"I have done this a few times. Get the sellers attorney involved. Negotiate the lien amount down, then get the lender or buyer to pay the remaining."
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Posk Bankruptcy GMAC 2nd refusing to sign off
Started this discussion. Last reply by Ken Crotts Oct 26, 2010. 5 Replies 0 Likes
I have a deal where the seller/borrower has a discharged bankruptcy, B of A has approved the short in writing, but GMAC 2nd (discharged) is refusing to sign off. They are recieving $3,000 from the…Continue
Greentree policy now is to demand 5% of purchase price
Started this discussion. Last reply by Ethan Gregory Apr 30, 2010. 10 Replies 0 Likes
I've only been doing short sales for a couple of years but have noticed a disturbing trend as of late. When I started doing shorts the 2nd lien holders were typically getting 10% of their balance…Continue
Ken Crotts's Page
Latest Activity
Joseph C. Alfe commented on Ken Crotts's blog post UCC2 Liens Taking Priority over Mortgage Deed of Trust
Ken Crotts replied to Craig Lawler's discussion Targeting Pre-NOD Homeowners in the group Short Sale Lead Generation"preforeclsuredata.net"
James Quail commented on Ken Crotts's blog post UCC2 Liens Taking Priority over Mortgage Deed of Trust"While I am in New York,the UCC applies to all 50 states. In New York, though, a UCC 1 is the lien and the UCC 3 is the release. A UCC lien should not be placed without authority from the homeowner to do so- if they were not authorized, start making…"
Ken Crotts posted a blog postUCC2 Liens Taking Priority over Mortgage Deed of Trust
I have a short sale in process with Wells Fargo. Shortly after listing the property and getting an offer we discovered that the Seller had had new siding installed on the house after buying the home. They are in default on the loan payment to the bank who funded the siding installation which is not uncommon.What is not common is that lender saying tat the lien on the property is a UCC2 lien and that it will take precedence over the Wells Fargo lien even though Wells Fargo was filed earlier.…See More
Ken Crotts replied to Joshua Jarvis's discussion Changing Locks - Winterizing the Property in the group Bank of America Short Sales"It funny how they think nothing is going to happen if they change the locks. I always let them know, if the seller is still maintaining the property, that the property is not abandoned, they are trespassing if they attempt to enter, and that the…"
Ken Crotts replied to Joshua Jarvis's discussion Changing Locks - Winterizing the Property in the group Bank of America Short Sales"McLendons. Home depot didn't have anything large enough to deal with the boxes. I've only found 1 box I couldn't open with my "master key" and it succumbed to a 4 lb hammer with 2 strikes. I have little patience for the…"
Ken Crotts replied to Joshua Jarvis's discussion Changing Locks - Winterizing the Property in the group Bank of America Short Sales"I have had this happen numerous times, both with occupied and non-occupied properties. The solution is simple. I carry 36" bolt cutters in my truck and when I find they have changed the locks without contacting me and arranging for a key I cut…"
Ken Crotts replied to Craig Lawler's discussion Targeting Pre-NOD Homeowners in the group Short Sale Lead Generation"Go to their design library under real estate, distressed property. They have several different designs."
Ken Crotts replied to Craig Lawler's discussion Targeting Pre-NOD Homeowners in the group Short Sale Lead Generation"I have been sending post cards for a couple of years now. After trying several of my own designs one day I just decided to give expresscopy.com's standard designs a try. They worked suprisingly well. I send out a series of three cards to people…"
Ken Crotts replied to Mike Linkenauger's discussion 3rd Party Negotiators or Do it in house?"I've been doing short sales for 5 years. I have burned through 10-12 negotiators over the years and have tried both ways of processing short sales.
I have used several outside provides (third party). If they are good at what they do their…"
Ken Crotts replied to Mike Linkenauger's discussion Bank of America Looses Another 50,000 at last minute! in the group Bank of America Short Sales"I just had a very similar experience. After 10 months of negotiating with B of A we got them to caccept $136,000. the buyers conventional lender's apraisal came in at $100,000. We sent it to the lenderand got a quick approval.
This behavior is…"
Ken Crotts added a discussion to the group GMAC Short Sales
GMAC sells to LBPS who kills the deal
I am on transaction number two where GMAC transfers their servicing mid stream to LBPS who stonewalls the transaction and forecloses. The first time was a bit of a shock since my team has been very effective at getting lenders to respond and postpone. I thought the first time was a fluke but today I have number two going to auction in a few hours. I amnot sure if this is just another case of servisor incompetence or an intentional process designed to take the house back. We keep complete…See More
Ken Crotts joined Mike Linkenauger's groupGMAC Short Sales
Group to provide information about GMAC Short Sale programs and discuss mortgage short sales with GMAC
Ken Crotts joined Angela Alfe's group
IBM - Lender Business Processing Service
Group to discuss short sales with IBM - Lender Business Processing Services short sale process and guidelines.
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- Website
- http://kencrotts.com
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- Certified Short Sale Specialist currently carrying 17 actives, 16 pending, and 22 closed (6 mo) with the vast majority being short sales. I have my own team of closers, negotiators, title, and escrow all woring to close short sale deals.
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Ken Crotts's Blog
UCC2 Liens Taking Priority over Mortgage Deed of Trust
Posted on February 14, 2012 at 9:00pm 2 Comments 0 Likes
I have a short sale in process with Wells Fargo. Shortly after listing the property and getting an offer we discovered that the Seller had had new siding installed on the house after buying the home. They are in default on the loan payment to the bank who funded the siding installation which is not uncommon.
What is not common is that lender saying tat the lien on the property is a UCC2 lien and that it will take precedence over the Wells Fargo lien even though Wells Fargo was filed…
Continue Getting Leverage in Short Sale Negotiations
Posted on May 17, 2010 at 1:09pm 3 Comments 0 Likes
Short sale negotiations, as we are doing them now, consist of collecting a complete short sale application and an offer and then working through the bank to get them to agree to accept less than they are owed so the contract can close. The presumptive position in the negotiation inherently disadvantages the agent/negotiator as they are asking for a tangible discount by providing evidence that the lender will be better off in the long run based on subjective evidence of value (BPO).
I…
ContinueComment Wall (1 comment)
- At 12:54pm on July 13, 2010, Mike Linkenauger gave Ken Crotts a gift…
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