Anybody Dealt With American General Home Equity?
I have a seller that needs out. His 3rd mtg is 13K with this company. I called the local branch because I did not find a corporate #. The guy on the phone said he has never heard of a short sale, workout package and that what I was asking for he would need to talk to his district manager.
I told him that this person was going to file bankruptcy and if he did they would not get any money on their 13K loan. He disagreed and said he could just buy the 1st mtg and even if he did not buy the first he would still get something.
Is this guy for real or does he not know what he is saying? I was always told that junior loans get wiped out if the person files BK and the house get foreclosed on.
What else can I do to have this company discount the property.
Thank you
Dave
P.S. SSPro I hold no ill feelings.
I think that you initiated what could easily become an adversarial relationship. No, not with me (LOL), but with the branch manager. You essentially threatened him. "Unless you do a short sale, you dumb schmuck, you'll lose everything...."
Negotiation is the delicate art of exchanging information.. to advance your agenda.
You could probably benefit from learning a bit more about how bankruptcy works, and the impact the foreclosure exacts on junior lienholder.
The popular misconception held by many is that foreclosure and/or bankruptcy automatically extinguishes the juniors.... and that is not true. The juniors have more options than you might realize.
With increasing frequency, junior lienholders are expert in risk analysis, loss mitigation, and distress acquisition techniques. Afterall, they are in business to make money... and know full well when they makes loans to underqualified or overextended borrowers.
Bringing this matter to his attention... as a courtesy, and asking how you and he might work together to salvage what equity, if any, would be a good first step.
Instead of viewing you as an adversary, he might be more willing to share a mutually beneficial exit strategy....
This could be your foot in the door to help influence a proactive BPO.
[ Edited by TheShortSalePro on Date 04/05/2004 ]
Thanks SSP,
I don't think...... I upset or made him feel threatened. We parted very nicely and he was going to talk to his DM when she returned from Vac next week.
Is the branch who I would be dealing with? Not a corp mitigation dept? If so I'll go see him (he's local) and see if that will do anything, or should I wait and see if the DM will call next week.
The CITIfinancial branch manager is so willing to work with me. Can you help me realize a suitable offer for the second and third. 2nd is CITI at 14995.00 and AMGen is at 13000.00. This seller is 4 payments behind on all 3.
I talked to CITI financial branch manager today and she said that her District Manager would need the following..
1. Title Search
2. Letter from 1st Mortgage Company stating balance of 1st loan amount.
3. Property Appraisal (Full)
4. And of course the P&S.
My questions are as follows..
1. Why do they require a appraisal? They are 2nd in line of 3 loans and theirs is 15K
2. If they discount (she said they do not just assign their position for a fee) Where does the number 3 loan come into play? What if AM Gen will not discount?
What are some tricks, tools, verbage to say to this 3rd loan?
Thanks
Anybody interested in it? Owes 166K on all three loans. I would consider partnering up with a pro at SS's to learn more. Even if the first did not discount, and got the 2nd and 3rd to, there is equity there.