All Forum Posts by: Greg K.

Not just yet.  I'll post a grand finale when it comes to pass.  Nothing more cruel than a fable without a moral at the end!

ummmm, yup. I get it.

Thank you everyone for your help!

Here's where I stop begging BP posters to solve my problems for me, and give it my all.

@Brent Coombs special thanks for the needed tough love

@Brent Coombs

Again, all of your guesses are dead on. I should remove that marketplace post. I have since crossed the JV option off as a creative solution.

I actually would be delighted to keep my 25% equity in whatever form.  The structure outlined in that post  wasn't my idea.

And yes, again, in no way am I denying the discrepancy between the properties as is value vs. the oddly 'short' BPO's that the bank keeps coming up with.  I flat out, on the phone stated this fact in plain English to the bank itself.  

What I'm suggesting here, is either some sort of asset secured refinance, which I believe is technically the point of a "Short Pay', as I was told that a HUD-1 settlement form would only be needed if funds were obtained via financing.

Or something like a double-close, which if I understand correctly, in some forms would be more or less the exact same thing(transactional funding, bridge loan, etc.)

The bank keeps bringing up that I still have options, and that they are very willing to work something out to avoid resorting to foreclosure.  But for whatever reason, they need me to figure out the solution myself.

Lastly, the property is currently listed. 'As is' is in the listing description.

@Victoria S.

Forgive my confusion, could you elaborate at all?

You mean the listing agent reaches out to you before anyone else, and since you are a non-represented buyer, asks you to let them keep the half of the commission that the home owner would be paying anyway?

@Mike Dymski

I don't doubt you in the slightest.  Any chance you could point out any tangible specifics that made having this specific agent a game changer? 

Especially in regards to the issues this thread was written to bring up:

kickbacks, referral perks, all the worst things that low quality agents do to their clients.

Thank you!

I used the Bold and Italics formatting to answer the questions about how I intend to make money from this.

Dear Customer(s):

Select Portfolio Servicing, Inc. (SPS), the mortgage servicer on the above referenced account, received your request

to accept a compromised payoff from the proceeds of the refinance of the above referenced property, or “Short

Payoff.” If you were being considered under the Making Home Affordable (MHA) Home Affordable Foreclosure

Alternatives (HAFA) program, this program expired on December 30, 2016 and is no longer available. All program

decisions will be for our proprietary programs.

Please be advised that SPS agrees to accept your proposed Short Payoff and will release the lien on the property,

contingent upon the following terms:

1. SPS must receive the net proceeds from the Short Payoff in an amount not less than $XXX,XXX.XX no later

than XXXXXXXXXXXX (the Closing Date). The net proceeds must be in the form of wired funds or certified

funds, and must be made payable to Select Portfolio Servicing, Inc. No personal checks will be accepted.

Wiring funds is the preferred method of payment, and instructions are attached. Any extension of the Closing

Date requires SPS’s prior written approval.

2. If Short Payoff funds are being obtained through financing, a copy of the final HUD-1 Settlement

Statement/Closing Disclosure must be faxed to SPS at XXXXXXXXXXXX within two (2) business days of the

closing. There must not be any change in the terms between the proposed HUD-1/Closing Disclosure and the

final HUD-1/Closing Disclosure, and the funds remitted must agree with the final HUD-1/Closing Disclosure. As

long as these terms are met, pre-approval of the proposed HUD-1/Closing Disclosure is not required.

3. In consideration for SPS’s agreement to accept the Short Payoff, in no event shall you receive any funds from

the Short Payoff (unless otherwise approved in advance by SPS). Any surplus funds above the agreed upon

net proceeds at the time of closing are the exclusive property of SPS, and you agree that any such funds will

be remitted to SPS, made payable to Select Portfolio Servicing, Inc. You agree to waive your rights to any

escrowed funds or refunds from expenses. You also agree that any proceeds from pending hazard insurance

claims will be sent to, and retained by, SPS as additional recovery toward the Short Payoff loss. If SPS

receives/retains proceeds in excess of the amount that, combined with the net proceeds, would have satisfied

the lien in full, such surplus funds will be returned to you.

4. If you are currently in bankruptcy or you file bankruptcy prior to closing, you must obtain any required consent

or approval of the Bankruptcy Court.

5. You must have completed all applicable property registrations and inspections, as may be required by any

federal, state, or municipal laws.

XXXXXXXXXXXXXXXXXXXXXXX

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

6. All parties who have an interest in this transaction must approve the transaction.

If any of the above conditions are not timely met, this approval will be void and the lien will not be released. Provided

that all terms and conditions set forth above have been satisfied, written confirmation that the payoff funds are in

Escrow along with a final HUD-1 Settlement Statement/Closing Disclosure shall remove all conditions of approval for

this Short Payoff.

Upon satisfaction of all terms of this approval, the mortgage will be discharged in its entirety with any deficiency rights

waived, and a lien release document will be forwarded to the appropriate county for recording. The release document

is an indication that the loan debt is considered satisfied by SPS. This approval is for the loan number referenced

above, and SPS makes no warranties and takes no responsibility for the release or satisfaction of any other liens

unrelated to the loan number referenced above that may exist. If a foreclosure action is pending against this property,

upon satisfaction of all terms of this approval the pending foreclosure action will be dismissed and appropriate

instruments recorded.

Yes this is absolutely not a Short Sale.  I am very familliar with the SPS Short Sale arrangement.  This is a Short Pay.  Once pending, if access to their portal is obtained, clicking :
Assistance Program-> Check on Progress-> New page with dropdown menu to once again select the account number from the drop down, and the words 

Short Pay

appear in blue as a hyperlink.

It actually is one of the Assistance Programs they offer(have been forced to offer)

Committing Short Sale Fraud , for me at least, is absolutely out of the question.

@Hutcherson Yearwood This is precisely where I am.  Though perhaps a little bold due to few actual transactions under my belt.

The link mostly stressed things like Dual-Agency, Listing agents keeping offers from their client in hopes of a double dip.  Or more subtly, skewing their portrayal of the property to all except those they have a back room deal with, etc.

ALso bad a big fuss about what a terrible idea it is to have an open house.  Since it invites these sorts of definitely-not-arms-length-anymore transactions

@Jay Hinrichs

Was waiting for you to chime in!  You might realize which site this is REALLY about.  That one was just perfect for this post=D

@Mike Cumbie Your words here are the most important words of this whole thread.

"Saying "commissions are far too expensive" here is our list of companies that will sell for less (Which of course all paid a "donation" to be listed)."

(Of course, it's not really about amount  of commission.  But like I said, I'm not looking to do charity work here.)

Maybe some of you catch my drift.  Elasticity = the ultimate survival trait.