Comment

Comment by Guy Lofts CRS on November 22, 2010 at 8:19am

What is the scoop with sellers coming to the table with the willingness to take back a note to pay a deficiency. Does this have to go thru the short sale process, or can this get pre arranged?
Is there a US Bank contact for this? Thanks

Regards. Guy

Comment by Jill and Ross Stingley on November 16, 2010 at 6:53am

Hi Jennifer,

I received a surprise phone call from US Bank Irvine, after I called them to go up the ladder to find someone that could give us some direction. It was a US Bank Liason that would work with us to resolve our short sale challenges...
She did confirm that their cincinnati office worked their loans like a different company... however she did educate me on what the banking laws and rules were to their payoff.....
We have not gone full circle, merry go round as she is dealing directly now with who we were working with in the beginning to get an approval... THEY ARE TERRIBLE....
I am serious when I say that HR should look at the hours spent to pay negotiators per transaction to get nowhere quickly... WASTE OF MONEY.

Comment by Jennifer McNitt on November 16, 2010 at 6:17am

Jill/Ross: Sounds like your experensing the exact same issue I had with USBank. It is like your working with two different companies. Where you able to get the second to waiver the deficiency or are they wanting that from your client too? Also, how did you get the US Bank liason involved?

At this point, we decided to rent the home for 3 years and will try selling without having to do a short sale then. The short sale process with US Bank lost us our buyer and we were unable to find another in the timeframe we needed.

Comment by Jill and Ross Stingley on November 16, 2010 at 5:57am

Congrats to you Kathleen... I am still working a short sale with US bank... 1st and 2nd.... the 2nd is held in Cincinatti.. the 1st in Irvine.. OMG... it is like the left hand doesn't know what the right is doing. The amount of man hours that the uncooperative negotiator has spend to negotiate the 2nd... this deal could have been closed and done and off to the next. Really, the bank is making less money and spending more on Pay to the negotiators than they are making.

I have a US Bank liason working on behalf of both 1st and 2nd to get this resolved.. going on 90 days with the liason and I just received and email from the 2nd unwilling negotiator this morning that I haven't heard from since September when the liason came to help, wanting updated HUD1... That department in Cincinnatti need to get their act together... The SAGA Goes on...
. Kirk Villallvoz needs to take a moment to get this approved.. he called me personally in September and when I called back and emailed back... Never, ever responded.. his message he left me was call me back to get this approved... R U KDDING ME?

Comment by Kathleen Lordbock on October 29, 2010 at 5:23pm

yeah great news- US Bank got approval to sell releasing property but not the debt.
Sellers planned to walk on that one(run away actually)
Today negotiated for release and satisfaction of mortgage and got a new letter a few hours later!
Closing should occur in about 30 days or less (cash).
Total from submission 3 weeks.
It can be done!

Comment by Kevin - Greenville, SC on September 23, 2010 at 12:16pm

Thanks Jennifer. There was only the first. Timeline of the process is a little skewed on this one for many reasons so I can't give an accurate estimate.

Comment by Jennifer McNitt on September 23, 2010 at 10:46am

Gratz on the approval! How long did the entire process take and was there another bank that you were working with for a 2nd? I really don't understand why they are asking for the deficiency from people who can not afford the payments. They are forcing people into going into bankruptcy. My attorney actually recommended that we send in letter's to our senator's about this including senators on the banking commission.

Comment by Kevin - Greenville, SC on September 23, 2010 at 10:18am

US Bank approves Short Sale!!! Yea!!! But refuses to remove the deficiency for a lady who is on food stamps has a pregnant teenage daughter and is going through a divorce. Portfolio 1st position loan btw.

Kevin M. Lancaster - Willson - Realtor, SFR
SC License # 31391
Keller Williams Realty
700 Airport Rd.
Greenville, SC 29607
Office: (864) 234-7500
Voice: (864) 485-9283 call or text
Fax: (864) 968-1779
[email protected]
www.KevinSellsTheUpstate.com

Comment by Jennifer McNitt on September 14, 2010 at 9:16am

For those of you who have been able to get the deficency lowered on the short sale, how did you do this and what department did you work with? We're trying to get the deficiency lowered on our second (USBank also has the first) and they are not being cooperative at all. We were also just told that with a short sale, we'll (the seller) will have to bring money to close. Has anyone else experienced this?

Comment by Elise Fay on September 11, 2010 at 5:23pm

I just closed my short sale with US Bank. We had a lot of hiccups but not due to the servicer. Dena was my negotiator and she was wonderful. Always responded to my emails in a very timely manner. I would love to have more short sales like this one.

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