We sit and wait. :help We got a phone call regarding appraisal within 5 business days (3/21) no call.
We received a letter also from CW regarding SS process and that appraisal wb within 5 business days of the letter (3/28) still no call. :banghead
My broker has called and left message for negotiator - no call back. She called and they “emailed” negotiator that appraisal has not been ordered - no response. She faxed CW, still no response.
We had her call HSBC on the 2nd to see if they would accept $1k to release the 2nd. They won’t agree to anything till they see something in writing from CW - is that “normal”? We had her tell them that CW may be ready to SS and they will offer $1k to HSBC - she had title company prepare net sheet and Hud showing $1k to HSBC and submitted to CW for “approval”.
Does anyone really “work” at CW :evil or are they just a message service with the BS that the negotiator has 5 busniess days to return the call (which was due 4/4)???
We got all 3 offers to extend - one expires tomorrow, so thats trash.
Why is CW not getting the appraisal done?We are close if not there for a full payoff for CW on the 1st.
This is like a rollercoaster that makes you sick and they won’t let you off :shocked I don’t know if we will be homeless in 30 days or if we still have 2-3 months (no sheriff sale date set yet).
Should we expect HSBC to :flush this deal, and let it go to foreclosure? I had read that they were more reasonable lately - but since they won’t accept anything unless it comes directly from CW in writing, I am having bad feelings that they may just blow the whole thing - we can’t string these buyers along forever and I won’t start over showing the house. We have to get our “extra” stuff out of storage this weekend that we removed to make the house appear larger and un-cluttered - they have raised thier storage rates 40% on one of our untis!
Deal Hunter - you have been most helpful, and I appreciate yours and any others input on thier dealings with these two mortgage companies.
I’m so sorry you have to go through this, but it is quite normal for 2ns lenders to be a$$es. First, make absolutely sure that the ONLY thing CW is waiting for before sending approval is the appraisal. They may require a release of lein from HSBC before sending the approval letter. If you can’t find out right away, just assume that this is the case and call HSBC and tell them it’s their move. Don’t be afraid to escalate to a supervisor.
It’s likely that HSBC will pull some sort of compromise, like accepting $1k for a release of lien, but will require you to sign an unsecured note at escrow for the balance of the HSBC loan or some other amount over $1K. You will have to decide for yourselves if this is something you are willing to do in order to expedite the short sale requirements.
Just keep this last offer in the process even if they pull out. Don’t tell the lenders that they walked until you have the approval in your hands. Once you have an approval, you can still list the property and wait for another buyer - sounds like you are getting responses anyway. That will look good on a multiple listing description, “Pre-approved short sale! Lender is ready to close!..etc…”
My advice for reducing your stress over this is to just move out already. Have your broker hold lots of open houses once your are gone. You’ll get more responses and you won’t have to deal with stress of showing the property.
If we don’t accept signing a note for the balance - will the same thing happen if we do in deed of leu of foreclosure or if we allow it to go to foreclosure?
Do they normally go for the difference if you are insolvent - we just cleared chapt 7bk (I know it’s backwards how we did this :rolleyes).
Thanks SO much - you have given me alot of great advice and comfort to some degree :biggrin
Yes, sort of. You have a better chance of negotiating with HSBC if you don’t go to foreclosure. Although technically they can do this to you either way, you can still try to get a “settlement” in the short sale process. It’s a tough decision, that only you can make. There are some that say these types of unsecured notes are non-servicable or are rarely reported on credit. However, I must disclaim that all this is very new given the state of the market and I wouldn’t count on it being “forgotten” by the lender.
If you can get a release of lien, for any amount, that is the first and biggest step. The unsecured note scenario is just a possibility that I wanted you to be aware of, but hope you don’t stress too much over it as it is not certain this will even be the case with your loan.
Hang in there!
Thanks so much - yes I am trying not to stress too much.
CW has not set a sheriff sale date yet - and they still have not responded to numerous calls regarding the appraisal. One of our three extended offer has already expired again. The last will expire May 15th.
I know every case/state is different - even if we are dealing with the same lenders.
We at least pulled everything out of storage and it all fit in the garage, so that’s one less bill too so we can save to get into a rental. That’s our new challange - fidning a decent rental that will accept us with poor credit and pets :biggrin well - if they see our present home they will have no worries and we will not take on more of a payment then we can afford this time.
I really appreciate all your advise and encouragement :beer