Sacramento CA – The Stop Foreclosure Institute recently received a question from Durry. Here was Durry’s Question.
"We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at closing.
This was never revealed until we received the short sale approval letter. The buyer is upset.” Durry.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here was our answer to Durry’s Question. Yes, the buyer is upset. Buyers think they are in control in today's market. They can't see why they should pay a fee if they are buying a house in a "Buyer's Market."
I think this fee is unethical. We had the fee waived on a short sale we did. Your e-mail indicates that the buyer does not want to pay that fee.
The buyer needs to decide if they will or will not buy the house with the current terms and that fee. If that is the case, then you need to have the buyer put that in writing.
Send that letter to American Home Mortgage Servicing. Here is the problem that AHMSI has.
AHMSI doesn’t own any mortgages. Instead, they act as the front for other entities that own the mortgages.
From the sound of things, the owner of this loan is a pension fund or “Average Joe” stock market investors.
The guy we talked to at AHMSI said they had checked with their legal department on the fee. The legal dept said it was ok.
But, once we threatened to contact the owner of the loan directly they agreed to waive the fee. They only reason they are able to get away with this is because the loan owners never check to see what is happening.
This is such a blatant example of a lender breaching their fiduciary duty to the loan owner. It's wrong. But, do you know why AHMSI can get away with it?
The loan owner doesn't know about the fee being charged. So, let them know about in on your short sale. Find out who owns the loan. Contact them and let them know what AHMSI is doing.
Here is the bottom line. A buyer that has to pay 1% to AHMSI is going to pay 1% less for the house they are purchasing.
This causes the pension fund that owns the loan to lose even more money. What an atrocity! Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Sacramento loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, John J Hayes.
John J is a Real Estate Agent at RE/MAX Gold.
Phone: 530-306-3316. 3hayes@sbcglobal.net.
"Hard Work and Dedication"
View My homes for sale at www.johnhayesrealestate.com.
John Hayes specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor. Sacramento CA Short Sales. Sacramento Realtor.
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Important Notice
John J Hayes, RE/MAX Gold, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Hayes's personal views and do not reflect the views of RE/MAX Gold.
This information on Sacramento Short Sales: Another Example Of Lenders Attempting To Abuse Their Power is provided as a courtesy to our viewers to help them make informed decisions.
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