Need Some Advice Please
I have a short sale going and I faxed a letter to the 2 junior lien holders that I am working with the first to assign me the loan and keep me in first position. I am willing to pay them .10 on the dollar 1200.00 and 1300.00 for their release of 12000, and 13000 dollar loans. I told them that there were 47K worth of repairs (did not say what type) but included non structural ones in this estimate.
I received a call from the number 2 and they said that they were going to give it to their legal dept and for me not to be suprised when I get a call from them asking what this is all about, this person insinuated I had committed fraud, she used that term.
I have done nothing fraudulent that I can see, can anybody else?
The seller might have as he got the second from 1 lender and the third from another just a couple days apart.
What do I do here?
Thank you for your help.
I'd bet that the mortgagee's appraisal didn't indicate $47,000 in needed repairs. That sounds inflamatory.
But, if you can justify that $47,000 is needed in essential repairs that would be needed to restore the property to marketability... then you've got nothing to worry about.
Interesting that two juniors were given in such a short timeframe. Possible fraud would be that the Mortgagor didn't disclose to the second second mortgagee the presence of the (days old) first second loan.
Some background 1) the owner has been served a notice of default 2) the first and both seconds were on the notice 3) you sent the request for the release of lien to the loss mitigation department 4) how many days apart were the two seconds originiated
You did nothing fraudulent. You can say that 2million in repairs is needed.
Brenda
This isn't on point to the original question, but I wanted RE Princess to know that an outrageous claim is sometimes met with an outrageous response. If $47,000 in repairs is unrealistic.... (and I have no idea if it is, or is not)
Brenda wrote, "You can say that 2million in repairs is needed."
That's certainly true... but if you want your proposal to be taken seriously, you want to be as factual as possible... the more holes they can poke in your allegations, the less likely they will be to embrace your Proposal.
Using standard repairs costs estimates, recent drive-by photos, and recent homeowner's insurance inspections, etc., if they can reduce the $47,000 in alleged repairs to $4,700...
they'll have reason to distrust everything you've put forth.
Well I DO want to them to take me serious because I am serious. The GC did an estimate (at retail costs) to do everything from the roof to the floors.
The 47K includes everything. But #2 loan kept saying to me that there was no way that there was 47K in structrual damage. I told her Duuuuuuhhhh.... Thats not what I'm saying.... (ok I didn't actually use those words.)
There was so many leaks that he stated that until the drywall is removed, he can not say if the rafters are damaged. Pool has leak, seperating from decking, deck with so many cracks.
The 2nd did say that it looks like there was fraud as the 3rd position loan is dated Aug 4th 03 and the 2nd position loan is dated Aug 11th 03. Thats strange, I guess 2 recorded before 3 did.
So that being the case what are my options here? Still waiting on number 3 I faxed my offer to their attorney (branch manager said to) and they have yet to respond. Same as #1, they have not responded yet either.
Should I even bother getting the $300 appraisal done for # 2? I have an appraiser I work with.
Thank You again so very much.
In my experience, in the cases that involve Borrower fraud (bogus appraisals, multiple loans) there will be a lot of due diligence on the part of the at-risk mortgagee(s).
Take plenty of crisp, color pictures to support the written estimate.
Cull the estimate to the basics....
SSP,
I have 76 digital pictures of EVERYTHING. The zip file is 14mb.
I would send them to you if you wanted to look at and then maybe give me feedback???? :-?
Actually SSP I have a slide show of them which is 2mb.
I'll take your word... For the record, I only use/submit original 4x6 color prints when submitting a Proposal.
Take the 76 that you have, and reduce down to not more than 12, crisp color prints. Use the 12 best examples of deferred maintenance.
SSP,
I had a package already set to overnite to them and when I asked where to send and attention who? They asked me to Fax the paperwork and e-mail the pictures.
Are they just wanting this done fast? Why do you think they would not want a package sent to them?
Thank you for all your help, I really do appreciate your time.
The power of a presentation lost.
Tell me. What would be more pleasant to read? A stack of FAXt documents, some perhaps misshapen, missing, or other wise distorted, in no logical order or sequence?
Or, a comprehensive "stand alone" Proposal that anyone can read and have all the facts presented in an organized and compelling format...
** sometimes, if the deal is big enough to warrant the extra $$$, I'll send a VHS tape with narrations..... ***
I always submit at least 4 copies of the Proposal... since most review committee meetings have at least 3 decision makers present.... and I want everyone in that room to have a copy.... free to weigh the factual/compelling data that I have manufactured and set in a language that they can understand...
But, that's just me. And that's what I recommend to the folks who are serious about getting their shorts approved.
That is great advice. You should sell this.
So if this was your deal and they just said Fax it, what else can you do?
I would NOT fax it, or, I would FAX a cover page indicating that the Proposal was sent under separate cover, and give the FedEx tracking #.
Are all these ideas and all that wisdom plus more, in your primer?