Real Time Resolutions
Property Manager · Portland, OR · Member since 2008 · 212 posts · 14 votes
Has anybody had any negotiating experience with Real Time Resolutions? I've got an approved short sale with Litton as the first and RTR as the 2nd.
Litton has sent me an approval letter and they are allowing 3k to RTR.
RTR negotiator has rejected the 3k and is asking for 12k.
I submitted the request to my Litton negotiator who gave me an obvious answer of "no way."
Subsequently, the RTR negotiator closed the file.
Auction date is 30 days away. Buyer is lined up to close etc...only problem is Jr. lienholder.
Anybody dealt with something like this before?
Thanks!
Hi, very good posts above. I see the wisdom on startegies mentioned by Scott and Mitsu! Looks like hardball to me.
You might try something like this. A letter saying that if this deal can not be reached, then:
You'll purchase the first note at a discount equal to the short sale amount.
That since the Realtor earned the commission, the not buyer has agreed to include costs, realtor commissions and negotiator fees, now amounting to XX thousand dollars as future advances under the promissory note and security agreement representing a par amount of XXX, XXX ( in other words, the original loan amount has now increased which places the second holder further behind. Now, I know what someone will say, that unless it is a future advance note with the total amount secured, you can't push a junior lien holder back like that, but yes you can, when the loan is in default and expenses of collection, sale and securing the property exceed the amount, that is the amount you would bid in at a foreclosure sale.
After the note is purchased, this loan will be modifed for the borrower, however no consideration can be made for the benfit of subordinate financing. (what you're saying is if you don't take this we will buy the note, run expenses up on the loan as acquisition and collection expenses that pushes you further behind and the borrower may not be able to make your payment. If their payment is not paid they can foreclose and pay us our costs. So, you will end up with a house attempting to collect 3,000 plus costs and holding expenses. And, there is no deficiency allowed! Good luck with that! This has worked for me. Bill
I just started working on a deal with RTR in 2nd position. problem is I can't find a working phone # for them anywhere - any help?
the owner originally had the 2nd with Homeq, but didn't even know the 2nd went to RTR over a year ago. I had to find out from Homeq that RTR had the 2nd, this one's going to be fun I can tell already
I guess I am the lucky one here. I received an Acceptance Letter for a 2nd from RTR (Eric Luna) where the 2nd was owed approx $45,000. I offered $1,000, but Eric countered with $3,000. Also, in the Acceptance Letter, it stated that they were providing a full release of lien, so that meant no deficiency. Unfortunately, the 1st is with Countrywide/BoA and they keep putting this file back in Equator. (This file was originally submitted just as they were starting out with the REOTrans testing phase and it was one of the files used.)
I am having a difficult time with BoA on this, as they will not remove it from the Equator system and there is no realtor involved in this sale.
Anyway, my experience with RTR has been much more favorable than it sounds like others have had.
Hi, very good posts above. I see the wisdom on startegies mentioned by Scott and Mitsu! Looks like hardball to me.
You might try something like this. A letter saying that if this deal can not be reached, then:
You'll purchase the first note at a discount equal to the short sale amount.
That since the Realtor earned the commission, the not buyer has agreed to include costs, realtor commissions and negotiator fees, now amounting to XX thousand dollars as future advances under the promissory note and security agreement representing a par amount of XXX, XXX ( in other words, the original loan amount has now increased which places the second holder further behind. Now, I know what someone will say, that unless it is a future advance note with the total amount secured, you can't push a junior lien holder back like that, but yes you can, when the loan is in default and expenses of collection, sale and securing the property exceed the amount, that is the amount you would bid in at a foreclosure sale.
After the note is purchased, this loan will be modifed for the borrower, however no consideration can be made for the benfit of subordinate financing. (what you're saying is if you don't take this we will buy the note, run expenses up on the loan as acquisition and collection expenses that pushes you further behind and the borrower may not be able to make your payment. If their payment is not paid they can foreclose and pay us our costs. So, you will end up with a house attempting to collect 3,000 plus costs and holding expenses. And, there is no deficiency allowed! Good luck with that! This has worked for me. Bill
Thanks Scott!