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downey savings: When should you use a third party short sale negotiator? - 09/01/09 02:10 PM
Handling short sales was challenging...in the beginning.
There surely was a learning curve getting to do it the first time. Thank goodness for the wealth of information on line! Also, as short sales started becoming a more common occurrence, even in our coddled island community, we were introduced to how-to seminars where we picked up even more information.
But at what point would you want to turn over the short sale negotiation?
If there is only one lender, it's easy as pie, comparatively speaking.
But if there are more lenders, particularly if they are two DIFFERENT lenders, it becomes tedious, challenging … (3 comments)
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downey savings: Short sale agents won't be hired as REO agents for same property when it forecloses - 09/12/08 01:00 PM
Just learned something today --- this may not be the case every time....but it's interesting to know.
One of my listings is a property which I tried to sell as a short sale. Problem is, the lender is Downey Savings, and they won't approve ANY short sale.
I followed up today to see if this policy has changed. Nope. No short sales. Since this is going to be foreclosed, I asked if I can list it when it becomes an REO. I was referred to their REO Department. The lady who answered said they have a policy NOT to use the … (9 comments)
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downey savings: Downey Savings + Deutsch Bank = Impending Disaster - 08/05/08 11:44 AM
Since my seller's plea for a short sale was rejected by Downey Savings who holds the first loan, I've been trying to understand why Downey would refuse. Turns out that Downey sold the note to Deutsch Bank. Negative news and forums abound about both,
Deutsch Bank Credit Rating Cut Deutsh Bank Foreclosures Tossed Out of Ohio Federal Court Deutsch Bank Breach of Trust Downey Savings shares fall Downey Savings carrying risky loans Ailing Downey Savings is all shook up No run at Downey Savings --- yet The point to this is......if you're talking with clients who are either trying to sell or buy … (1 comments)
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downey savings: Short Sales for Downey Savings are NOT doable, per Mortgage Resolutions Services - 07/31/08 06:07 PM
LAST RESORT
In a last ditch effort to help my sellers who are upside down on their loans and can't pay their mortgages with Downey Savings and National City, I contacted Mortgage Resolutions to see if they can help my clients.
Mortgage Resolutions offers, according to them "as full complement of services designed to assist homeowners, agents, brokers and mortgage lender/services in working through delinquent and At Risk mortgages." For a fee of 1/3 the agent's sales commissions, they would have handled all the nitty-gritty details, contacting the lenders, processing the paperwork, etc.
DOWNEY SAVINGS: Foreclosure preferable over short sale?
Upon … (2 comments)
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downey savings: OUCH! Downey Savings won't approve short sales - 07/30/08 12:29 AM
Venting...
After weeks of waiting for word from Downey Savings for approval for a short sale, I got my answer yesterday.
Private investor
Downey Savings won't approve any short sales. The only way they would approve a short sale is if they received the full payoff --- which, in that case, won't be a short sale.
I made it crystal clear that my sellers are in no position to pay off the full amount owed or sell at price they owed and still pay commissions out of their pocket. And that if they can't sell, then the only remaining avenue is a foreclosure … (7 comments)
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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA
Oakland,
CA
More about me…
Alain Pinel
Address: 6211 La Salle Ave, Oakland, CA, 94611
Cell Phone: (510) 205-2992
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