On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into the latest and greatest challenge when dealing with a Servicer (Lender) who goes against their Investor (the entity who owns the money) and their written guidelines and how to overcome it. We also cover the latest updates to our Real Estate Management Tool that will save you a lot of money, a deal in which we’ve had to go over a lenders head and straight to the investor due to another bait-n-switch, why and how to get two negotiators to work together when they’re both within the same lender and on the same property, a recent “challenging” SunTrust deal that we finally got closed after a year and much more.

4 Responses to “What To Do When a Short Sale Lender Goes Against Their Investor”

1. Phil Zimbardi says:

   July 1, 2010 at 7:36 am

   Have MannieMae mtg with BOA. Approval letter says $132,500 net, 24 hours before closing, BOA changes their mind and wants $138,000 or they will bench file. They also cut commission to 5%. Talked to everyone their, and they are sticking with there amount. Called Sen Chris Dodd’s office, but no reply yet. Buyers attorneys are going through the State banking commission for answers. If BOA’s approval letter are worthless, what do we have to go on.

   Reply
2. Kevin Rhatigan says:

   July 1, 2010 at 7:56 am

   I’ve got my first short sale where BoA has both first and second. I’m entering it into EQ. You mentioned having the first mtg. negotiator talk to second mtg negotiator – how does this work in EQ? ie will the nego for second show up in the EQ property profile? Also have you been successful in getting the second to back off from their normal 5% of sale price?

   Reply
3. Sharon Horne-Ellstrom says:

   July 1, 2010 at 9:52 am

   Ok,

   I got “black-listed” from Aurora (after working on this file since August of 2008!)
   It is backed by Freddie and I am reporting Aurora and their mis-management of this file (as soon as the realtor I referred it out to, gets the short sale done for the seller and end buyer)…don’t want to mess up the seller or end buyer.

   Here is a current BOA story for you. We accepted BOA’s counter offer on 4-23 and still have not gotten an approval letter…and no reason as to why not…you know I have sent about 100 emails in and outside of Equator and placed almost as many calls with BOA and the negotiator. This property was ready to close in April…

   Happy 4th all,
   Sharon

   Reply
4. FC Hammer says:

   July 1, 2010 at 10:23 am

   Just got an approval from BOA, they must have accidently sent the letter they got from fannie because the letter from fannie is 1k less and has a close date 15 days out from BOA deadline. FUNNy?

   Reply