A Short Sale Miracle

[macromaniac]

If you utilize an attorney’s letterhead and backing with a forensic audit of the file amongst a few other tricks it will go a long way and give you more leverage. Having a few high level connects at these places also helps.

sd, the approval letters are mostly boiler plate with banks these days you are correct, BUT how you request and negotiate HOW THEY REPORT IT to the bureaus is not…big difference….most people are not aware of this and do not negotiate it….

Obviously, the closer you are to the trustee sale the more leverage you have as they know they are about to own the property and take a bigger hit on the books…

By the way, if anyone has a WAMU NEG AM loan, they can be negotiated to a 1%/3%/5% 40 year term even if you are not late…..CHASE wants to clean these up right now…..and strengthen the portfolio by getting rid of these at all costs…it is called a step loan….

[sdrealtor]

TG
I would have guessed about 680.

You were the winner along with BG.

But you are not who you think you are!!!!!!!!

sdr

[sdrealtor]

TG
I would have guessed about 680.

You were the winner along with BG.

But you are not who you think you are!!!!!!!!

sdr

[sdrealtor]

TG
I would have guessed about 680.

You were the winner along with BG.

But you are not who you think you are!!!!!!!!

sdr

[sdrealtor]

TG
I would have guessed about 680.

You were the winner along with BG.

But you are not who you think you are!!!!!!!!

sdr

[sdrealtor]

TG
I would have guessed about 680.

You were the winner along with BG.

But you are not who you think you are!!!!!!!!

sdr

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[kev374]

If their scores are still in the 700s and they are prime A+ borrowers after they did not honor their original contract then there is something wrong with the credit reporting system. In my book these guys are poor credit risks and their credit scores need to reflect that.

[kev374]

If their scores are still in the 700s and they are prime A+ borrowers after they did not honor their original contract then there is something wrong with the credit reporting system. In my book these guys are poor credit risks and their credit scores need to reflect that.

[kev374]

If their scores are still in the 700s and they are prime A+ borrowers after they did not honor their original contract then there is something wrong with the credit reporting system. In my book these guys are poor credit risks and their credit scores need to reflect that.

[kev374]

If their scores are still in the 700s and they are prime A+ borrowers after they did not honor their original contract then there is something wrong with the credit reporting system. In my book these guys are poor credit risks and their credit scores need to reflect that.

[Author]

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