"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…"
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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 0 Likes
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 0 Likes
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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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?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…"
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…"
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 :)"
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…"
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."
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…"
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GMAC Short Sales
Group to provide information about GMAC Short Sale programs and discuss mortgage short sales with GMAC
Mike Urbinato posted a discussion1st 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
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…"
Mike Urbinato posted a discussionABSREO 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.
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This group is to discuss the Equator Short Sale System, as well as any Short Sale and REO programs through Equator (formerly REO Trans)
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A place to discuss Bank of America short sale programs and share information and help to get mortgage short sales approved.
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
- 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
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