Help Me!

Comment

Comment by Keena Frye on January 21, 2010 at 1:07am

Thanks Kent! I was headed in this direction...doing this first thing in the morning.

Comment by Kent Dills on January 20, 2010 at 6:47pm

Keena, call in to the loss mit. desk and ask to speak with negotiator's supervisor (and give them your reason - it's a good one) or to get their contact info. Or, they might only offer to send the supervisor and email via their "system". That would do in a pinch too! Good luck and keep at it! ;-)

Comment by Keena Frye on January 20, 2010 at 5:50pm

Has anyone dealt with GMAC? They are the 2nd on a short sale I am doing and I am having a problem getting the approval letter from them. I am being told they have approved it but I have not seen the letter. I really need it to give to the first, BAC, because I am already pass the approval date. GMAC keeps saying the negotiator has to be the one to send it to me, but surprise...I can never get him on the phone.

Comment by Katerina Gasset on January 16, 2010 at 11:52pm

Teresa- Go back with a counter, 10% more in a note with 0% interest.
Take the note, see an attorney to make sure, but here, our attorney would say better to have a judgment of non payment on a 20% note than a 100% note, if the homeowner can not pay it all back at the end of the day.

Comment by Kent Dills on January 16, 2010 at 10:39pm

Teresa, If everything else with the deal is "doable"; ask the second to accept a 20 year note at 0% interest and see what they say (assuming those numbers work - they usually do).

Comment by Teresa Turner on January 16, 2010 at 8:57pm

I need some help. I have a short sale where the 1st is getting paid in full and the 2nd is getting 50% and still wants a deficiency for another 25% with payments over 10 years @ 6%. The Sellers are busted and can't make any payments right now. How can they possibly sign a deficiency when they can't make the payments?

Comment by Mary Wilcox on January 16, 2010 at 3:58am

I think I responded in the wrong question. Sorry!

Comment by Mary Wilcox on January 16, 2010 at 3:56am

oh I'd say if your allowing (as an Agent) monies to be passed anywhere in your transaction off the HUD you have a serious problem.
That's oh say illegal, I'm thinking.

Comment by Anna Mackey SDHS on January 15, 2010 at 9:07pm

That I don't know. That will be an attorney question :-)
Is this ch 7 or ch 13?

Comment by Mark Montgomery on January 15, 2010 at 8:59pm

Hmm... So, if the Primary gets a stay, which they will, the judge can't discharge the second and require that they release their lien?

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