Replies to This Discussion

Permalink Reply by Patti Guilford on January 17, 2012 at 2:18pm

Is this their primary residence? Who is the investor behind the loan? How much do they owe?

Permalink Reply by Janet Fuller CDPE, HRC, ABR on January 17, 2012 at 2:40pm

Primary residence 241k is balance

not sure who is the investor but not freddie or fannie

Permalink Reply by Michael Richert, CDPE on March 5, 2012 at 1:16pm

It sounds like Mortgage Insurance.  Before California became a no deficiency State, most of the deals failed when the MI got involved.  It's usually 5% or some percentage or the $30K.  I have had several sellers agree to the payment, the buyer paid the % at closing and the MI's have never persued the claim.  It's a gray area.  It took me a year but I finally reached the mortgage insurance company on one of my files, Radian, got the negotiator on the phone and had a 3 day fight to get them to drop the financial request.  You might cancel the file, take a new offer of the appraised value from the buyers, and have them help witht he requested payoff, (maffia payoff) so everybody wins. 

It sounds hard because it is!  Good luck.

 

 

Permalink Reply by Janet Fuller CDPE, HRC, ABR on March 5, 2012 at 1:20pm

No - Trustco backs all their own loans - this was new construction lender that has no policy on short sales.  Now we have hired KEL to work with them...let's see how this works out - Seller is now in default and they didn't want to be

 

Permalink Reply by Patti Guilford on March 5, 2012 at 1:27pm

Hi Janet - I just recently sent a picture of my seller, who was in ICU at the time after a heart surgery, to my negotiator. We have been disputing value for awhile now because of 'drive by' appraisals. The picture actually conveyed some 'heart' so to speak. I also included medical bills.

So now, we are at $180K value - true FMV! because a full interior was finally ordered, and previously appraised at $350K!!! 

Take a picture of those sweet people, send as an attachment with no particular reference to it. Savings is not attachable, so some sellers do not put on the financial worksheet - especially if it is not an affidavit. But if the savings was sent on a worksheet, this is why the bank thinks they can afford it even if they will have to live in a van down by the river for the rest of their lives. Its always about the money not about the hardship, primarily.

Send in an updated financial worksheet, (attached is a simple one pager) a letter from seller stating they have no money to contribute, and keep negotiating. Jigsaw the decision makers, develop an appeal letter and keep working the file.

PS - Stacey has a boss she answers to.

Attachments:

• 1_Page_Financial_Stmt.pdf, 71 KB

Permalink Reply by Janet Fuller CDPE, HRC, ABR on March 5, 2012 at 1:39pm

Thanks Patti - do you know who her boss is....

Permalink Reply by Patti Guilford on March 5, 2012 at 1:54pm

I do not. Google search, FB search, LinkedIn search and jigsaw should do it.

If not, Google the main and research from there.