Replies to This Discussion

Permalink Reply by Ben Benita on August 26, 2011 at 1:14am

Is the system screwed up - OH YEAH BIG TIME!!!!

 

Did Wachovia NAIL IT by doing as you noted above (Chase has a progrma like this as well) - Again, OH YEAH BIG TIME......but, as you noted, until the problem gets bigger, and, more lenders (like B of A and Wells) are on board with this, we are al going to be stuck in the middle trying to help the homeowners.

 

The REAL problem - we all B_ _ _ _ about it to each other and on blogs rather than taking the time to actually complain to someone that might listen.

 

As you noted, what if EVEONE here on teh Superstars site joined forces and got "acgive" complaining, we might actually make a difference!!!!

 

;-)

 

 

Permalink Reply by Jeff Payne on August 26, 2011 at 2:26am

Sameer, I understand your frustration but the bottom line is that I (and I can probably speak for Ben too) do not care what back door deals that there are out there, we can still get the short sales closed.  You are the one that brought up the percentage of short sales that close and you were also the one that told someone too bad you are out of luck because Indy Mac does not do short sales, I was the one that said Indy Mac does do short sales because I have done them and Ben backed up that position.

Quite frankly, this is a short sale mastermind group here, not a short sale rumor or political group.  WHile I totally agree the system is flawed and needs to be changed but the current system is what we have and some of us have figured out how to make it work so I really dont care about any back door deals, if there are any. 

Sounds like you might want to stick to Wachovia short sales.

Sameer Punjani said:

@ 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.  

Permalink Reply by Jeff Payne on August 26, 2011 at 2:28am

Ben, that is the best advice I have seen because it works.   Myself and a few others were instrumental in getting a short sale mastermind group set up that meets with BofA, Fannie, Wells and Citi several times per year and I believe we have made great progress. remember BofA before equator?  I do, and I vowed to NEVER work a BofA short sale again but now they are my favorite to deal with.  We met with BofA and they listened to us

Ben Benita said:

Is the system screwed up - OH YEAH BIG TIME!!!!

 

Did Wachovia NAIL IT by doing as you noted above (Chase has a progrma like this as well) - Again, OH YEAH BIG TIME......but, as you noted, until the problem gets bigger, and, more lenders (like B of A and Wells) are on board with this, we are al going to be stuck in the middle trying to help the homeowners.

 

The REAL problem - we all B_ _ _ _ about it to each other and on blogs rather than taking the time to actually complain to someone that might listen.

 

As you noted, what if EVEONE here on teh Superstars site joined forces and got "acgive" complaining, we might actually make a difference!!!!

 

;-)

 

 

Permalink Reply by Ben Benita on August 26, 2011 at 2:45am

Jeff - that is just AWESOME, and I do know you guys have made progress.

 

I also know Bryant and Wendy have quite a following on here, 5000+ if I remember right at last count. 

 

I would think all together we could have some pull with NAR and perhaps with some of the banks....

 

Keep up the fight.

 

Sameer - Jeff does bring up a good point, not so much a "you started it", but, you were the one that seemed to have given up on your client (and your pay check).

 

I am sure Jeff would agree he and I have BOTH been there, just utter DISGUST with the process, BUT, I can assure you 99 times out of 100 there IS a way to get it done, whether with Indy or any other Servicer.

 

 

 

Permalink Reply by Jeff Payne on August 26, 2011 at 3:23am

Ben, I just think the word NEVER should not be used with short sales.   You would not hear me say to a seller, sorry, you are out of luck because Indy Mac told me NO or tell another agent asking for advice, sorry, Indy Mac has a sweetheart deal and wont do a short sale. 

Heck, I have even done short sales with banks who have a NO SHORT SALE policy and who have a policy that states they NEVER waive a deficiency and guess what?  They approved the short sale with full release and no deficiency

Ben Benita said:

Jeff - that is just AWESOME, and I do know you guys have made progress.

 

I also know Bryant and Wendy have quite a following on here, 5000+ if I remember right at last count. 

 

I would think all together we could have some pull with NAR and perhaps with some of the banks....

 

Keep up the fight.

 

Sameer - Jeff does bring up a good point, not so much a "you started it", but, you were the one that seemed to have given up on your client (and your pay check).

 

I am sure Jeff would agree he and I have BOTH been there, just utter DISGUST with the process, BUT, I can assure you 99 times out of 100 there IS a way to get it done, whether with Indy or any other Servicer.

 

 

 

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