Fifth Third Bank

Comment

Comment by Bryant Tutas on September 20, 2009 at 7:16pm

OK Richard I guess my head is not functioning right tonight. I don't get the question. But if I had to guess I'm positive I am/was part of the solution :)

Comment by Richard Zaretsky on September 19, 2009 at 7:02am

BB - I should have said "ARE you", not "were you".

Comment by Richard Zaretsky on September 19, 2009 at 7:01am

Good Job BB. Now in negotiating this were you part of the solution or part of the problem? (hint - it is a worldly question!)

Comment by Bryant Tutas on September 18, 2009 at 2:27pm

I just received final approval from 5/3. We were able to negotiate the $35,000 requested from the MI company down to the seller bringing $1,000 cash to close. YIPPEE! They are also paying 3% in buyer closing costs and full commission. It was a Fannie Mae loan.

Comment by Richard Zaretsky on September 13, 2009 at 8:47pm

No cousin Bryant... not long at all! I need to check with our BK attorney but my guess is about 60 to 90 days tops. Of course if they are getting rid of the 2nd by doing a BK 13, usually the debtor is trying to stay in the property..... But we have used it in the right circumstances (ie: 1st is close to the selling price) to get a sale done. Also we have used a 7 and a 13 (depending on which the debtor qualifies for) to avoid a tax event from a forgiveness of debt where there would have been a tax to pay (and the client did not have the ability to pay the tax).

Comment by Bryant Tutas on September 13, 2009 at 3:29pm

Richard are you saying file BK 13 to get rid of the 2nd then have the property released from the BK so the borrower can do the short with the first? Is this a long process?

Comment by Dick and Dixie Sells on September 13, 2009 at 8:59am

Right on this is a 2nd. Think that the BK is the way and that is the reason for the attorney to advise my seller. Luckily the buyers are in for the long haul. It is right at Fair Market Value on the offer (now as we have been in negotiations a while) Thanks for confirming what I thought would be a good avenue. Dixie

Comment by Richard Zaretsky on September 13, 2009 at 8:52am

yes, this is a charge off and likely they are just servicing or it is in the collections department and not the regular negotiators. They figure what do they care! Pay me now or pay me (maybe more) later! is their doctrine since anything they make is profit, so why not make as much as possible. Is this a first or 2nd? If a 2nd then the borrower could do a 13 Bkcy and knock 5th 3rd out of the stadium, then still allow your sale and your commission! If 5th 3rd is a 1st, tell them to foreclose and get it over with - my guess is that since this is so old and they are making this demand, they are a 2nd.

Comment by Dick and Dixie Sells on September 13, 2009 at 8:41am

No payments in over 1 and a half years. We have now a loss/mit attorney firm on this as well. It "went to commitee" and the $30K is their last answer. Seller has NO MONEY. Really NONE and was just operated on. They will get nothing not even with a defenciency judgement and the seller is 70 years of age. What are they thinking? Technically I think they must have charged off on the books, but a 3rd party does not have it. ANY HELP OR SUGGESTIONS?

Comment by Richard Zaretsky on September 13, 2009 at 8:31am

5th 3rd is taking no prisoners -- if there are no payments after 5 months it then goes to charge off. Maybe then the offer can get better? OR is this loan already in charge off?

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