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Comment by Lina Robertson Jones on September 15, 2010 at 2:19am

Still negotiating with the second on my Fifth Third short sale. I have to say, this is by far the best bank I've ever dealt with in terms of communication and response time. The negotiator for the first is actually communicating with the negotiator for the second. I actually was on the phone with the negotiator for the second yesterday and as we were trying to put it together, he was instant messaging with the negotiator for the first. I've never had a bank be so proactive.

Having said that, we still haven't reached an agreement wherein they agree not to pursue the deficiency, and my seller is a 70-year-old man who doesn't understand what is happening and refuses to sign a promissory note. We'll keep working on it....

Comment by Lina Robertson Jones on September 13, 2010 at 8:42am

Update: I have been so impressed with the speed by which Fifth Third has worked as the first lienholder. My short sale packet was submitted on 8/24, and I received approval by 9/7. Unbelievable!

The Problem: Fifty Third also holds the second. Unfortunately, the second will not approve without the right to pursue the deficiency. My seller has nothing. NOTHING! He's 70 years old and his wife is dying, and he is, quite frankly, not open to signing a note at all.

The good news? The foreclosure was postponed.

Anyone have any great advice as to how to get the second to walk away with just what the first is allowing?

Comment by Rebecca Puig on September 13, 2010 at 5:52am

Lina-I was recently in the same situation with another lender (select Portfolio Servicing). Homeowner submitted info for DIL for initial postponement, while I actively marketed property as a short sale. Sale was canceled. Meanwhile, I received an offer on the property a few weeks later and h/o requested from lender to switch from DIL consideration to short sale, which they did. I am expecting an approvl letter any day now on that one. Hope this helps. Good luck!

Comment by Lina Robertson Jones on August 29, 2010 at 4:08pm

Just got involved on a Fifth Third short sale at the eleventh hour! The day I submitted the short sale package, the trustee filed notice and a foreclosure date has been set for 9/19/10. I have dropped price significantly trying to obtain an offer on the home quickly. No offers yet. Has anyone had any experience with getting a foreclosure date postponed without an offer?

Comment by sherry on July 8, 2010 at 7:54am

Wow - This is a great deal to put this puppy to rest and know theywill not come after you. It's worth it for a piece of mind which it comes down too....

Comment by Kynse L. Agles CDPE on July 8, 2010 at 6:57am

Fifth Third originally wanted a $150K note which we negotiated down. They wanted cash at closing as well but the seller did not have any cash so we settled at a $50K note. The deficiency was $226K so to settle for $50K is a good deal for my seller, much better than a $226K judgement in the future. Fifth Third is great about being fair to the sellers!

Comment by sherry on July 8, 2010 at 6:38am

Nice Kynse. I believe I had mention my outcome with Fifth Third: Final outcome was seller to come to closing with $6000 plus a promissory note for $15,000.00 Seller did not want to worry about the deficiency loss to Fifth of $90,000.000. Originally Fifth Third wanted a note for $30K. I have one closing by end of the month with Chase where balance on loan is $135,000.00 purchase price is $48,000, seller to come to closign with $3800 to waive deficiency and settle in full..... I believe sellers have to realize as banks gets smarter, more and more are asking for come to closing dollars or promissory note especially if owed HOAs are high...

Comment by Kynse L. Agles CDPE on July 8, 2010 at 3:34am

I just closed another Fifth Third short sale last Thursday! Amount owed $370K, purchase price $170K, Net to Fifth Third $151K. Seller signed a $50K promissory note 0% interest for 15 years payment $278 per month in lieu of Fifth Third being able to pursue a deficiency judgement. Total loss to Fifth Third= $176K.

I once again would like to thank my negotiator for a smooth and successful short sale process. I have more Fifth Third deals getting ready to be submitted and hope and pray for the same negotiator I had on my last 2!

Comment by Kynse L. Agles CDPE on June 9, 2010 at 1:04am

My latest Fifth Third short sale is going very smooth. I can not thank my negotiator enough! It is such a blessing to work with someone that returns my emails and phone calls. Communication is key when it comes to closing a short sale and I would like to thank the staff at Fifth Third for making the process easier than most lenders! I am supposed to have this one wrapped up by the end of the week. The total owed to Fifth Third is $370K- Total loss to Fifth Third will be over $200K. I will update once I have the approval!

Comment by Ginny Risley on June 7, 2010 at 11:14am

Both first and second mortgages are with Fifth Third, is there any special way to proceed with this short sale?

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