Replies to This Discussion

Permalink Reply by joe beauchamp on September 30, 2010 at 4:27am

I have listened to the team lead or the negotiator when I asked why he thinks the seller has money, etc. Valuable info, I think. I then know what the basis is - credit report, new car loan, cards being paid but just this mortgage is not, etc., bank statements show big chunks of cash moving around, financial statement says seller has an extra $2K/mo to spend, hardship letter is extremely weak. All things I now try to nail down before submitting them because I get tired of having to restart an argument because a 2nd counter goes to a different negotiator at the MI or the investor and none of those people can be bothered to read what is in front of them - they seem to grab the first, not the update to things.

Also, at BofA, and others, they seem to get seminars from credit collections type people on how to get more money out of a deal. They have been told at BofA to ask for cash and a note. They will lie about the MI and claim it is a non-existant MI wanting them. So that is a factor, too. I've only run into 1 sob team lead who should be working for some sleazy lying credit collections agency. All the others have backed off.

I could be wrong in thinking that showing them that there is no cash flow, that there are no assets, that there is no cash has been what makes the difference - I take away the basis of their claim. It could be, as you say, simply standing toe to toe and saying "no" is what really does it..hmmm.

Permalink Reply by Melanie Ross on February 10, 2011 at 12:13pm

The MI company on one of our short sales would not budge, out and out said go ahead let it foreclose.  We did get the amount down, the buyer came up and the seller chose to do a promissory note for the balance.  We let the seller make their own decision and encourage them to see an attorney.  The negotiation with the MI took the longest and they were evil.