I have two separate customers who are way upside down in their mortgages, but they're current on their payments and can likely stay that way. If we were to begin offers for sale to the lenders (one is Chase and the other is BOA, and both are single-lien situations) would they consider our offer?
Alex Krumm
Re/Max Alliance Group
Broker Associate
GRI, Certified Distressed Property Expert
Winner, Five Star® Best In Customer Satisfaction: 2010, 2011
941-234-3597 Direct
941-954-5454 Office
941-341-0192 Fax
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I have heard this, I have read it, I have yet to experience it. The most recent is a new Listing I took two weeks ago in La Quinta. The Owners are not delinquent yet. B of A, one Loan, Primary Res..slam dunk. They wanted to stay current and see if they could do a Short Sale. I advised them (about a month before they listed with me), to call their Lender (current at that point) and tell them. See what they say...they did. Called me back and reported complete disinterest on the part of the customer care rep.
Now it's a month later, they are one month delinquent. They called again and Bingo! This time the Customer Care Rep took them seriously, advised them as to the program and steps they needed to take.
I simply wanted to test the waters because, like Harry, I am in a hard hit area and if this were to be true..I would love it. However, we cannot tell our clients to skip payments to short sale, so I find it works to refer them directly to their Lenders and find out for themselves. They are NOT receptive until the Sellers are delinquent and they can SEE for themselves that the Seller is willing to stop payments. Sad, but true..hope it changes, but have no faith..
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