Where to start??? - Loan Modification Forum

ORNV3 · 05-17-2009, 05:55 PM

Hi everyone,

This will be my first post here in the Short-sale Outpost. I've posted many times in the Walk-away forum. I thought that I was going to have to walk away from my home and deal with the consequences but now I've decided to try the short sale route.

I've filled out all the paperwork that both lenders require and sent it to my realtor. She is going to list the house this week. I'm just wondering if I'm supposed to contact that lenders asap or if we wait until we get an offer.

Moe Bedard · 05-17-2009, 07:10 PM

you would need to fill out a third party authorization form, which should be in the short sale package, and allow your agent to handle the short sale.................you can call to check on them periodically to make sure they are doing their job................most of the negotiation will not begin until you have a contract to present to the lender.

ORNV3 · 05-17-2009, 10:19 PM

Thanks ***,
I sent the third party authorization to my realtor with the short sale package last week. I just wanted to make sure that I'm doing everything I can. I guess I just need to let her do her thing and get an offer on the house and then start contacting the lenders. Thanks again!

ORNV3 · 05-18-2009, 08:05 AM

Hey ***,

One more quick question for you. I've seen some names and numbers posted on the various forums here and was wondering if these contacts are just for modification or for short sales as well.

When I do get an offer and am ready to submit it to the lender, do you know if there is a good number/person to deal with at WaMu/Chase and AHMSI? I'm four months behind at this point so I know that when I do get an offer I need to move very quickly.

Thanks

Enough Already · 08-26-2009, 07:14 PM

Hi ORNV3,

I hope you're still checking in on the forum. Any updates on the status of your short sale?

Ours has just now been assigned to a negotiator. The offer was submitted to Chase around mid July and they're just now getting to it - ugh. I hope they'll speed things up. I worry that the prospective buyer will decide to walk away from the deal while Chase takes their sweet time.

Hope you're well,
EA

ORNV3 · 08-26-2009, 08:14 PM

Hi Enough,

I was assigned a negotiator at Chase on July 14th. They have been stalling.... just stalling. We (my realtor and I) call and call and call. Nothing. Still waiting on the BPO but they will not order it. It's like hitting a wall every time we call.

Enough Already · 08-27-2009, 12:00 PM

Thanks for the update. Either way you cut it, it sounds like they're just taking their time. You would think, with the positions the banks are in, they'd figure out a way, really quickly, to move the short sales through as fast as possible. Isn't a short sale, better than nothing???

We'll be 9 months behind on payment as of Sept 1st (I believe, I'm actually staring to lose track), and still no NOD. We keep getting phone calls. My impression is that they don't want to foreclose. I think they don't want all of these foreclosures on their books or something. Who knows?

Have you received your NOD yet?

EA

Enough Already · 09-10-2009, 10:43 AM

Hi ORNV3,

As of last week a negotiator still had not been assigned. From reading up more on short sales it seems that Chase is one of the hardest banks to work with. They're known for being sloooow.

Any updates on your end?

EA

ORNV3 · 09-25-2009, 08:30 PM

Finally some news.... not good

Okay so I finally got the BPO done and have had contact with negotiators for both banks.

Both agree to the sale but the first (WaMu) will only give the second 3k and will not allow me or anyone else to give the second any money. I guess the figure if I have any money, they want it.

The second wants me to give them money on the side.... I'm pretty sure that would be illegal. I'm not going to do it

The second (AHMSI) wants 10% of what is owed which is about 10k. I don't have it and I can't get it. The letter they offered me is also very vague and does not get rid of any future deficiency judgment.

So..... I guess I gave it a good try, but I think it's over.

My sale date was yesterday but my realtor got it postponed. I'm thinking that I won't have her postpone it again because there are just too many things that won't add up. After almost 10 months I ready for this to be over.

Enough Already · 09-26-2009, 03:40 AM

Hi ORNV3,

Thanks for the update. I'm very sorry to hear your short sale hasn't worked out so far. I know you're ready to have this behind you after 10 months.

From what my realtor says you have to really play hard ball during the negotiations, especially when it comes to settlements. Is there any way to negotiate with the 2nd? Wouldn't they rather get $3K than nothing? It makes no sense for them to let it foreclose when they could sell it. Maybe there's still hope?

ORNV3 · 09-26-2009, 09:36 AM

That's exactly what I said to the negotiator.... "Isn't 3k better than nothing." Her response was "in theory yes, but reality no."

I think if you have the same bank for the first and the second you will be in much better shape.

Enough Already · 09-27-2009, 10:03 AM

Wow. The banks make no sense at all. I really don't know what to expect with our SS, but we have our fingers crossed.

I hope things will go smoothly for you either way. If nothing can be worked out for your short sale, are you still thinking of filing for BK?

inmyview · 09-27-2009, 10:20 AM

Is there any chance that your buyer could offer another 1000 or so to the second? I have handled several short sales and I find that the lender seem to just want to get an extra pound of flesh out of someone.
They are a real pain but they usually go through in the end.

Hank in there!

Enough Already · 10-24-2009, 06:08 PM

Hi ORNV3,

I hope you're well. Any progress/updates on your short sale?

Best,
EA

ORNV3 · 10-24-2009, 08:14 PM

Yes...

The first agreed to let the buyer bring in more money to close the deal with the second. However the buyer did not want to bring more money into the deal. Luckily we have another buyer that is willing to pay enough to get the first and the second what they want.

Hopefully it will close by the next month. I'm happy that I still have some hope but I'm am so tired of this. I'm totally fried mentally and emotionally.

It also looks like it will be impossible to get the approval letter to actually say that I will be off the hook for the remaining balance. As it stands right now they don't say anything about it either way. I talked to a real estate attorney in NV for the first time last week and she said that she thinks things look pretty good and recommended that I go ahead with it....

HopingtoFind · 10-24-2009, 11:12 PM

Quote:

Originally Posted by ORNV3

Yes...

The first agreed to let the buyer bring in more money to close the deal with the second. However the buyer did not want to bring more money into the deal. Luckily we have another buyer that is willing to pay enough to get the first and the second what they want.

Hopefully it will close by the next month. I'm happy that I still have some hope but I'm am so tired of this. I'm totally fried mentally and emotionally.

It also looks like it will be impossible to get the approval letter to actually say that I will be off the hook for the remaining balance. As it stands right now they don't say anything about it either way. I talked to a real estate attorney in NV for the first time last week and she said that she thinks things look pretty good and recommended that I go ahead with it....

I have listed a house in March, received an offer worth presenting in May and now the final aproval from both first and second in October.
This is a very long process... and the way to deal with it is you separate it from your emotions and deal with it like you would with any process/project that you're assigned at work, for example.... you just do it one step at a time and handle each problem as it arises without worrying all the time about end result... I know it is easier said then done, but that is what you need to do. You will get there.

Enough Already · 10-25-2009, 05:03 PM

ORNV3,
Thanks for the update. I'm glad your new buyer is willing to kick in the extra money needed to get the sale done. I hope the rest of the process will go smoothly for you.

As for the deficiency, it would be nice to be released from the debt in writing, but if the attorney suggested you go ahead I'm sure it's probably good advice.

Please keep us posted!

HopingtoFind,

Good advice. This is a very long process, and it is very hard not to stress over what the out come will be. You're right it's best to look at is a project you're doing and just go through the steps as they come. The end will to this will come - one way or another.

rbolski_in_NV · 10-27-2009, 05:13 PM

Quote:

Originally Posted by HopingtoFind

I have listed a house in March, received an offer worth presenting in May and now the final aproval from both first and second in October.
This is a very long process... and the way to deal with it is you separate it from your emotions and deal with it like you would with any process/project that you're assigned at work, for example.... you just do it one step at a time and handle each problem as it arises without worrying all the time about end result... I know it is easier said then done, but that is what you need to do. You will get there.

100% Agree. I get caught up in the mess once and a while as it is hard not to, but understanding it is a long process and dealing with it like you have is the best advise I'd give others. Don't make decisions emotionally!

ORNV3 · 10-28-2009, 07:55 PM

Enough -
How is your SS going? Any news?

Enough Already · 10-29-2009, 07:00 AM

Not much to report here. I'm just waiting and trying to be patient.

A couple of weeks ago our realtor told us the 1st is close to approving, but we haven't heard any confirmation on that since.

The 2nd has been sent to the Recovery Dept (worries me a bit), but our realtor is not alarmed by this. He says this is where the negotiation is normally done with the 2nd (depending on the bank). We're supposed to hear something from them by early Nov, so I'm hoping that means Monday (wishful thinking I'm sure).

Our realtor is projecting a closing date by Nov 30th, but that seems far fetched without an approval yet. Other than that there's nothing new to report - sorry to say.

Enough Already · 11-06-2009, 11:51 AM

ORNV3,

Good news today! We've gotten approval from the 1st lender. Now on to negotiations with the 2nd lender. I'll keep you posted.

How are things going with your SS?

EA

ORNV3 · 11-06-2009, 02:15 PM

I have approval from both lenders, which is great. However, now the buyer withdrew the offer. I had another buyer but they also withdrew after we submitted the offer. Now trying to get a new buyer I guess.

Enough Already · 11-06-2009, 02:43 PM

Great, so you've reached and agreement with the 2nd. That's good at least. Hopefully you'll get another offer soon, so you can get this sale over and done with!

I guess it will be another couple of weeks before we hear back on the 2nd, and then I'm sure we'll have to go through some back and forth on the terms to come to an agreement. I'll keep you posted.

05-17-2009, 05:55 PM	#1 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Where to start??? Hi everyone, This will be my first post here in the Short-sale Outpost. I've posted many times in the Walk-away forum. I thought that I was going to have to walk away from my home and deal with the consequences but now I've decided to try the short sale route. I've filled out all the paperwork that both lenders require and sent it to my realtor. She is going to list the house this week. I'm just wondering if I'm supposed to contact that lenders asap or if we wait until we get an offer.

05-17-2009, 07:10 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Where to start??? you would need to fill out a third party authorization form, which should be in the short sale package, and allow your agent to handle the short sale.................you can call to check on them periodically to make sure they are doing their job................most of the negotiation will not begin until you have a contract to present to the lender. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

05-17-2009, 10:19 PM	#3 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Where to start??? Thanks ***, I sent the third party authorization to my realtor with the short sale package last week. I just wanted to make sure that I'm doing everything I can. I guess I just need to let her do her thing and get an offer on the house and then start contacting the lenders. Thanks again!

05-18-2009, 08:05 AM	#4 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Where to start??? Hey ***, One more quick question for you. I've seen some names and numbers posted on the various forums here and was wondering if these contacts are just for modification or for short sales as well. When I do get an offer and am ready to submit it to the lender, do you know if there is a good number/person to deal with at WaMu/Chase and AHMSI? I'm four months behind at this point so I know that when I do get an offer I need to move very quickly. Thanks

08-26-2009, 07:14 PM	#5 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? Hi ORNV3, I hope you're still checking in on the forum. Any updates on the status of your short sale? Ours has just now been assigned to a negotiator. The offer was submitted to Chase around mid July and they're just now getting to it - ugh. I hope they'll speed things up. I worry that the prospective buyer will decide to walk away from the deal while Chase takes their sweet time. Hope you're well, EA

08-26-2009, 08:14 PM	#6 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Where to start??? Hi Enough, I was assigned a negotiator at Chase on July 14th. They have been stalling.... just stalling. We (my realtor and I) call and call and call. Nothing. Still waiting on the BPO but they will not order it. It's like hitting a wall every time we call.

08-27-2009, 12:00 PM	#7 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? Thanks for the update. Either way you cut it, it sounds like they're just taking their time. You would think, with the positions the banks are in, they'd figure out a way, really quickly, to move the short sales through as fast as possible. Isn't a short sale, better than nothing??? We'll be 9 months behind on payment as of Sept 1st (I believe, I'm actually staring to lose track), and still no NOD. We keep getting phone calls. My impression is that they don't want to foreclose. I think they don't want all of these foreclosures on their books or something. Who knows? Have you received your NOD yet? EA

09-10-2009, 10:43 AM	#8 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? Hi ORNV3, As of last week a negotiator still had not been assigned. From reading up more on short sales it seems that Chase is one of the hardest banks to work with. They're known for being sloooow. Any updates on your end? EA

09-25-2009, 08:30 PM	#9 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Where to start??? Finally some news.... not good Okay so I finally got the BPO done and have had contact with negotiators for both banks. Both agree to the sale but the first (WaMu) will only give the second 3k and will not allow me or anyone else to give the second any money. I guess the figure if I have any money, they want it. The second wants me to give them money on the side.... I'm pretty sure that would be illegal. I'm not going to do it The second (AHMSI) wants 10% of what is owed which is about 10k. I don't have it and I can't get it. The letter they offered me is also very vague and does not get rid of any future deficiency judgment. So..... I guess I gave it a good try, but I think it's over. My sale date was yesterday but my realtor got it postponed. I'm thinking that I won't have her postpone it again because there are just too many things that won't add up. After almost 10 months I ready for this to be over.

09-26-2009, 03:40 AM	#10 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? Hi ORNV3, Thanks for the update. I'm very sorry to hear your short sale hasn't worked out so far. I know you're ready to have this behind you after 10 months. From what my realtor says you have to really play hard ball during the negotiations, especially when it comes to settlements. Is there any way to negotiate with the 2nd? Wouldn't they rather get $3K than nothing? It makes no sense for them to let it foreclose when they could sell it. Maybe there's still hope?

09-26-2009, 09:36 AM	#11 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Where to start??? That's exactly what I said to the negotiator.... "Isn't 3k better than nothing." Her response was "in theory yes, but reality no." I think if you have the same bank for the first and the second you will be in much better shape.

09-27-2009, 10:03 AM	#12 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? Wow. The banks make no sense at all. I really don't know what to expect with our SS, but we have our fingers crossed. I hope things will go smoothly for you either way. If nothing can be worked out for your short sale, are you still thinking of filing for BK?

09-27-2009, 10:20 AM	#13 (permalink)
inmyview Senior Member Join Date: Sep 2009 Location: Petaluma, ca Posts: 55	Re: Where to start??? Is there any chance that your buyer could offer another 1000 or so to the second? I have handled several short sales and I find that the lender seem to just want to get an extra pound of flesh out of someone. They are a real pain but they usually go through in the end. Hank in there!

10-24-2009, 06:08 PM	#14 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? Hi ORNV3, I hope you're well. Any progress/updates on your short sale? Best, EA

10-24-2009, 08:14 PM	#15 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Where to start??? Yes... The first agreed to let the buyer bring in more money to close the deal with the second. However the buyer did not want to bring more money into the deal. Luckily we have another buyer that is willing to pay enough to get the first and the second what they want. Hopefully it will close by the next month. I'm happy that I still have some hope but I'm am so tired of this. I'm totally fried mentally and emotionally. It also looks like it will be impossible to get the approval letter to actually say that I will be off the hook for the remaining balance. As it stands right now they don't say anything about it either way. I talked to a real estate attorney in NV for the first time last week and she said that she thinks things look pretty good and recommended that I go ahead with it....

10-25-2009, 05:03 PM	#17 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? ORNV3, Thanks for the update. I'm glad your new buyer is willing to kick in the extra money needed to get the sale done. I hope the rest of the process will go smoothly for you. As for the deficiency, it would be nice to be released from the debt in writing, but if the attorney suggested you go ahead I'm sure it's probably good advice. Please keep us posted! HopingtoFind, Good advice. This is a very long process, and it is very hard not to stress over what the out come will be. You're right it's best to look at is a project you're doing and just go through the steps as they come. The end will to this will come - one way or another.

10-28-2009, 07:55 PM	#19 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Where to start??? Enough - How is your SS going? Any news?

10-29-2009, 07:00 AM	#20 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? Not much to report here. I'm just waiting and trying to be patient. A couple of weeks ago our realtor told us the 1st is close to approving, but we haven't heard any confirmation on that since. The 2nd has been sent to the Recovery Dept (worries me a bit), but our realtor is not alarmed by this. He says this is where the negotiation is normally done with the 2nd (depending on the bank). We're supposed to hear something from them by early Nov, so I'm hoping that means Monday (wishful thinking I'm sure). Our realtor is projecting a closing date by Nov 30th, but that seems far fetched without an approval yet. Other than that there's nothing new to report - sorry to say.

11-06-2009, 11:51 AM	#21 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? ORNV3, Good news today! We've gotten approval from the 1st lender. Now on to negotiations with the 2nd lender. I'll keep you posted. How are things going with your SS? EA

11-06-2009, 02:15 PM	#22 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Where to start??? I have approval from both lenders, which is great. However, now the buyer withdrew the offer. I had another buyer but they also withdrew after we submitted the offer. Now trying to get a new buyer I guess.

11-06-2009, 02:43 PM	#23 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 400	Re: Where to start??? Great, so you've reached and agreement with the 2nd. That's good at least. Hopefully you'll get another offer soon, so you can get this sale over and done with! I guess it will be another couple of weeks before we hear back on the 2nd, and then I'm sure we'll have to go through some back and forth on the terms to come to an agreement. I'll keep you posted.

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