Has anybody closed a short sale with M & I Bank / aka now BMO Harris Bank where they forgave the deficiency amount? I see a comment in the email they sent the client with the financial paperwork forms and doc requirement lists that says this:

"***  Please note, the customer will be responsible for the deficiency balance if we agree to the short sale."

AZ has anti-deficiency statues, so not sure how they plan to get around that (language in the approval letter is my guess). Why would anybody do a SS with them if that's the case? Any feedback you could give would be most welcome.

Also they say their max commission rate is 5% - so.....anybody seen upward deviations on that?

Thanks in advance....

Views: 575

Replies to This Discussion

Beth, see my most recent post.  I think BMO is taking a new tack and hasn't figured out yet how insanely stupid it is.  That said, If AZ is a true anti-deficiency state (I don't practice there so cannot say, though I think I have heard that it is not really anti-deficiency), then I would imagine the statute trumps anything in the approval letter.

I may lose three short sales over their draconian approach.  But I am committed that they will answer for these policies and have filed written requests with Fannie Mae (as well as the Senate Banking Committee) that BMO Harris' right to issue Fannie Mae loans as a correspondent, or their right to sell loans in bulk to Fannie Mae be discontinued.  Our tax dollars are subsidizing this foreign bank who is reaping hundreds of millions in benefits while intentionally preventing Fannie Mae from mitigating it's own losses. It's unconscionable.

Beth or Patrick;

Do you have any updates about your experiences with this foreign based predatory lender by the name of BMO Harris?

I've already disclosed to my prospective clients the 5% commission cap and NO WAIVER and they believe that to be workable in their hardship case. We plan to disclose that to the buyers agent in advance of contract execution. 

Any new info you can provide would be of help to my process going forward. 

Thank you.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************