Replies to This Discussion

Permalink Reply by Joseph Brooke on April 29, 2011 at 5:46am

I have a file with them now and it's 100% complete. What did they end up asking for? 10%? Did they release deficency?

Permalink Reply by Patrick McGuire on May 3, 2011 at 7:05am

They did the same thing to me and may kill my deal because they are demanding more than the first will offer. They sat on my file for over 60 days before it hit collections. Its BS.

Permalink Reply by Cathy Ryan on July 20, 2011 at 11:17am

They are doing the same thing to my deal.  They have requested the tax returns 4 times and I have sent them the tax extensions 4 times.  They still want the tax returns.  My client is a professional athlete who's accountant has not completed his taxes for 2009 and 2010.  There are extensions.  I need a supervisor.  They are going to kill this deal.  I have a $900,000 cash buyer, who is getting frustrated!  BofA will not give me anymore extensions until I have the approval for CCO Mortgage.  Does anyone have a direct line to a supervisor? Any help or suggestions would greatly be appreciated.

Cathy Ryan

[email protected]

951 850-5625

Permalink Reply by Joseph Brooke on July 20, 2011 at 11:54am

Cathy Ryan said:

They are doing the same thing to my deal.  They have requested the tax returns 4 times and I have sent them the tax extensions 4 times.  They still want the tax returns.  My client is a professional athlete who's accountant has not completed his taxes for 2009 and 2010.  There are extensions.  I need a supervisor.  They are going to kill this deal.  I have a $900,000 cash buyer, who is getting frustrated!  BofA will not give me anymore extensions until I have the approval for CCO Mortgage.  Does anyone have a direct line to a supervisor? Any help or suggestions would greatly be appreciated.

Cathy Ryan

[email protected]

951 850-5625

Permalink Reply by Joseph Brooke on July 20, 2011 at 12:04pm

 asd

Permalink Reply by Rahul Gupta on July 23, 2011 at 8:26am

Hi Danny, I'm living thru what you posted (verbatim)...however, almost at finish line. CCO is my 2nd and have received their "generic" approval letter as of July 15, 2011 and they want 10%, which my first (BofA) has agreed to give.

 

Question I have is...did CCO release the deficiency as part of the approval? My lawyer has been trying to get this answer from them over the last week...shocker, no response.

 

Also...my closing date is fastly approaching...where in the documents could I see that they are releasing the lien / deficieny?

 

Any guidance would be greatfully appreciated. Cheers.

 

 

Permalink Reply by Joseph Brooke on July 23, 2011 at 12:56pm

The letter you have from CCO does not waive their defciency. In order for them to waive their deficency you need to pay them 20%. If you don't pay 20% they retain their rights to seek deficiency. If BOA won't pay the other 10% CCO will have you pay that outside of closing if you want that letter.

 

 

That's my experience dealing with them over the last 6 months. I closed my transaction on 7/15.

 

Joe

Rahul Gupta said:

Hi Danny, I'm living thru what you posted (verbatim)...however, almost at finish line. CCO is my 2nd and have received their "generic" approval letter as of July 15, 2011 and they want 10%, which my first (BofA) has agreed to give.

 

Question I have is...did CCO release the deficiency as part of the approval? My lawyer has been trying to get this answer from them over the last week...shocker, no response.

 

Also...my closing date is fastly approaching...where in the documents could I see that they are releasing the lien / deficieny?

 

Any guidance would be greatfully appreciated. Cheers.

 

 

Permalink Reply by Rahul Gupta on July 24, 2011 at 10:54am

Joseph...thanks for the response. I'm closing in less then a week.

 

Logic says to close (getting the first out of the picture and letting the new home owner move on with their life)...AND then instantly spark a followup conversation w/ Charter about releasing the rights to seek deficiency. Based on your experience, how long should I expect to come to an agreement about releasing (1mth? 2mths? etc...)?? Any thoughts on a better approach?

 

---SIDE NOTE--- I've had my mortgages audited...the 2nd had 80+ discrepancies...would this hold any negotiation power on my end in getting the deficiency released quicker or for less then 20%? Thoughts?

 

Cheers.

Joseph Brooke said:

The letter you have from CCO does not waive their defciency. In order for them to waive their deficency you need to pay them 20%. If you don't pay 20% they retain their rights to seek deficiency. If BOA won't pay the other 10% CCO will have you pay that outside of closing if you want that letter.

 

 

That's my experience dealing with them over the last 6 months. I closed my transaction on 7/15.

 

Joe

Rahul Gupta said:

Hi Danny, I'm living thru what you posted (verbatim)...however, almost at finish line. CCO is my 2nd and have received their "generic" approval letter as of July 15, 2011 and they want 10%, which my first (BofA) has agreed to give.

 

Question I have is...did CCO release the deficiency as part of the approval? My lawyer has been trying to get this answer from them over the last week...shocker, no response.

 

Also...my closing date is fastly approaching...where in the documents could I see that they are releasing the lien / deficieny?

 

Any guidance would be greatfully appreciated. Cheers.

 

 

Permalink Reply by Joseph Brooke on July 24, 2011 at 5:59pm

If you already for the 2nd approved for 10% you need to talk to the decision maker and ask them about waiving their deficency for the other 10%. It should not take more then a day or 2 once you talk to them.

 

-Joe

 

Permalink Reply by Cathy Ryan on July 25, 2011 at 6:29am

Well the latest with CCO Mortgage is that they cancelled my file because of the tax returns.  My client only has extensions.  He is closing down his corporation and it is complicated.  These people are stupid!!!!!  I have 14 days to trustee's sale.  I think they just killed my deal. :(  I feel so bad for my seller.  He is losing everything. I don't want to make this phone call.

 

Thanks for your help.

Cathy

Joseph Brooke said:

If you already for the 2nd approved for 10% you need to talk to the decision maker and ask them about waiving their deficency for the other 10%. It should not take more then a day or 2 once you talk to them.

 

-Joe

 

Permalink Reply by Ryan Wessels on August 24, 2011 at 9:12am

I am a short sale agent in the Saint Louis area.  Does anyone have a manager's phone number?  I too am trying to get my file assigned and they are being extremely difficult to work with.  I was told today they would review the file and if everything was not there as they asked it would be closed.  This is after I spoke to a customer rep for about ten minutes and we went around in circles as she was certainly less than helpful.  Her manager gets on the phone after I asked to speak with her and the rep notified me she was going to do this review and possibly close the file and asks me a question.  After asking me whether I wanted her to review this file and if she did it could result in the file being close, she tells me to answer yes or no.  She would not allow me to ask a question to her as I tried.  I am frustrated and woud like to take this up as far as I can and help would be appreciated.

Permalink Reply by Joseph Brooke on August 24, 2011 at 11:49am

Ryan,

 

All I can say is escalte, escalte and escalate. I believe the Supervisors name is "May" and will be willing to help. They don't give out their direct numbers on purpose to stall you for months. I do have a couple e-mail addresses I might be able to provide but they are slow as heck and I had to lose my cool in order to get a response. I would suggest you be aggressive and call them 25-100 times over 3 to 5 days to get the file moved. I was told about 15 times the file was complete but it wasn't and they kept lieing and making mistakes.

 

If you not agressive you will not suceed here.

 

-Joe

 

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