"Do We Have a Challenge Or What?"

  Westminster, CO -  Oh BOY, now the fun begins!!  How many times have you come across a situation you just DO NOT KNOW much about, and must still take care of your client's needs, because you are their Real Estate Advocate for their short sale??

This has recently happened to one of my short sale listings!  The 2nd lien holder, GMAC, has released their service on this loan, right in the middle of negotiating the short pay-off!! 

What is worse, is the new loan servicer of the 2nd lien holder, and that amout is probably around $32,000, is 21st Mortgage Corp!   Yes, this is a new loan provider for me to deal with.  Mind you, I do have a short sale processor to work my client's short sale process so that I CAN DO what we do best.... Marketing!!  If you clicked on their link, you would know that they are a lender for manufactured housing! (Kind of reminds me of Green Tree lending)

Of course, my short sale processor has NEVER heard of this company, so needless to say, but I will... nor dealt with them, and do not know anything of them, either!!

 My Client informed me, yesterday, that the debt collection dept. of 21st Mortgage called her to say she was behing in payments... DUH!!  She did tell them we were in the middle of negotiating a short sale with GMAC when they pulled the carpet out from underneath her.  Of course, they do not care! 

The rep proceeded to tell my client that if they are working a short sale, and with them being the 2nd, they want the same percentage as the 1st lien holder is getting!  RIGHT!!  The 1st lien holder's debt is around $136,000, and we are under contract at $140,000.

So, with all this being said ... I can imagine the fun we shall have on this short sale process!! 

ANY THOUGHTS FROM YOU SHORT SALE EXPERTS THAT HAVE COME ACROSS THIS LENDING INSTITUTION??

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Thanks for reading this,  Dan Hopper.

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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Thank you for reading, "Do We Have a Challenge Or What?"