! Great responses. My NEW negotiator is okay, just not very forthcoming about info. I have heard from him more today then I have in days....I am looking forward to more deals with them!!!...:) attitude is everything, right? You guys and gals are so great in helping with the right answers. the ones needed to make the deals work! Thanks so much....God bless you all....

Comment by Cindy Jones on July 12, 2010 at 7:47am

That would be sweet. Don't know why the negotiator won't answer the same question for me.

Comment by Kent Dills on July 12, 2010 at 7:21am

Cindy, I read it as the 1st wants to net $335,740 after all closings costs (including commissions, title, taxes, etc.) including the $5,896.21 that they'll allow to the 2nd.

Comment by Cindy Jones on July 12, 2010 at 6:50am

Okay my negotiator only seems to want to give me half answers and then not respond to my follow up questions. Here is what he sent:

MNP for the Investor is $335,740.00. The amount allowed for the subordinate lien is $5,896.21.

Not a lot to go on but should I add these two numbers together and figure they are looking for a total of the two combined or should I subtract the 5896.21 from the 1st to come up with the total

Two Citi loans. Trying to work with an offer and negotiator is firm on numbers. By the way this is a Fannie loan.

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