If only I were a fly on the wall in those monthly board meetings........
"......How many files?.....873 this month!!??....another stack of Short Sales in Maryland? The answer is NO this time.
We (the Investors) bought this secured package of lousy paper back in July with the stipulation that only a certain percentage of our $100 Million investment portfolio would we allow to write down as a loss through...um...what do Realtors call it.....OH!........"Short Sales".
Our business decision now is let it go to Foreclosure! We have to simply cut our loss somewhere. I understand our servicers have fancy websites now (BOA) that allow Brokers to upload clean documents for us to review...hardship letters...blah blah blah.....I mean....really....who ISN'T in a hardship these days!!!
We've allowed our servicers to negotiate a certain percentage of these Short Sales and now it has become TOO MUCH! We have to draw the line somewhere and the line will be drawn HERE......let it GO to FORECLOSURE!
NOW.....Mary.....where is my ink stamp marked "Denied".....I know....I know.....the agents are out a commission....the Seller is in over their heads.....the Buyers have to move on to another home.....I have share holders, investors and stakeholders to worrry about here(insert New York accent). Now Start STAMPING!!!!
(PLEASE....Add your two cents....or three.........:)
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