Banks You've Completed Short Sales With

Foreclosures, Short Sales, Tax Foreclosures
21

Chase

I have worked with both the San Diego and the Minnesota offices of Chase. Both of the agents I worked with were great.

however, they do go strictly off of the BPO.

The San Diego office had the first they were taking about a $10K and offering the second $1500,

The Minnesota office had a second, and they were taking a $47K hit but when our numbers were about $3K apart, we asked them to take 2K less, they would not budge. They said they had already come down further than they nomally do, since I had provided documentation about current sales and the negative features about this property.

Both of the agents were helpful, but I found that if you act like you do not know what you are doing it helps.
I always ask things like, what is the next step, how is that handled, do you know the time frame on that. I found usually by asking questions even if you think you know the answer, every lender is different. Also, I found that when i ask for specific dates… they were never met… Remember the bank works on their own time frame…
And oh Yeah… Always be super nice to these people, as they can make or break your deal, leave you hanging out there forever…

Barb

22

As far as the Demand letter. When I had a deal come my way, I sent a HUD -1 to my WAMU loss mitigtion person. She put a package together and went to her manager, (so she said) that was Tuesday, and by Friday I had the demand letter faxed to me.

The loss mitigation person said it had to be enough for WAMU to make $ense. if it is too low, then they would rather take the property back and sell it themselves. She did not tell me at what level it made $en$e.

23

My latest comment from Wilshire Credit Corp said that they would no longer only take $1000 for a payoff on a second mortgage. The current deal I am working on said that they wanted a minimum of $3500.
I called Chase, the first on this property, as the person I spoke to said they didn’t care how much the second received… I am waiting to see what is happening with my hud-1 that has the $3500 amount on it.

They are also going after people who default on the 2nd loans, does anyone know how the IRS for 982 works when someone receives a 1099 for forgiveness of debt. I think since foreclosure are high we will see more of these forms being issued.

Barb

24

Barb,
Did Wilshire end up lowering their asking amount. I am about to submit my ss package and they are holding a 1st and 2nd.
Do you have a contingency for Wilshire to NOT seek a deficiency judgment? Are they ok with it?

I have heard that the 1099 can be “invalidated” if a financially distressed homeowner gets a good CPA.

25

The deal never closed, due to the buyer walking out of the deal, (I am a realtor and have the listings for short sales).

The first on this deal sent the demand letter for ~$9K less than was owed, and the second Wilshire agreed to take $4000, but they were not seeking a def judgment, however they were just releasing the lien, not the responsibility from the loan from the sellers.

Wilshire has been one of my tougher lenders to deal with.
One of my deals with Wilshire, made the seller sign a 10 year note $4K up from and a note of $15K.

Currently I have six short sales under contract working with the following lenders:
Wells Fargo Financial, Homcomings,
CIT, Beneficial, Wilshire, SPS, Us Bank Indy MAC, Chase, CitiMortgage, Irwin Mortgage, OCWEN.

Citimortgage has been the only FHA loan at this time.
They were fairly easy to work with… told us to lower the price of the property, so we did… and we should be closing in just another week.

Every deal and lender is different, however, being nice and acting dumb sometimes really helps. I always ask the person I am working with what is the next step and how long will that take… many times that is how i learn just another piece of information…

I allow a minimum of five weeks for answers. Anything less than that on deals with two loans just doesn’t work.

I hope some of this helps…

Barb

If you do FHA loans, they do not do def judgments, but they are supposely doing the 1099… I have yet to see one of my clients get a 1099. but my account is looking into a work around.

26

Barb,

Would you give me the phone number to EMC Mortgage loss mitigation department? Thanks in advance.

Marv

27

Hey All-

I would add Regions Bank and Suntrust

Jeff

28

Just closed a deal with OCWEN… Thankfully…
Am closing another one today with CitiMortgage. much easier to deal with…
:dance:

Have a great weekend…
Barb

29

Could I please get a copy of the SS packages? I am brand new to this technique!! thank you

30

Just had two properties that went to foreclosure.

The banks that would not accept a discount, not even $1 >:(

Select Portfolio Services
OCWEN

Currently working with Option 1, Wilshire, Litton, Amercia’s servicing company.

31

I realize I’m chiming in late on this but has anyone in this thread consolidated a list from all the feedback?

Also, where can I find quality material online to educate myself about the short sale process?

I have found one “eBook” on the subject and guess what - they only want $97 for it. Not bad, but seems pretty cheesy from the looks of the author’s site.

One final thing (for this post), is it customary to pay for a BPO?

Thank you,
john