Need help understanding something Re: Citi
Citi negotiator gave me a net on a short sale (sales price of $145K) and told me they would have the file until 1/16/13 at which time they would be transferring to a new servicer.
They prematurely transferred it to Mariners Companys on 1/7.
All my paperwork was forwarded to Mariners and they told me, no probelm, we will get you an approval letter.
Took them a few weeks to upload it into their system which at that time they told me on 1/29 that they wanted to send an agent to the property for valuation. (Sheriff sale was scheduled for 2/28).They never sent anyone. Anyway, then they told me that they wanted $15K more. (160K)
We were between a rock and a hard place beause the buyer didn't want to pay 160K and the attorney wanted to have a contract on the home so he could go to court and get postponed.
All to say, WE went to court and got postponed, and I have relisted. Lots of work into this one both evicting prior tenants, cleaning up their @8&*! etc. I got a new offer netting the price Mariners said they want.
Today, they tell me that they will only pay 5% but they get a 1% admin fee. SO, AFTER them having the HUD for over 2 months knowing breakdown of fees, getting them more money etc., Now they only want to pay 5%. The guy is telling me that their investors don't allow more than 5%.
How do these servicers work?
Any wisdom? Anyone I can COMPLAIN High up to.
Replies to This Discussion
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Permalink Reply by Michael Hayley on
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Is Marinars a servicer or a 3rd party?
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Permalink Reply by Ben Benita on
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Email me [email protected] or call my office 855-50-SHORT and I can explain your best course of action
(and in the future you can just let me team deal with all this "@8&*!" for you.....I run a short sale processing and negotiations company....we do all this FOR YOU FOR FREE!!!)
Will TRY to keep it short:
1) ALWAYS remember - in any negotiation whoever has the "leverage" controls EVERYTHING in the negotiation....as long as you and the Seller decide what to do with the property, i.e., short sale or let them foreclose.....then YOU HAVE THE LEVERAGE.
2) 5% - Can never guarantee it, but 99 times out of 100 a bank will NOT foreclose over 1%....does not make financial sense (we just need to complain to the right party)
3) ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS
(are you getting this) remember -
the persons at the banks are called "negotiators" for a reason....they get paid to negotiate.
They read to you from scripts that say "When Mary M. Bremer calls, tell her we only pay 5% commission". Again see above, it ABSOLUTELY WILL cost the bank much more than 1% to foreclose so it does NOT make financial sense for them to do this.
4) Finding the "right person" to complain to - could go on for PAGES about that. Best move, reach out directly to the Investor on the loan "First Mariner is only a "Servicer" doing what the Investor tells them to do.
To find the Investor:
1 - you can Google "Fannie Mae Loan Lookup" and "Freddie mac Loan Lookup" to see if the loan is with them
2 - Call First mariner and ask them if the loan is Governement backed, if it is a portfolio loan, or if it is held by a private investor (sometimes they will tell you sometimes they will not)
3 - Have the Seller call in and ask who the Investor on the loan is
4 - If they refuse on the above, use a Qualifeid Written Request "QWR" in banking speak (email me for a copy) and the bank will be REQUIRED BY LAW to tell you
Once you know who the Investor is you can contact them directly about the situation.
If they STILL play games, you can file formal complaints with the OCC (Office of the Comptroller of the CUrrency) and/or the OTS (Office of Thrift Supervision), both of whom oversee servicers.
Sorry this was not kept too short and there is a LOT more I could go into......but it should get you back on track.
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Permalink Reply by Mary M. Bremer on
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I tried calling....no answer. I sent an email earlier. WWBD????
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