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ge0rge559
37 Posts |
 Posted - 07/01/2009 : 12:08:12 PM
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I have been working on a short sale and the Negotiator II replied with a required guideline to move foward with the short sale the seller must contribute, according to financials and credit report, $10k up front or $25k promissory note.
Has anyone experienced this yet and is there anyway around it. They are pretty firm and did not want to negotiate or let the buyer apply contributions. Bankruptcy isn't an option and foreclosure isn't one either.
Thanks in advance.
george- |
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NLDS
408 Posts |
Posted - 07/01/2009 : 12:19:52 PM
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It's relatively common.
If bankruptcy and foreclosure aren't an option...if playing the waiting game isn't a negotiation option...then you have a few choices.
The first option is to have an attorney (and not a loan mod company or even an 'attorney backed' loan mod company) perform a forensic audit and use the findings to file suit against the lender. The attorney can explain strategy based on the findings of the audit---
Another angle is to review the short sale agreement and look for holes in it---
For example, if the lender doesn't cap the commissions payable to the realtor you can increase the realtor commissions and ultimately use those commissions to help pay the 10K (realtors can work angles to kick you back commission to make that happen).
You can also do things like 'silent seconds'. An example of this would be selling the home at 200K while having the buyer sign a note for 25K; after the sale you would record the lien against the home for the additional 25K. Then you would use the payments from buyer to pay for the 25K promissory note---
I'll stop the rambling for now...hopefully this gives you an angle or two...
Good Luck
New Life Debt Solutions
888.663.8006
http://www.nlds.us
inquiries@nlds.us
Debt Settlement Net Branch
Commissions Start at 60%
Guaranteed Settlements
Loan Modification Net Branch
$995 Per File
NOD's Accepted |
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efrederick
1258 Posts |
Posted - 07/01/2009 : 12:20:49 PM
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| depends on the state. Here is AZ, we're non-recourse meaning the banks can't ask (or enforce I guess, anyone can ask) these types of agreements. However, there are many states that permit banks to require these types of loans/agreements, especially if these was ever a cash out refinance done. |
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ge0rge559
37 Posts |
Posted - 07/01/2009 : 12:26:32 PM
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NLDS, wow great options. Now to find an attorney with the forensic auditor program. THANKS. you can ramble on, I need as many options as possible to see what fits this seller.
efrederick, We're here in CA so I know BofA did they're research and found out they can GOUGE us.
thanks for the quick respons.
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bungalowmo
86 Posts |
Posted - 07/01/2009 : 1:12:13 PM
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| NLDS - did I read that right? "silent seconds"????? are you crazy? Where is Fraud Fighter when we need her??? recording a silent second is a violation of the terms of the deed of trust and the lender instructions - any title company that would prepare a silent second should be immediately put out of business!! I am totally flummoxed that you would even SUGGEST this!!! |
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tomsammon
124 Posts |
Posted - 07/01/2009 : 1:16:35 PM
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| what the lender asks for depends on who they are dealing with. If they know the seller has money they are going to try to squeeze them for some of it and not just let them walk. If the sellers have nothing they are much less tough to negotiate with. |
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bungalowmo
86 Posts |
Posted - 07/01/2009 : 1:21:16 PM
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| If the lender KNOWS that the seller is taking back a second, that's a different story. Silent seconds and kick backs from real estate agents - what the heck am I reading here????!!!! |
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ge0rge559
37 Posts |
Posted - 07/01/2009 : 1:26:04 PM
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| What if the sellers have some recent medical events have put him under much more. Will the bank re-consider and re-negotiate a contribution. |
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Captain Mortgage
2559 Posts |
Posted - 07/01/2009 : 2:31:15 PM
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| I just ran into this on a deal. They said that they ran a credit report on the seller and saw that he is paying on time on his primary residence. The lady completely flipped everything around in the file and didn't have a clue what she was talking about. She accused me and him of renting the house and pocketing the money. (the tenant moved out when they were told about the sale) |
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efrederick
1258 Posts |
Posted - 07/01/2009 : 4:22:00 PM
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quote:
Originally posted by NLDS
It's relatively common.
If bankruptcy and foreclosure aren't an option...if playing the waiting game isn't a negotiation option...then you have a few choices.
The first option is to have an attorney (and not a loan mod company or even an 'attorney backed' loan mod company) perform a forensic audit and use the findings to file suit against the lender. The attorney can explain strategy based on the findings of the audit---
Another angle is to review the short sale agreement and look for holes in it---
For example, if the lender doesn't cap the commissions payable to the realtor you can increase the realtor commissions and ultimately use those commissions to help pay the 10K (realtors can work angles to kick you back commission to make that happen).
You can also do things like 'silent seconds'. An example of this would be selling the home at 200K while having the buyer sign a note for 25K; after the sale you would record the lien against the home for the additional 25K. Then you would use the payments from buyer to pay for the 25K promissory note---
I'll stop the rambling for now...hopefully this gives you an angle or two...
Good Luck
New Life Debt Solutions
888.663.8006
http://www.nlds.us
inquiries@nlds.us
Debt Settlement Net Branch
Commissions Start at 60%
Guaranteed Settlements
Loan Modification Net Branch
$995 Per File
NOD's Accepted
An angle for prison time, perhaps.... |
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efrederick
1258 Posts |
Posted - 07/01/2009 : 4:24:28 PM
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| Oh, and one more point. in your OP, you listed the title of the person you're dealing with at BofA--NEGOTIATOR. Their job is to negotiate the best deal for BofA, but it's just that, negotiations. Just like an offer/counter offer, you can negotiate too. |
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propertylender.c
1627 Posts |
Posted - 07/02/2009 : 12:05:57 AM
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Actually, they are nice for doing this.
There are more stories coming that banks (usually those who hold second) are actally going after those if have done and closed on short sales even though the banks agreed to taking less.
They are actually getting judgements for the difference and are even able to get attorney fees added on. |
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propertylender.c
1627 Posts |
Posted - 07/02/2009 : 07:40:36 AM
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Actually, they are nice for doing this.
There are more stories coming that banks (usually those who hold second) are actally going after those if have done and closed on short sales even though the banks agreed to taking less.
They are actually getting judgements for the difference and are even able to get attorney fees added on. |
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ge0rge559
37 Posts |
Posted - 07/03/2009 : 12:54:19 PM
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The negotiator I have is really firm like she has some issues ( no offense ). B*tchy you can say, I updated the hardship and sent it back including some medical statements that will support the letter.
Any other ways negotiating tatics I can use like speak to the investor directly or to a short sale manager that can make this work?
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