Mike Urbinato
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  • Cape Coral, FL
  • United States
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Mike Urbinato's Discussions

1st lien holder approved 6%...2nd lien is insisting on reduction to 5% to approve

Started this discussion. Last reply by Mike Urbinato Jan 17, 2011. 3 Replies

has any one ever heard of this happening? I have the buyer not the seller so I am not in contact with, nor do I presently know who holds the 2nd.   The sellers agents told me that the 2nd isn't going…Continue

Tags: 6%, 5%, reduction, commission, lien

ABSREO aka REO Solutions in Chicago, IL

Started Oct 22, 2010 0 Replies

Has anyone worked for/with this company before. I've found some dubious discussions and was surprised not to find any here.

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Latest Activity

Mike Urbinato commented on Marcy Moyer's blog post What is the Difference Between a Bank of America HAFA and Co-operative Short Sale Program?
"Dear Nancy, I do appreciate your response.   As far as Waive Deficiency, well they SAID they would but none of the paperwork they sent SAYS they WILL and the Co-Op paperwork makes no mention about it. As far as relocation assistance, the…"
Mar 10, 2012
Mike Urbinato commented on Marcy Moyer's blog post What is the Difference Between a Bank of America HAFA and Co-operative Short Sale Program?
"I have a short sale listing where there are two loans both with BOA.    The homeowner called BOA and told them he wanted to explore workout options.     They sent me a task to accept the short sale assignment in…"
Mar 9, 2012
Mike Urbinato replied to Nicholae Blanchard's discussion Aurora Home Loans
"Over the years I've seen numerous approval letters, some signed and some not.   In fact I just looked at one sent to me by Aurora (via fax, and only the cover sheet itself had a signature from the sender on it)  I dont believe it…"
Mar 5, 2012
Mike Urbinato replied to Mike Urbinato's discussion 1st lien holder approved 6%...2nd lien is insisting on reduction to 5% to approve
"I've never refused, would never jeopardize the sale for the seller or buyer the question is CAN they be made to not try it :)"
Jan 17, 2011
Ellen Muzzio replied to Mike Urbinato's discussion 1st lien holder approved 6%...2nd lien is insisting on reduction to 5% to approve
"The 2nd commonly cuts commissions to 5%.  We even had a Wells Fargo HELOC department recently tell us they wanted us to go down to 4% and we said "No way.  We've closed hundreds of WF/WF short sales and have never had to go lower…"
Jan 16, 2011
Joseph C. Alfe replied to Mike Urbinato's discussion 1st lien holder approved 6%...2nd lien is insisting on reduction to 5% to approve
"it is not illegal, they can pay whatever they want.  I argue to the second that the first is in charge and dictates terms."
Jan 14, 2011
Mike Urbinato replied to marc lederman's discussion GMAC acceptance with only 5% commission in the group GMAC Short Sales
"I am going thru this on the buyer side of a transaction with a 2nd I dont know who is holding...I have told the sellers agent to ask the 2nd lien holder to produce their internal policy which dictates the reduction of commission....they seem content…"
Jan 14, 2011
Mike Urbinato joined Mike Linkenauger's group
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GMAC Short Sales

Group to provide information about GMAC Short Sale programs and discuss mortgage short sales with GMAC
Jan 14, 2011
Mike Urbinato posted a discussion

1st lien holder approved 6%...2nd lien is insisting on reduction to 5% to approve

has any one ever heard of this happening? I have the buyer not the seller so I am not in contact with, nor do I presently know who holds the 2nd.   The sellers agents told me that the 2nd isn't going to net any more money from the reduction but will not approve it at 6% I have been told if we ask them to produce their internal policy or guideline that a requires the reduction of commission that THEY will cave and approve the sale at 6%.    The agent who told me that is a CDPE (for whatever it's…See More
Jan 14, 2011
Mike Urbinato replied to Susan Morimoto's discussion 2nd lien holder wants to cut agent out and deal directly with 1st on short sale
"Dear Susan,   I wished I had found this post back when you put it up and am disappointed, that no one had answered, or not considering some of the responses I have seen to other questions posted in good faith of seeking…"
Jan 14, 2011
Mike Urbinato posted a discussion

ABSREO aka REO Solutions in Chicago, IL

Has anyone worked for/with this company before. I've found some dubious discussions and was surprised not to find any here.
Oct 22, 2010
Mike Urbinato joined Michael Bellopede's group
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REOTrans - Equator

This group is to discuss the Equator Short Sale System, as well as any Short Sale and REO programs through Equator (formerly REO Trans)
Oct 19, 2010
Mike Urbinato joined Mike Linkenauger's group
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Bank of America Short Sales

A place to discuss Bank of America short sale programs and share information and help to get mortgage short sales approved.
Oct 19, 2010
Mike Urbinato updated their profile
Oct 17, 2010
Mike Urbinato updated their profile photo
Oct 17, 2010
Mike Urbinato is now a member of Short Sale Specialist Network
Aug 11, 2010

Profile Information

Occupation
Realtor
Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
Cape Coral, FL Fort Myers, FL Lehigh Acres, FL All of Lee County including Fort Myers Beach, (Pine Island) Matlacha, St James City
Website
http://mikeurbinato.listingbook.com
Short Sale Designations and/or Special Training
CSP (Certified Short Sale Professional)
Short Sale Transactions Completed
25-50
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
no
About Me/Profile of yourself: - Please add your Brokerage Company name also!
I am a former mortgage broker who became a real estate agent to help upside down sellers negotiate a short sale. So far my previous experience in mortgage banking and personal finance has helped me guide my sellers and become a proficient analyst of market values.

Working with Rossman Realty Group, Inc of Cape Coral help me to offer my customers both excellent market exposure as well as a full sesrvice property managment department to offer everything from rental management to poperty presevation services.
Put in todays date! This is to help stop spammers!
October 17, 2010
PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
i agree

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