Replies to This Discussion

Permalink Reply by Mike Linkenauger on August 27, 2010 at 1:31pm

Horrible, just horrible!

We've done a couple with them and they usually want like 20% of the loan balance!

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Permalink Reply by Ernie Dill on August 27, 2010 at 4:46pm

I had one second with them - they settled in April, 2010 for $6,500.00 finally after demanding $8,500.00 on a $42,500.00 note - 20%. Very cordial negotiator, but he wouldn't budge. First was only offering $3,000.00. The seller had some personal judgments that had to be paid, and was doing another short sale through us as well, so he was tapped out completely. I documented the situation as best I could, and agents and buyers made up the difference between $3,000.00 from first, and $6,500.00 final settlement, fully disclosed on HUD1 and approved by the First. Had the seller had cash, I'd have had him settle with the second in advance of closing.

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Permalink Reply by Christina Simmons, CSSG,SFR,ABR on August 27, 2010 at 6:00pm

Thanks guys for the great feedback, will
let you know how it goes :0)

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Permalink Reply by Smitty on October 26, 2010 at 7:28pm

Christina,

What is the outcome for this? I have an AHMSI first with full release and accepted offer. RTR wouldn't even consider short sale until they saw what first was offering.

We submitted approval today to them. AHMSI is offering them $3000. Keep your fingers crossed.

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Permalink Reply by Christina Simmons, CSSG,SFR,ABR on October 28, 2010 at 11:45am

Hi Smitty
Horrible to deal with, even when the first is moving towards foreclosure, RTR would not budge on their counter. They seem to stick to the 20% rule. I wish you luck on your counter of 3k.

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Permalink Reply by Anastasia Velasquez on May 23, 2011 at 4:19pm



I am dealing with them right now. I had the hardest time getting a hold of them also. I finally had the home owner contact them. Then they did reply via email. Once we have communication they have been good about getting back to me. Per the 1st lien holder they were to get $5000, I just received my approval for much more that what the 1st lien holder agreed to. They want $16,000 about 20%.

My 1st approval is about to expire in a couple of days. After talking to the 1st lien holder, I am offering them 10% then the 1st has to approve it again. I've never had such a hard time as with these guys. I am determined to make it work. I am getting back to them with a new CMA and remind them that they get nothing if this go to foreclosure since my client already finished his BK and it included this lien in the BK.

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Permalink Reply by Mike Linkenauger on May 23, 2011 at 5:12pm

Back to my original response of "Horrible, Just Horrible".  If you can reach them, they will hold on tight to 20% in my experience.

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Permalink Reply by Raul Lozano on June 1, 2011 at 7:01pm

Hi Christina, please try the following phone number 877-840-7794, I just closed a Short Sale and in general I have a good response from them, I got a counterofer but I was able to negotiate with the Sr. Lien and the Seller.
By any chance do you have a short sale package for Saxon Mortgage, I know you close a sale with them.

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Permalink Reply by Christina Simmons, CSSG,SFR,ABR on June 2, 2011 at 12:43pm

Hi Raul,

Saxon mortgage was my first  HAFA short sale I did with them last year, this was at the begining when

HAFA was rolling out to the servicers. I had a great negotiator Floyd Bishop and because this was new

to all of us at the time, the short sale packet I sent was your normal standard required docs with the additional HAFA forms SAS and the RASS and prelim HUD.  I wish you the best on short sale.

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Permalink Reply by Anastasia Velasquez on June 2, 2011 at 12:53pm

My offer was also denied a couple of time.  Their response was that the offer was accepted too low by the 1st lien holder. The 1st lien holder stated that the 1st lien holder determines that not the 2nd. So I am sending them a value dispute to assure them that the offer is actually lower that what the market is bearing at the moment in that area.  My 1st lien holder approval actually expired but I am still working it. They did say they are willing to renew the approval so long as I get the 2nd to agree to their terms. Don't let these guys shake you up?

 

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Permalink Reply by Joseph C. Alfe on June 2, 2011 at 4:53pm

this is where you learn a lesson:  When you see a deal come in with RTR or Greentree etc, tell the buyer up front that they need to bring cash to close to settle.

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Permalink Reply by Marjie Orton on June 3, 2011 at 7:58pm

I have worked with them twice and they are more like a collection agency, so it is hard to get them to take less.  I had one that was an $80,000 second and they ended up agreeing to $12,500.  The first gave them $5,000 and outside sources had to pay the difference.  Make sure it is disclosed on the HUd.  You have to ask for the supervisor or the supervisors email and say URGENT ON THE EMAIL TITLE-many times a day.  Include the first approval letter if you have it as an attachment.  They will take less and you have to get through to the supervisor and tell them you need a final bottom line or the deal is going to fall apart.  The second sale was not my listing and they wanted too much and the deal fell apart.  Most clients don't have buyers or outside sources to put money in to get it closed and they don't usually take $5,000 like most banks, but maybe you can talk them into it.  That is not a large amount so it seems there should be some flexibility on their part.  They have always been nice if you can get through to them.  Email me if you want me to get you want a supervisor email.    mjanise@aol.com  415-459-2064

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