This is Frustrating! I have a 1st with GMAC and a 2nd with US Bank. GMAC is willing to give US Bank $6,000. US Bank has declined this short sale twice due to the sellers ability to pay the 2nd (substantial income), without a counter offer! GMAC has approved the short sale twice. The seller has now moved out of the property. I can't figure US Bank out, there's no way they have enough equity to get more through foreclosure. Any suggestions??
I have one exactly like this, will update soon...
Is it a HELOC? Those dont go away, you know. The seller will have to agree to pay off the balance, or the seller needs to contact USBank and agree to a reduced amount on a promisory note in order to get the lien release.
Sometimes we can get a complete satisfaction for them, sometimes we cant. Never promise you can get them completely out of paying anything on a short sale, especially if it has a second mortgage or more liens.
Remember, every short sale is like a fingerprint. there are not 2 alike. You dont know what you have until you start negotiating. Get your CDPE designation. it will help. CDPE.com
CDPE is not a recognized designation by NAR. Will it be soon? I have my SFR because it's recognized.
What you learn to get your SFR is a drop in the bucket compared to what you learn at CDPE. I went back for a second time this year and added so much more knowledge to what I had. I honestly know I could not have closed some of my short sale this last year without my CDPE knowledge. It is definately worth the money! I am with REMAX and get $100 discount. Check to see if you get a discount with the company you are with. You probably do. Every little bit helps. Your company can host a class in your city too. Get a title company or lender to pay for the venue. Then each individual pays their own tuition, and I think you will all get a discount. CDPE has an awesome group you can connect with to ask questions as well.
You will agree with my fist statement when you go to the class. It is 2 days long and you cant even absorb it all, but you have a field manual, and you can email them for help all the time. I do.
yes, what most agents are advising me is to come back with a counter proposal to US bank. It seems strange that US Bank wouldn't initiate an acceptable counter, however, sometimes they just don't.
I have heard from other agents that US Bank is one of the worst to deal with. Anyone else have that experience?
I realize that HAFA doesn't apply to 2nds, but, would it help if the Seller applied for HAFA? Would it scare US bank at all??
No. It would do nothing.
We have a file with US Bank 2nd and they stated that since the sellers make so much money, they will not approve a short sale. The seller had to relocate for job reasons, tried renting out the home, cannot continuing taking a loss...and USB states that since the seller's DTI is only 19.7% (they are taking the gross income and comparing it with what is on the credit report...which is NOT accurate) they will not grant one. The sellers are actually hitting almost 60% DTI with the mortgages.
I asked for a prom note and the response was, "Well, how do we know that the seller is going to pay the prom note after the file closes?" My response, "How did they get their loan in the first place? There was no guarantee that they were going to be able to continue paying..."
USB is terrible. They suck. They are not only the worst to deal with, they are worse than Indymac Bank (and that's a record in my book).
Thanks! Although that's a little disheartening. Please keep me posted if anything happens.
I shall have to correct myself. They are not the worst to deal with. MetLife is the worst to deal with (sorry, I must have been so traumatized by those experiences that I blocked them from my memory). The good news is that US Bank is NOT as bad as MetLife...but they are still worse than IMB. And I guess that is not saying much. ;)
I have yet to deal with MetLife, thank goodness, but would agree with your assessment of US Bank.
Count yourself blessed! HA!! :)
We now do not work with sellers who have MetLife. We refer them out to people who are willing to, though. But, that list keeps getting smaller and smaller...