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Comment by Laura Marshall on March 9, 2010 at 12:16pm

Has anyone had any luck getting Chase Recovery to pull a file back from their collection company? I have a file with a 2nd lien (Chase Recovery) that sent the file to Oxford Management, then pulled it back and sent it to GC Services. I have an approval from the 1st lienholder, and we are up against the clock for the trustees sale. The 2nd will get a total of $15,000. $3,000 from the 1st, $9500 from the buyer and $2500 from agents! This is a purchase money 2nd and a non judicial foreclosure. If the 1st forecloses, the 2nd can not go after the seller. Any ideas? Thanks!!!!!

Comment by Katerina Gasset on March 5, 2010 at 1:13pm

Pamela- It depends on why they need to lease back. All rules have exceptions but you have to have a very good reason for it usually. Citi is not bad to deal with.

Comment by Pamela Seley on March 5, 2010 at 12:01pm

Has anyone any experience with Citi as the first lienholder allowing a lease back to the original borrowers after close of escrow?

Comment by Katerina Gasset on March 4, 2010 at 10:41pm

Yep, you can't fix stupid. So Sorry! These people are really going to be sorry later.

Comment by Victoria Frieberg on March 4, 2010 at 10:39pm

i have attempted to send them to attornies for months..don't want to spend the money..The attorney I refer to has a marvelous website also, with tons of free explainations..gave them that, gave them free county foreclosure and financial counseling numbers..they actually spoke to the atty. on the phone once, and when he told them to come in for an hourly consult..said no. I hate to do this to the buyers, who are wonderful..the loan officer on the second who negotiated with the board all day today..me, who has been up day and night with the Wells fargo loss mitigator who only works after 4 pm..and even them..who are taking such bad advice..so disheartening after so many people did so much work to get here successfully..and watch it go down the drain

Comment by Katerina Gasset on March 4, 2010 at 10:27pm

Victoria- Do you have an attorney on board that you can send her to? This is awful. I hate it when the know it alls have the sellers do stupid stuff like taking a foreclosure. How in the world is a foreclosure better? No way it is. Our attorney tells clients- foreclosure is NOT an option. Bankruptcy is better than foreclosure! Heck, now even FHA will give a loan to a homeowner who just completes a short sale for relo purposes the day after the short sale is completed. Where do these people get off telling their friends falsehoods. Drives me crazy! I hope they come to their senses.

Comment by Victoria Frieberg on March 4, 2010 at 5:54pm

I have now successfully negotiated with a junior lien holder to accept partial payment, consisting of first contribution, part of my commission (of course) and a seller contribution. with an unsecured note for the balance owed on the second. after a gut wrenching day, the seller talked to someone at work..who told her all in all she would be better off foreclosing!!! I can't believe it! She does not know who to believe now, and we are on deadline...I have previously referred to an attorney..won't go, Lutheran Social Services, and a mortgage loan officer to lay out the implications for getting another mortgage under all scenarios...Don't know who else to send them to to help make the decision!!!!

Comment by Katerina Gasset on March 3, 2010 at 5:48pm

Jim- I would take this to your attorney general, all congress and senators in your area, the better business, the media, anyone who will listen to you. I am so sick of everyone trying to screw over agents, call NAR- where is NAR when you need them! You pay your dues, call them and tell them to start protecting their members!!!!!

Comment by Jim Stewart on March 3, 2010 at 5:30pm

I have two short sale listings where the mortgage company is Everhome Mortgage. They are requiring that I go through National Quick Sale for the actual short sale processing. The problem is that National Quick Sale wants up front money, one percent of the sale price plus another $250 processing fee for the "right" to do business with them even though I don't want to do business with them. They say the seller cannot pay the fees and that they must be listed on the HUD as coming out of my commission. Can they really do this???? Am I just naive??? I view this as complete extortion. Home values here are much lower than national averages and on one deal I would end up making only $320 and the other only $1000. Hardly anywhere near enough to justify the work. Thoughts or advice from the gallery??

Comment by Lisa Artigas on February 28, 2010 at 12:01am

PLEASE PLEASE HELP!!! My name is Lisa and I have a huge problem with BoA and this file. The loan is a Fannie mae BOA loan with no Mi on the loan. The contract came in at 215k. BOA ordered two bpo's. They both came i around 218k and 220k. I was countered by the negotiator at 215k. I accepted the counter and she also verbally told me that she would send me an approval soon. I waited and waited. I then finally received another counter from her. THis time it was at 275k. I was floored. I called and she explained that for some reason FAnnie mae did a mid transaction value. There is no way that that value is correct. I emailed and called every vp and manager I knew. THey all agreed with me and also agreed that it was totally weird and not fair. Two of them have come back to me explaining that Fannie mae will not budge. I have called Fannie mae and they keep telling me that they have nothing to do with it. i told them that any appraisor would agree with me. There is now ay that that property will appraise for 275k. I hav exhausted all my resources. I am so frustrated and i have no idea what else to do. They have basically told me that they understand but that there is nothing they can do because the fannie mae rep wont budge whether i order a full appraisal or not. I sent comps and they won't even look at it. IS there any advice anyone has? I have contacted all the managers that I can...i even cc'd David sunlin but there is nothing happening....buyers do not want to buy a property that will not appraise....please help!!!

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