Replies to This Discussion

Permalink Reply by Kent Dills on February 1, 2010 at 5:38am

Cindy, I suggest you find out what the objective is from the second (i.e., what are they trying to get out of this - how much are they trying to improve the offer to them by)?

Let them know the that GMAC is limiting how much they get to $xx or xx%. That's the driving factor here not commission %!

Then if you find out they're tying to get an extra $1,000 (for example), see if you can get that from GMAC, or the buyer, or the seller (in that order I recommend). Then you've addressed the REAL ISSUE and not caved on your commission!

Best of luck!

Permalink Reply by Cindy Greenya on February 1, 2010 at 1:46pm

Thank you both for your suggestions. I e-mailed the second trust today. Just as an FYI, the second trust told me immediately after sending the authorization to release to them that they wanted a pay off in the amount of almost $18,000.00 Here is a copy of my e-mail:

"I just got off the phone with GMAC to discuss the commission issue with them. They stated that the first trust determines the commission not the second trust. The full amount of almost $18,000 is being paid by the first trust so the first trust and I are baffled as to why FASLO wants to reduce the commission. Can you please explain to me how this affects the second trust and why the issue is even being addressed?"

He would not respond by e-mail (which I think is fishy). My mitigator called and was told that the second mortgage does not have to agree with the commission amount. I'm not giving up yet. We'll see how it goes.... we work so hard, it's ridiculous when they want to cut our commission too.

Permalink Reply by Cindy Greenya on February 2, 2010 at 2:13am

This is a low sales price of $172,000, so yes, it's over that 10% mark. This is a copy of the correspondence I sent to him last night. I don't mind calling him but I would prefer he communicates with me in writing. I'll be contacting my local congressman, if they don't approve the short sale over the commission.

Are you familiar with the following guidelines:

No Negotiation of Preforeclosure Sales Commission

Servicing Guide, Part VII, Section 504.02:
Contacting Selected Borrowers Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales.

You may reference the whole guide at the link below:
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf

You may not be aware of these guidelines so I thought that I would give them to you in writing.

Permalink Reply by Paola Martinsen on August 17, 2010 at 1:23pm

Has anyone been able to figure out their email structure?