Short Sale Negotiator Making A Big Impact

Considering a short sale?   If so,  call me so I can arrange for you  to meet the most important member of my short sale team, David Dufresne.

As a key member of my business team,  David has helped my clients complete successful short sales in difficult circumstances.  Not only is he an expert Short Sale Negotiator, he has been a real "life-saver"  to some home owners.  He  uses Senate Bill  458 to change contribution Policies of lenders, and in essence is changing the direction of some sales from South to the North.   He puts the impossible sale back on life support and helps us makes sense of most short sale messes.SB 458's  unintended consequences became apparent when junior lien holders such as PNC. E*Trade, National City and Greentree Mortgage,  among others,  didn't want to give up their rights to pursue remaining debt on Non Purchase Money  “recourse loans”  OR their right to punish distressed homeowner with  Purchase Money “NON-Recourse Loans”.When a 2nd lien holder bank does not accept the maximum contributions allowed by the 1st lien holder, investor, or Mortgage Giants Fannie Mae or Freddy Mac, they may either write off the loss of the loan( non-recourse) or they may pursue the homeowner through judgement or collections "recourse". 

On two recent short sales,  with the scenarios outlined below,  GMAC refused to allow the Buyers or Agents to contribute to the short sale because of their internal Policies changes. These changes forced both homes towards foreclosure:
 
Scenario #1:
 
San Ramon Ca. 94583
 
1.            Homeowner was laid off
2.            Central Mortgage 1st lien Holder approved the short sale offering $6000.00 the 2nd  
3.            GMAC 2nd rejected the $6,000.00 and requested $30,000.00
4.            Buyers/Agents agreed to pay the difference of $24,000.00
5.            1st lien holder approved the contribution by the buyers and the agents
6.            2nd lien holder rejected offer and told us they would only accept funds from 1st lien or the home
7.            Home was facing Foreclosure.
 
Scenario #2:
 
San Ramon Ca. 94583
 
1.            Homeowner let go from his position due to  injury and can no longer perform a Job.
2.            Loans are Recourse Money
3.            GMAC 1st offered the (PNC) 2nd lien holder $10,000.
4.            2nd lien holder requested $87,000.00
5.            Buyers/Agents could negotiate 2nd to $40,000.00
6.            Buyers and Agents agreed to contribute to 2nd to close the deal
7.            GMAC 1st won't allow Buyers/Agents to contribute and requires 2nd to accept $10,000.00
8.            PNC 2nd refused the $10,000.00 offer
9.            Home was facing Foreclosure
10.          Seller is facing Judgment due to extreme high balanced owed…  over $100,000.00
 
 

David Dufresne,  as a top short sale negotiator in the Bay Area, and  with the help of Senator Ellen Corbett’s office,  was able to convince big banks like GMAC/Ally Bank that their interpretation of SB458 was incorrect.  Due to his work, these bank  issued Approval letters allowing the contributions that had been offered and then ultimately allowed the  escrow to proceed to closing.   The work completed prevented the possible foreclosures and harm to the distressed homeowners. 

If you know of anyone in a similar circumstance,  and who also might be in need of good advise, PLEASE  contact Myself or David at David@solutionsforshortsales.org to discuss your situation. Or go to www.fassb.com(Foreclosure Alternative Short Sale Broker network) for more information regarding short sales.

 

 
 

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About the Author Bill

I help small businesses be more successful.

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