Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on February 14, 2011 at 6:15pm

Mine is not HAFA but - Yes,  I'm going through this right now.  BofA 1st and SLS 2nd. BofA will not send the file for approval without an approval from SLS.  I spoke with both negotiators and they know it's a catch-22 so this is what I got:  SLS (2nd) provided a letter stating exactly what they would accept and signed it.  I sent it to BofA (1st) which of course is too much $ - BUT - they are at least looking at it  And I got SLS down from 25% of UPB to 10% of UPB. So, we will see where it goes.  BofA has already declined this file twice before and the Seller's financial picture keeps getting worse each time.

 

Best of Luck,

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Darlene Krause on February 15, 2011 at 8:59am

Yes, I have a short sale where the first is with Saxon Mortgage andthe second with GMAC.  Saxon would not complete the review of the file until I received an approval from GMAC.  GMAC didn't want to do it this way, but there was a pending sale date and in this case it was to their benefit to provide the approval letter. 

 

Citibank is usually pretty easy to deal with.  I would keep moving up the ladder and making my request known.  Hopefully you will find someone who has enough sense to deal with the situation.

Permalink Reply by Cami Pinsak on February 15, 2011 at 9:09am

Citibank has been anything but easy to work with.  The negotiator that has been assigned to this case is on a huge power trip.  He likes to tell me that he can pretty much arbitrarily make up his own rules.  I have tried emailing higher ups, but there is a dearth of information on Citi contacts.  Finally emailed Sanjiv Das...

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on February 15, 2011 at 9:52am

Folks -  As for negotiators "making up their own rules" - Here's how I operate;

 

I use Top Producer 8i - mostly for the "Notes" feature.  Whenever I am talking to a lender's representative, a client, an agent, etc. I am typing the entire time.  I keep copius notes - why ?  Because when I talk to that person again or need to follow-up, I can refer back to the date and time we last spoke and quote fairly accurately what they said in that conversation.

Often, it takes the person off-guard and gets them back on track;

Example  Hello Mr/Ms negotiator, On Friday December 10, 2010 at 11:37am Pacific Time we spoke about 123 Main Street Loan # 123456789.  During that 32 minute conversation you instructed me to send in an updated HUD and told me you had everything you needed and would review the file on Monday December 13th for submittal to management for approval.  Today is January 14th and I am following up on that conversation.  Has management reviewed the file and what's the next step?

 

It seems to work.....

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Cami Pinsak on February 15, 2011 at 9:56am

Thanks Thom.  I use wise agent and take copious notes, as well.  With this particular negotiator, it just doesn't seem to matter.

Permalink Reply by Anna Mackey SDHS on February 18, 2011 at 3:02pm

Good advice Thom, everyone should keep detailed conversation logs! But for goodness' sake, what can you possibly talk about with this negotiator for 32 minutes?!?

Thom Colby said:

Folks -  As for negotiators "making up their own rules" - Here's how I operate;

 

I use Top Producer 8i - mostly for the "Notes" feature.  Whenever I am talking to a lender's representative, a client, an agent, etc. I am typing the entire time.  I keep copius notes - why ?  Because when I talk to that person again or need to follow-up, I can refer back to the date and time we last spoke and quote fairly accurately what they said in that conversation.

Often, it takes the person off-guard and gets them back on track;

Example  Hello Mr/Ms negotiator, On Friday December 10, 2010 at 11:37am Pacific Time we spoke about 123 Main Street Loan # 123456789.  During that 32 minute conversation you instructed me to send in an updated HUD and told me you had everything you needed and would review the file on Monday December 13th for submittal to management for approval.  Today is January 14th and I am following up on that conversation.  Has management reviewed the file and what's the next step?

 

It seems to work.....

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Anna Mackey SDHS on February 18, 2011 at 3:49pm

Cami,

If we had a dollar for every time the loss mit rep had lied to us, we would be rich and could do short sales for free on a philanthropic basis :o) LOL