Replies to This Discussion

Permalink Reply by Sameer Punjani on August 25, 2011 at 4:49am

Onewest owns indymac and has loss share agreement from fdic to pay 80-95% of loss. They have no interest in short sales, so your out of luck.

Permalink Reply by Ben Benita on August 25, 2011 at 4:52am

THis will not come as a BIG surprise to those that have seen my other posts, BUT, you need to find out who the Investor is on the note (you should do this for ALL of your short sales), the "Investor" is the actual group whose money is at stake, and, who will OWN the property if it goes to foreclosure.

 

You can contact me off here about how best to do this - [email protected]

 

I know one of Indy Mac's main Investors is Deutsch Bank.  If you Google "Deutsch Bank, stock symbol" (cheapest and easiest way to find corporate contacts there if you do not have any), you can reach out to THEM directly to make things happen.

 

best of luck...DO NOT GIVE UP JST YET!!!!

 

Permalink Reply by Jeff Payne on August 25, 2011 at 5:00am

Sameer, sorry but I have to call BS again on this one. Please show me this loss share agreement.  If there was a loss share agreement, it would not help any on the typical short sale with Indy Mac because Deutsch Bank is the investor and Indy Mac just services the loan.

Indy Mac does approve short sales but as Ben Benita just said, YOU MUST find the investor. 

Mariana, get with Ben and get those escalation contacts and you may be able to save this deal

Sameer Punjani said:

Onewest owns indymac and has loss share agreement from fdic to pay 80-95% of loss. They have no interest in short sales, so your out of luck.

Permalink Reply by Jeff Payne on August 25, 2011 at 5:11am

So here are a few highlights from the so called loss share agreement that some believe keeps Indy Mac from doing short sales.  Interesting to me that less than 7% of the Indy Mac loans are eligible and that for One West Bank to be able to get paid they have to follow HAMP rules....

My moral to the story is that Indy Mac can and will approve short sales regardless of the urban legend of the sweetheart loss share agreement.

• One West has “not been paid one penny by the FDIC” in loss-share claims.
• The loss-shre agreement is limited to 7 percent of the total assets that One West services.
• One West must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets.
• In order to be paid through loss share, One West must have adhered to the Home Affordable Modification Plan (HAMP).

Permalink Reply by Sameer Punjani on August 25, 2011 at 5:24am

Jeff, u must work for these banks if you dont think theres some back door deals you dont know about. Have you reviewed their balance sheets recently? The numbers dont add up. Dude why u think warren buffet invested 5 billion with bofa? Cause he knows about the government backings. If you really think these short sales are legit, then tell me what % of short sales submitted actually close? When these loans were approved they go through fannie mae who covers losses or fdic, so either way the bank dont give a damn if its a short sale or foreclosure, they will get paid.

Permalink Reply by Roberta Baldwin on August 25, 2011 at 5:40am

I will be listing a potential IndyMac short sale. IndyMac twice turned down the owner's request for an modification on the mortgage even though the first time around the owner had lost his job and the second time he was trying to start a business, so he has no other option than to try for a short sale. We're listing the house about 15% under what he paid for it in 2005 and I'm being very cautious about our initial asking price but also positioning it so that we'll get attention even though it has only one bath and a terrible kitchen. Would those of you with IndyMac experience urge the owner to counter a low offer rather than send it onto the bank as is? Also, does IndyMac take into account market depreciation in a given area or at the very least do a BPO or in-house appraisal or just go with what is owned on the mortgage? Thanks for the advice several have given on this page to track down the investor and not just wait for IndyMac. Any other help starting us out on the right foot would be appreciated. 

Permalink Reply by Ben Benita on August 25, 2011 at 5:57am

Another note - Indy Mac IS governed by the Office Of Thrift Supervision (other Servicers are as well, also, the OCC is a good place to file complaints):

 

http://www.ots.treas.gov/

Consumer Inquiries and Complaints
■E-mail: [email protected]
■Phone: 1 (800) 842-6929

http://www.ots.treas.gov/?p=CommunityAffairsLiaisons - has BIG list of contacts

 

If you get to the right guy at Indy mac, and, let them know (or better yet prove) you or your client has filed a complaint against them with the OTS, it has also proven effective in the past (contacting the Investor directly has still been the MOST productive means of getting through to Indy Mac, or ANY Servicer for that matter, with problems).

 

Again, keep fighting!!!!!

Permalink Reply by Ben Benita on August 25, 2011 at 6:01am

Sameer - Jeff knows his stuff, and, just because YOU may have a low short sale closing percentage has NOTHING to do with the short sale process, more of a reflection on what you know or do not now, and, how quickly you get discouraged and just give up on your client (and your paycheck).

 

Like Jeff, I have studied the ins and outs, STILL reglarly attend webinars and teleseminars on short sale negoations (actually tach them now as well), and, if you understand the process, and, most importantly , the REAL decision makers and who to speak with when issues arise, your closing percentage would be, and should be 80% - 90% (our in office percentage is 90% ++ this quarter).

 

I would suggest taking a few classes, or, doing a little more research on SS negotiations and the process (I am also available if you want to talk off here) - [email protected]

 

Permalink Reply by Jeff Payne on August 25, 2011 at 6:54am

Sameer, I can tell you that 98% of my short sales submitted have closed. 100% of my Indy Mac short sales have closed.  The only short sales that I have submitted that did not close were actually approved but fell apart at closing so it is safe for me to say that I have gotten every short sale approved that I have submitted.

Warren Buffet invested because he will get 6% annually on his investment.  with the amount that he invested he can get in and out in 6 months and make a boat load of money. 

I did not intend to pick a fight, merely I wanted to point out that short sales do get approved and closed, even at One West Bank/Indy Mac. 

If you did some real research instead of just watching a video about loss share agreements you would know that the agreement with FDIC and One West Bank only guaranteed 7% of the loans because Indy Mac serviced 93% of the loans and only owned the paper on 7% in their portfolio.

Short sales are not easy, they are not for the faint at heart, or not for the quick to give up person.  They can and will get closed.  The reason short sales do not close is agents are not educated enough or don't try hard enough to get them closed.  When I sit in front of a seller and PROMISE them I will do everything in my power to get the short sale approved, I mean it and do everything I can to fulfil that promise. 

Just curious and will ask you the same question, Do you know the percentage of short sales that close and do you know your closing percentage?

Sameer Punjani said:

Jeff, u must work for these banks if you dont think theres some back door deals you dont know about. Have you reviewed their balance sheets recently? The numbers dont add up. Dude why u think warren buffet invested 5 billion with bofa? Cause he knows about the government backings. If you really think these short sales are legit, then tell me what % of short sales submitted actually close? When these loans were approved they go through fannie mae who covers losses or fdic, so either way the bank dont give a damn if its a short sale or foreclosure, they will get paid.

Permalink Reply by Jeff Payne on August 25, 2011 at 6:56am

Good advice Ben, it works. Been there done that, got the tshirt approval

Ben Benita said:

Another note - Indy Mac IS governed by the Office Of Thrift Supervision (other Servicers are as well, also, the OCC is a good place to file complaints):

 

http://www.ots.treas.gov/

Consumer Inquiries and Complaints
■E-mail: [email protected]
■Phone: 1 (800) 842-6929

http://www.ots.treas.gov/?p=CommunityAffairsLiaisons - has BIG list of contacts

 

If you get to the right guy at Indy mac, and, let them know (or better yet prove) you or your client has filed a complaint against them with the OTS, it has also proven effective in the past (contacting the Investor directly has still been the MOST productive means of getting through to Indy Mac, or ANY Servicer for that matter, with problems).

 

Again, keep fighting!!!!!

Permalink Reply by Jeff Payne on August 25, 2011 at 6:59am

Indy Mac will do at the very least a BPO and maybe an appraisal.  Be sure to make your case with the BPO agents as to how you came to the price that you came to. 
I always have the seller counter at what I believe to be market value or what we think it will take to get the short sale approved.  I do this with EVERY lender and really think that is why I get approvals and get them fast.  If you send in good offers and complete short sale packages, your odds at getting a quicker approval go way up over sending in offers that don't reflect market value and with incomplete short sale packages.

Roberta Baldwin said:

I will be listing a potential IndyMac short sale. IndyMac twice turned down the owner's request for an modification on the mortgage even though the first time around the owner had lost his job and the second time he was trying to start a business, so he has no other option than to try for a short sale. We're listing the house about 15% under what he paid for it in 2005 and I'm being very cautious about our initial asking price but also positioning it so that we'll get attention even though it has only one bath and a terrible kitchen. Would those of you with IndyMac experience urge the owner to counter a low offer rather than send it onto the bank as is? Also, does IndyMac take into account market depreciation in a given area or at the very least do a BPO or in-house appraisal or just go with what is owned on the mortgage? Thanks for the advice several have given on this page to track down the investor and not just wait for IndyMac. Any other help starting us out on the right foot would be appreciated. 

Permalink Reply by Sameer Punjani on August 25, 2011 at 12:45pm

@ Jeff / @ Ben

 

Trust me, the last thing I would want to do is waste time and start a fight on the internet.  I really don't care what % of short sales you close or I close, the bottom line is the system is screwed up.  

 

High-risk mortgages securitized by Fannie Mae and Freddie Mac continued to drag down earnings for the government-sponsored enterprises in the first quarter of 2011, forcing the two GSEs to go deeper into debt to the federal government. Fannie and Freddie lost a combined $13.0 billion on their mortgage-backed security guarantee programs during the first quarter, a significant deterioration from the $6.6 billion the GSEs lost during the previous quarter, according to the Federal Housing Finance Agency’s latest conservatorship report. Since the beginning of 2008 through the first quarter of 2011, Fannie and Freddie have burned through...

 

As you probably know, when the average person applies for a loan, they run it through "Fannie Mae, DU' and get an approve / eligible", Fannie Mae then guarantees this loan.  

 

Now whats happening is the mortgage insurance companies like PMI are getting screwed..

 

To Our Valued Customers (August 19, 2011):

We are writing to inform you of the very recent regulatory decisions that have impacted our ability to write new commitments. Specifically, PMI Mortgage Insurance Co. ("PMI") and PMI Mortgage Assurance Co. ("PMAC") have been informed that they must cease writing new commitments for insurance effective as of the close of business on August 19, 2011. PMI and PMAC may issue mortgage insurance policies under pending commitments through the close of business on September 16, 2011. 

 

Instead of posting stats on how well your office is doing on short sales, and how many classes you took and how smart you might be, sooner or later you will realize the system is totally screwed up. When Fannie and Freddie stop purchasing loans on the secondary market, and nobody will insure the loans, the housing market will continue to decline. 

 

Now what needs to happen:

 

All lenders / investors / PMI companies, whoever has any interest in these loans need to follow the Wachovia system of short sale processing.  That is, $5,000 cash back, 14 day close, no income, w2s, bank statements, no promissory notes, nothing. Just move on and close, period.  If you guys want to promote this idea, instead of barking back on stuff, then by all means this would help the entire system. 

 

And if you don't believe on any back door deals going on, don't ever believe what the government tells you.  They had no clue what was going on otherwise they would have prevented this from happening in the first place.  

• ‹ Previous
• 1
• 2
• Next ›
• Page