Replies to This Discussion

Permalink Reply by Jeff Payne on March 22, 2011 at 3:59am

The Law Firm probably bought the deficiency for a few dollars from Wells.  Your friend can tell them to kiss off and see if they pursue it or offer them some cash to go away.  Probably have to deal directly with the Law Firm and not Wells.  Who is the law firm?

Permalink Reply by Tni LeBlanc (805) 878-9879 on March 22, 2011 at 4:00am

Should be negotiable. Generally everything is negotiable and a past short sale doesn't change that.  However a real estate shouldn't be handling the negotiations at this point.  She should get an attorney to do that.

Permalink Reply by Jennie Blackburn on March 22, 2011 at 4:21am

Yes, negotiate!! Either with or without a lawyer...negotiate, negotiate, negotiate.

Permalink Reply by Maryam Schag on March 22, 2011 at 4:33am

Gordon & Wong Law Group...I'm assuming they are located somewhere around the north bay area (SF).

Jeff Payne said:

The Law Firm probably bought the deficiency for a few dollars from Wells.  Your friend can tell them to kiss off and see if they pursue it or offer them some cash to go away.  Probably have to deal directly with the Law Firm and not Wells.  Who is the law firm?

Permalink Reply by Maryam Schag on March 22, 2011 at 4:35am

On the paperwork from court it says "Plaintiff" is Gordon & Wong Lawfirm and I assume you are right that they bought the debt, otherwise wouldn't it say Wells Fargo as the plaintiff?

Jeff Payne said:

The Law Firm probably bought the deficiency for a few dollars from Wells.  Your friend can tell them to kiss off and see if they pursue it or offer them some cash to go away.  Probably have to deal directly with the Law Firm and not Wells.  Who is the law firm?

Permalink Reply by Steele V. Propp on March 22, 2011 at 4:45am

My question is who did the short sale.  Any rights to deficiency should have been negotiated along with the approval.  Did they have professional help on this or did they do it themselves.

 

Sounds like someone goofed big time with these sellers.

 

Steele V. Propp

 

2011 Foreclosure Buyer Guide

http://tinyurl.com/4z4n2ts

Permalink Reply by Jeff Payne on March 22, 2011 at 4:46am

First thing I would check to make sure that this "deficiency" can legally be collected.  Just because they are trying doesn't mean that they are legally doing so......  not sure of the laws there.

Debt Collectors with law degrees :)

 

http://www.gordonwonglaw.com/collection.html

collection services

GORDON & WONG LAW GROUP has a full staff of collectors specializing in the recovery of delinquent accounts. We have a professional staff of debt collectors, skip tracers and asset locators. Throughout the process these accounts are supervised by our attorneys and experienced collectors.

Our collectors are fully trained and they have on going professional education to keep them up to date on new methods of collecting. Our collectors have on average 15 years of experience in collections, they are able to counsel debtors on their options and help resolve issues in order to get our clients paid. Collectors handle claims from pre-suit through judgment, at which time a specialized judgment collector takes charge of the account.

We have a state of the art call management system with predictive dialer and expansion capability. Our dedicated collection and litigation system runs on SQL 2005, which allows us to track files from delivery to our office to completion. Our letter series is tailored to the client's needs and various programs. We have high volume processing capabilities, advanced skip tracing techniques, night and weekend staff.

Permalink Reply by Thomas Zdanowicz on March 22, 2011 at 10:14am

First check if they are in their legal right to pursue the deficiency as Jeff Payne wisely pointed out.  The short sale approval should be gone over with a fine tooth comb by an attorney to check the language. 

 

If they are in their legal right to pursue the deficiency then have the ex-homeowner threaten with Bankruptcy.  That usually works well to negotiate the debt down to between 10-30% of the debt.

Permalink Reply by Wanda Borman on March 28, 2011 at 9:31am

Jeff, I agree with you. Our attorneys have advised clients that it is possible to recieve these types of calls for several years after a transaction. Just because it's a law firm doesn't mean anything it just scares people into action. Hang up and if they are third party collectors you can put in a complaint for the calls. If they are really working for ( employed by) not bought the loan from-Wells Fargo or any other bank then thats different.

Jeff Payne said:

First thing I would check to make sure that this "deficiency" can legally be collected.  Just because they are trying doesn't mean that they are legally doing so......  not sure of the laws there.

Debt Collectors with law degrees :)

 

http://www.gordonwonglaw.com/collection.html

collection services

GORDON & WONG LAW GROUP has a full staff of collectors specializing in the recovery of delinquent accounts. We have a professional staff of debt collectors, skip tracers and asset locators. Throughout the process these accounts are supervised by our attorneys and experienced collectors.

Our collectors are fully trained and they have on going professional education to keep them up to date on new methods of collecting. Our collectors have on average 15 years of experience in collections, they are able to counsel debtors on their options and help resolve issues in order to get our clients paid. Collectors handle claims from pre-suit through judgment, at which time a specialized judgment collector takes charge of the account.

We have a state of the art call management system with predictive dialer and expansion capability. Our dedicated collection and litigation system runs on SQL 2005, which allows us to track files from delivery to our office to completion. Our letter series is tailored to the client's needs and various programs. We have high volume processing capabilities, advanced skip tracing techniques, night and weekend staff.

Permalink Reply by Glenn Fleisher on April 7, 2011 at 2:52pm

Definitely can work with them.  Suggestion would have been to negotiation payment schedule first--leverage is key!

 

However, typical arrangement I believe reasonable scenario they would consider would be is to offer a principal and interest scenario. Interest only will not work.   Interest @ 0%, term 15 yrs, 30% balance($14,000) + $3,000(1st contribution).  FAnnie recapture should be 25-30% of balance.  Tell them that you would only consider doing if default is not filed--you would consider 6% per annum with the balance ($32,000+) to be repaid if default.

 

Let me know how works.

 

Glenn

[email protected]