Comment

Comment by sherry on January 22, 2011 at 3:53am

Kynse - I had a seller who signed a $15000 promissory note with 5th 3rd, made like 3 payments of $250.00 each and then called to get a lump sum payment amount. They ended up paying it off for $7500....

 

 

Comment by Kynse L. Agles CDPE on January 20, 2011 at 2:01pm

I just closed another 53rd short sale with my favorite negotiator! This one took a lot to get done! The property was an investment property (duplex in Lehigh Acres Fl). The borrower owed $259,996.28- Net to the lender was $42,743.27 - 53rd's first approval letter stated they were going to reserve the right to pursue for a deficiency. We went back and forth for about 2 weeks, they were going to decline the file and we finally made a suitable agreement with 53rd. The remaining balance owed to the lender was $217,253.27- we ended up settling this debt with an unsecured promissory note in the amount of $20,000.00 payable over 15 years- 0% interest- payment of $111.11 per month. If the borrower defaults the  interest will rise to 3%. Much better deal than being responsible for over $217k! 

 

Thank you Fifth Third for another successful and quick closing! I look forward to submitting my next short sale with you! I just listed one and hope to have it under contract soon! 

Comment by Bryant Tutas on November 15, 2010 at 1:50am

Hi Karen. I've completed several with 5/3 and have another in the works. I find them fairly easy to work with. Did you have any specific questions?

Comment by Karen on November 14, 2010 at 3:09pm

has anyone completed a short sale with 53?

Comment by Victor Atche on November 9, 2010 at 6:36am

Hi everyone - My 1st note (int only) doesn't come due until next year and since value of lot (no construction) is 50% of original purchase and no possibility of selling lot (due to developer not having funds to complete project), I am faced with 1) short short sale with help from family, 2) negotiate down note and pay note with help of family to keep lot, 3) Deed in Lieu, or 4) Foreclose.



Problem Statement: I would like to keep note but can only do with assistance from family but believe 5th 3rd will not accept funds from family. I'm pretty sure family funds are out of question on short sale and assume to be the case for negotiating down note to ultimately buy and assume payment of family loan. I know most everyone is looking to sell and get out but I'm willing to hold on to this property for long-term rather than lose everything. If another way to utilize short sale process, I'm all ears.



I don't have any assets for bank to pursue so hoping they will be open to negotiating a lower debt which could allow them to salvage more of investment than potentially getting in auction after foreclosure or direct sale.



Currently Talking to bank about loan modification which means re-amortising same debt over longer period of time but I don't expect new rate to bridge current financial gap I'm struggling with. That being said, I will need to foreclose unless they agree to receive payment of note from family funds. Is this an impossibility? How should I proceed since very much in initial stages of making contact with bank.

Comment by Lina Robertson Jones on October 10, 2010 at 4:51pm

The saga continues...we are one week away from a foreclosure, Fifth Third (second) is still refusing to send me the paperwork for the promissory note stating they have to get management approval, and the negotiator for the first (also Fifth Third) walked out and quit last week. So...we have no negotiator on the first, an uncooperative negotiator on the second...and a foreclosure date in one week.

Does anyone have contact information for someone that can actually get something done?

Comment by Lina Robertson Jones on September 23, 2010 at 2:45am

Would we be more successful in negotiating the second with Fifth Third down if we just reserve the right to pursue deficiency and negotiate it with the charge-0ff department after the sale?

Comment by Lina Robertson Jones on September 23, 2010 at 2:43am

So, while Fifth Third originally said they would accept 85% in a promissory note, now that my clients are willing to accept the fact that they will have to sign one, Fifth Third just informed me that their new company policy is to only accept 100% in a promissory note. We've gone backwards!

Comment by Lina Robertson Jones on September 21, 2010 at 6:17am

Well...here's an interesting scenario. In my short sale, Fifth Third holds both the first and seconds. I have a buyer who is willing to throw additional money at the second; however, the first has now come back and said that Freddie Mac will no longer approve POC items on a HUD. There is absolutely NO WAY to pay any additional funds to the second lienholder.

Has anyone else heard this yet? Or am I being fed a line here?

Comment by Kynse L. Agles CDPE on September 15, 2010 at 12:14pm

Lina,
I have closed several Fifth Third short sales and I agree that they are one of my favorite banks to work with. I have found that they will either reserve the right to pursue the deficiency or you can negotiate a promissory note. I believe if you can get the promissory note to a payment the seller can maintain and terms that Fifth Third and the seller can agree to your seller will be in a better position of less debt owed in the end if they do pursue a deficiency. If you have any questions let me know!

I am not an attorney, I always suggest to seek the advice of a CPA or an attorney for any tax or legal questions!!!

• ‹ Previous
• 1
• 2
• 3
• 4
• 5
• …
• 8
• Next ›
• Page