Has anyone heard anything about banks planning on charging a $40000 processing fee for short sales?

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that is a new one on me. Who would they charge? Certainly not the homeowner or the realtor.
I heard that USBank wants the sellers to bring money to closing (number I heard was around $5000) but this is unverified so far.
lots of rumors out there!! and btw, not good ones. HOWEVER they are just rumors. When they atcually manifest, then we can go into mode.......what I am finding out, every single negotiator handles these files differently! so I am learning to go with the flow.....

It would appear that a move like that one, would be devatstating to THEMSELVES! If they have a boat load of properties to get rid of, that would NOT be the smart way to do it. Not at all....right?
Banks can "plan" anything they want. Who do they "plan" on paying it? When that doesn't happen, "plans" have a way of going out the window. Kind of like the government right now.
Jeanette - Is that a typo?
No $40,000 , it is a rumor(?) going around amongst our small town realtors. One realtor said she heard it in a short sale training class. I thought it was outlandish, but still wanted to get a feel if it could be real.

Wendy Rulnick said:
Jeanette - Is that a typo?
I suppose they can "require" any amount of money they want but that would be sinking their boat before they gave themselves a chance. I'm pretty sure if you're losing your home, in dire straits with finances ZERO sellers are going to agree to walk away with a 40k lead weight around their necks.
Leave it to the banks to use their smarts and conjer up something like that. Sheeeeesh!
Depends upon the value I guess. Maybe this is how much the servicer plans on soaking the investor;-) On our little $100K-$200K that would just send 'em all back through foreclosure. Then they could go get their $40,000.
Not surprised that it would be heard in a short sale training class. There is alot of misinformation out there and many "trainers" don't have a clue, they just know that there are people that will give them money to speak whether they know anything for not.

Jeanette Becker said:
No $40,000 , it is a rumor(?) going around amongst our small town realtors. One realtor said she heard it in a short sale training class. I thought it was outlandish, but still wanted to get a feel if it could be real.

Wendy Rulnick said:
Jeanette - Is that a typo?
Jeff, You are totally correct. Most training classes are taught by people who don't actually do short sales. I did have one bank request a processing fee of about $1500. No one had money to pay it and we got it removed.

Jeff Payne said:
Not surprised that it would be heard in a short sale training class. There is alot of misinformation out there and many "trainers" don't have a clue, they just know that there are people that will give them money to speak whether they know anything for not.

Jeanette Becker said:
No $40,000 , it is a rumor(?) going around amongst our small town realtors. One realtor said she heard it in a short sale training class. I thought it was outlandish, but still wanted to get a feel if it could be real.

Wendy Rulnick said:
Jeanette - Is that a typo?
Just wanted to third that motion... Seems as if some of the craziest statements I hear come from "trainers"...





Robin Willis said:
Jeff, You are totally correct. Most training classes are taught by people who don't actually do short sales. I did have one bank request a processing fee of about $1500. No one had money to pay it and we got it removed.

Jeff Payne said:
Not surprised that it would be heard in a short sale training class. There is alot of misinformation out there and many "trainers" don't have a clue, they just know that there are people that will give them money to speak whether they know anything for not.

Jeanette Becker said:
No $40,000 , it is a rumor(?) going around amongst our small town realtors. One realtor said she heard it in a short sale training class. I thought it was outlandish, but still wanted to get a feel if it could be real.

Wendy Rulnick said:
Jeanette - Is that a typo?
Service Link, who services SOME of Indy Mac loans, charges 2k for the short sale and its not included in the net, it is a separate charge. I have to say, it is well worth it because you will have approval in 3 weeks from the time it reaches the negotiator.

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