Location: Arizona
Submitted 08/03/12 09:09 AM

Q. Have any of you short sale agents been successful at negotiating a settlement with credit union west, othe rthan the full amount due? thanks for your help.

 

Answer #1
Submitted 08/03/12 11:47 AM
Dan Dee McGinnis (Homesmart International): Agent in Phoenix, AZ Dan Dee McGinnis (Homesmart International)
Agent
Phoenix, AZ

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A.

I have never been involved with this lender

Answer #2
Submitted 08/03/12 11:59 AM
Andy Gonzales (A&L Arizona Realty): Agent in Chandler, AZ Andy Gonzales (A&L Arizona Realty)
Agent
Chandler, AZ

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A.

I have not completed a short sale transaction with Credit Union West, however, I have completed short sales with other credit unions and there are some things to keep in mind.

  1. Remember that credit unions are member-owned and do not have the same capital as the "big banks". For example, if they take a $20,000 loss, it's a huge hit to them and their members vs a smaller loss for a big bank investor. Credit unions often take a harder stance as their losses are magnified and their job is to protect their members.
  2. Because credit unions are at a higher risk of losing money, they have taken some drastic approaches to recoup the money they've lost. Banks and credit unions have sued on deficiency balances after short sales and even started the process of judicial foreclosure which may eliminate some deficiency protections for Arizona homeowners.

While you are considering doing a short sale, it's imparative you speak with a licensed Real Estate Attorney. You need to know your risk and what protection you have post liquidation. Peace of mind is priceless in my opinion. I hope this helps

Answer #3
Submitted 08/03/12 01:10 PM
Elaine Lekas (Realty Executives): Agent in Cave Creek, AZ Elaine Lekas (Realty Executives)
Agent
Cave Creek, AZ

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A.

Thank you.   The seller has an excellent real estate attorney with whom I'm already working.  I'm looking for specific information about Credit Union West.  They are particularly nasty and will spend any amount of their members money even if they force backruptcy and end up with nothing.  
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