I have had a difficult time getting anything accomplished with National City Mortgage on both my short sale and a loan modification that I am working on.  I sit on hold for no less than 45 minutes at a time and then I will get someone rude, not helpful, and tries to rush me off the phone.  Curious if anyone else is having this type of response from them?                

A previous customer of mine came by the office today (the Law Firm I work at) to show me the loan modification paperwork that she had from a Company she hired.  They charged her $3,000.00 to retain them, up front, with a balance due of $3,000.00.  That was in the agreement.  She had high hopes that her loan would be modified especially after the loss of her husband's job.

Today, I tried to call them to get status of her modification, and the number is now disconnected. The company doesn't even exist. 

Please inform all of your customers to check with BBB and other goverment agencies or better yet, hire a law firm that they are familiar with and that is LOCAL to them.  Report Fraud to Government Agencies.  We all have to work together to get these types of organizations off the streets. 

I am finding the following improvements while working with  short sales:

* Phone numbers for the negotiators for the banks are getting easier to get.

* Wait time on the phone for someone at the bank to help you is getting shorter.

* More service reps are trying harder to help the situation instead of telling me to call back in 5 days

* Banks are becoming more realistic with the prices of homes.

* Banks are asking for less information up front.

I think that we will be able to help our clients succeed in their short sales and prevent future bankruptcies which helps improve our economy for the future. 

We all work hard for our clients, but it makes us feel better when we make it all happen.

Is anyone else getting better results?

Please share as it gives others hope.

My clients ask me to list a rental that a tenant was moving out of.  I told them to make sure that they turn the power on after the tenant moves out and keep the heat on or winterize the property.  They said no problem.  After another agent found a tenant for my listing I met them at the property for a walk through.  As we went inside to view the property, the floors were flooded and the ceiling was ready to fall through.

Guess what????  My clients did not do what I asked them to do, pipe froze and burst, and now it will be costly. 

Please remind your clients how important it is to keep the pipes from freezing.

Since I wear two hats, one as a bankruptcy paralegal and the other as a Real Estate Agent I have clients coming to the office to file bankruptcy who have their home on the market for a potential "short sale".  They are being told that you can still sell your home while in Bankruptcy  or Bankruptcy will not have anything to do with the sale by their RE Agent.  In Virginia, if you file Bankruptcy then the listing agreement as all agreements and contracts are voidable and you cannot continue the sale until motions are filed and orders are signed by a Judge stating that you can continue this sale especially if there is a contract being reviewed by the "third party, BANK".  If your seller is considering bankruptcy, you need to refer them to an attorney for the advice and the proper procedures that will need to take place so they can make a more informative decision on "when" or "if" to file their bankruptcy. 

*I am not an Attorney and not giving advice but opinion on previous experience.

A few of my short sales I am negotiating at this time require Countrywide's approval.  From previous experience, they usually expect the Agent to call and check status.  They don't call me.  One the phone numbers that seem to be the most helpful is

HOME RETENTION DEPARTMENT

800-262-4218

SHORT SALE DEPARTMENT

Hope this helps some with your negotiations.

As some of you know, I work at a law office as a Paralegal/bankruptcy assistant and today was interesting.  Potential client came in for a consultation.  (By the way, my clients gave me permission to share this with everyone in this blog and encourage others not to be as naïve as they were). 

Here is the scenario:

Clients Bought Single Family Home in late 2005 for $650,000.00. 

Put 20% down = $130,000.00

Refinance in early 2006 (3 months later) for $680,000.00 to pay back the Realtor who gave them $130,000.00 cash to put in their account sixty days before buying the home  (to use as a down payment) without disclosing this to anyone and especially not disclosing this on the HUD 1, not to mention her fee for doing that to qualify them to buy a home.

Apparently the Realtor ® who secretly loaned them the money told them that it was perfectly legal to do business this way and that everyone gets into homes this way.

They Lost home and considering bankruptcy 2008.

Realtor ®  received her commission plus whatever else was available and still has her license and is selling homes today.

This is our third case in 2008 with similarities to the story.

I had a listing expire on Sunday at 2:00 a.m. and I had it back on by Monday 10:00 a.m. as my listing extending the date was returned to me by my clients on Monday at 9:30 a.m.  During this time that the listing was expired, which was mostly while we are or should be sleeping, 1 Broker and 2 Agents had already contacted my Sellers and attempted to explain how they are a better Agent than me to my sellers.  The Broker told my clients that she sold 30 homes last year.  If she did, they were not on the MLS.  I checked and no homes had been sold.  I felt the same as my sellers felt that if a Broker or an Agent has to stoop that low to bad mouth me behind my back and call expired listings first thing when they get up, then they are pretty desperate for a listing and my clients would not want them selling their home. 

 Just curious of how others feel about this or if this happens to you that quickly.

 Maybe it is just tough times.

I know I can't win them all, but I try my best to achieve that.

Here is the scenario:

Property:                      Single Family Home Purchased in 2003.  Never made payments late till November 2007

                                    About 3000 sq. ft. Nice lot, house needs a little cosmetic but mainly a good cleaning. 

 
Behind on Mortgage:    Reason is family member (child) w/cancer (provided  medical bills as part of financial hardship package)

 
Mortgage:                     $540,000.00

Mortgage Company calls my client stating "we are here to help you in your hard time" 

 
Short Sale Attempt:      $379,000.00

 
Offer 1:                        $310,000.00 rejected

Offer 2:                        $349,000.00 rejected

Offer 3:                        $415,000.00 considering then rejected

 
I also offered to reduce commission on my side to make work.

 
Foreclosure:                 Occurred

 
Back on the Market by bank:    $369,000.00

Sold w/seller concessions for less than bank listed price.

Explain that one. 

Another Real Estate Agent I know had asked me some questions about a deal she was working on because she was unclear of what to do next.  I wanted to share this situation with others because in this market this situation may arise with one of your deals. 

Lister has property listed for sale.  Buyer's agent (person I know) has contract on property with her buyer.  During all of this, ratified contract in place, Owner of home files Chapter 7 Bankruptcy and does not inform anyone for some time.  During this time, buyer's agent orders home inspection, appraisal being order, the usual process.

Well, guess what?  Everything falls apart.  Contract is voidable at this point.  Bankruptcy puts "automatic stay" in place.  Listing Agent's listing agreement is "voidable". 

Is there a contract or not?  The listing agent says that she still has the listing.  The buyers still have a contract.  Listing Agent tells Buyer's Agent there is nothing to worry about, everything is fine.

UPDATE:  Owner receives a chapter 7 discharge; listing agent still shows listing as active, and buyer's agent still thinks this contract is going to happen.  No one has received any legal advice yet.

Always check with an attorney to get the professional advice you need for situations like this.  Not being well informed could cost your clients money they don't need to spend.