All Forum Posts by: Preston Hamilton

Got a call from a client today, they said that they spoke with the trustee on their auction when they were sending them their BK information. Two days later the house went to auction anyway, when they called the trustee back they were told that "the bank didn't accept their bk filing".

New one for me. I have had banks unwind auctions before in error, but never when they said they refused to accept a bk. The client really is filing a bk, so I stepped out of the listing etc. Just trying to point them the right way.

Hmm, the only servicer I have dealt with lately that was using BPO's from an agent and drive buy's was Select Portfolio servicing. Everyone else has gone to doing full interior appraisal. I would think this is because its too easy for people to lie about whats on the inside if they never actually look.

So in the event of finance buyer, what are they going to do about that? Are short sales about to become cash only? I have no problems with that, I suspect it would make things cheaper, but in the event negotiations break down and I simply can't make a deal work at a price I like, I usually let regular retail buyers take them down. It would suck to lose that avenue.

The title report says 185k, I am going to the county to get a copy of it today. I don't believe its that much, the old guy on the contract says it was less than 25k

Working a deal now where the owner had a person on a landsale contract a few years ago. The person on contract did not make their payments, and voluntarily went to the county to release their lien, so the current owner is fine there.

However, while they were in the land sale, they got a loan from someone who put a lien on title that he forgot about. Now in the middle of the short, nobody can find this guy. He has a deed between the person on the land sale contract and himself, but not with the current owner of the property.

Haven't run accross this before, we can't get a hold of the guy. Am I SOL? This is in Oregon by the way.

This is a new one for me. Couple is losing a house due to a default on a land sale contract. It was a bailout situation, though they actually kept the contract up for two years before the guy lost his job and they missed payments.

Anyhow, the investor holding it is being a pain in the neck and I need a little leverage. In reading the land sale contract, it was signed before the investor owned the property. Though it was recorded at a later time.

Any possible angles in this one? I'm in Oregon if it matters. I have seen this idea used in other states, in affect, the seller did not have the legal right to extend financing at the time the note was agreed upon, at least thats how it played out in a deal I saw go through in Arizona.

Just had a conversation on another file with them. Monday they stated they were ording an appraisal on the property. They have not completed it yet, but this morning they said that they were rejecting the offer due to "not being market value". I had sent them TONS of data, organized in such a way that a monkey could read it and understand it. So I asked them, in their opinion what market value was, and the lady was baffled......"well, different than your offer". I asked if a BPO or appraisal had been done without my knowledge, she state no, they had no information other than an online AVM. So I asked her if it was reasonable to assume that the data I sent them was their only indication of market value. Her answer was "yes". Since the offer was pretty close to the market value, it would be reasonable to assume that it would be accepted, or at least another BPO or appraisal ordered to confirm it.

Response, "yeah, but your offer needs to be market value". Went in circles for nearly an hour, throw three supervisors etc. End result, came up ten grand and they ordered an appraisal.

Any chance someone has one they can email me? I have always had title do them for me, but sometimes I need them right that instant and would rather type it up myself.

I have experienced this with multiple banks.

I have noticed a couple of files with countrywide that are like this. I pushed the loss mitigator and they told me that some of their investors take this approach in the neotiations, where other ones are easier to work with. I notice sometimes I'm able to get appraisal values etc right from the loss mitigator without a fight, and other times, even with the same mitigator, I can't get a number to save my life.

I would push on the phone and re-submit that same 270k offer until they come up with a counter or a reason for the rejection. If its Countrywide, and there is no reason for rejection in the system, you can usually get the case re-opened by a different loss mitigator.