Comment

Comment by Janet Fuller CDPE, HRC, ABR on December 31, 2011 at 9:46am

There is nothing left of the estate - there never was.  I just faxed a letter of authroization with the obituary, death certificate, tax records, letter of explaination - so next week I will see what the result is.

The death occurred in 2005

Comment by Kevin - Greenville, SC on December 31, 2011 at 12:47am

Janet,  If the property is located in a deficiency state there may still be a benefit for the Estate and/or heirs by avoiding Foreclosure.

Comment by Susan Morimoto on December 30, 2011 at 4:18pm

Heard a rumor that VA, like FHA will allow you to purchase a home right after a short sale if they have had no late payments, I am trying to verify. Also, it has been a while since I have done a VA short sale.  Are they allowing $1500 seller incentive?

Comment by Joe Beauchamp on December 27, 2011 at 11:19am

"The bank" is the servicer - they make money by "managing" the account for the investor.  The longer that property sits there, the more they get paid - banks are in no hurry to get rid of properties.  On top of that, every little thing that they do for a foreclosure, they get paid extra - either from the investor or whoever gets the property out of foreclosure.  Does it seem incredibly stupid to give the decision making of a short sale to the servicer? (Answer: yes)'

Your client can continue to take advantage of the dumb bank behavior and rent it out until it finally goes to sheriff sale, or she can contact one of the companies which don't like what banks do to people and extend the process - get more out of the property, or she can insist upon talking to someone at the bank with authority and a brain and explain that she IS the excutrix and wishes to short sale the property - it is of no benefit to her except that she is probably a good person and wants to do the right thing.

She might suggest a Deed-in-Lieu with the bank.  She could continue with that if she just wants the property off of her conscience or she could point out that if she is authorized to do a Deed-in-Lieu, then she is also authorized to do a short sale - and then get the short sale done.

You need to escalate high enough that the person on the phone isn't a drone spouting inane things and can realize that the executrix is the legal controller.

She can ask for the investor and then let HSBC know that she will be complaining to the investor that HSBC insists on a foreclosure rather than recouping as much as possible.  And she can also call the investor to complain (don't think that they will be overly helpful, however, FNMA, Freddie Mac are fed bailouts with no interest in their clients, the taxpayers - just in scoring more federal bailout money, so she has to keep in mind that making them do their job will be tough - set her mind appropriately).

What a screwed up banking mess, eh?

Comment by Janet Fuller CDPE, HRC, ABR on December 26, 2011 at 2:47pm

There was no estate, she was executor, but nothing was formal - I think it is just going to go to foreclosure too.  She is worried about the affect on her credit, told her since she is not on note, shouldn't be an issue

Comment by Phil Sotelo on December 26, 2011 at 2:46pm

I had the same thing happen to a client. The bank told her that the only way to make it work is if she hired an attorney. That would have costed her thousands of dollars that she didn't have, so she just stayed in the house until it foreclosed. It foreclosed 2 years later so she won in the end.

Comment by Angela Alfe on December 26, 2011 at 2:41pm

Janet, they would probably talk with the executor of her husband's estate.  She would need to provide the death certificate and the executor papers in order to obtain permission to speak with the lender.  Otherwise, she can just let the home go into foreclosure (they probably wouldn't talk with her regarding a DIL, if they won't about a short sale).  I do not believe that a foreclosure would affect her (attorney specific question, though).

Comment by Janet Fuller CDPE, HRC, ABR on December 26, 2011 at 2:33pm

HSBC has a friends home loan, her husband died 4 years ago and he was the only mortgage holder, she is on deed.  She wants to Short sale it - however, HSBC won't talk to her.  Any one know if it is a moot point?  She is using it as a rental, however, taxes and insurance are due and she has no money to pay.

Comment by Janet Fuller CDPE, HRC, ABR on August 10, 2011 at 6:59pm

Phil,

Chase is pretty easy to work with - all them and talk - I think they settle for 80% usually - but I have seen 30%

Comment by Phil Sotelo on August 10, 2011 at 6:47pm

I just met with a client that has a 75% loss of income. He needs to sell and has been making his payments on time. He owes $137k on the first and has a HELOC for $157k. The house is worth $200k so the first would not be a short sale, it would be the 2nd...right? Both loans are with Chase, has anybody experienced a scenario like this one? I would have to negotiate the HELOC for approximately $40k as a payoff.

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