Your Denver Real Estate Advocate: April 2013

Thursday, April 25, 2013

"Stupid Lender Rears It's Ugly Head, Again!!"

Westminster, CO - "OH BOY", says Scott Bakula, playing "Sam" from the old TV Series, "Quantum Leap", right after his leap into a significant person for the next week's TV episode.

Yes, the Saga with the Stupid Lender Award, continues onto a slow death!! After, about 2 months of working this lender, 21st Mortgage Corp, out of Knoxville, TN., we have concluded they are NOT with the program to negotiate in "good faith" to assist a borrower from avoiding a foreclosure. IN FACT, they force home owners INTO FORECLOSURE, whether they are a 1st or 2nd lien holder!!

Even, after the seller has requested assistance from one of our local Congressman, Senator Michael Bennett's office, we still received such ridiculous requirements from a 2nd lien holder!!

Review letter from Bennett's office and a "legal Eagle" from 21st Mortgage >> HERE!

I could not help myself but to display the most appropriate photo to define 21st Mortgage Corp!!

So, after months of getting the 1st lien holder to work the HAFA approval, CitiMortgage, and they did, the HAFA agreement will provide $8,500 to the 2nd lien holder. Now, mind you, the 2nd's balance is around $27,000. That is about 31% of the debt owed. NOT BAD, considering most 2nds receive anywhere from $3,000 - $6,000 with this type of balance due.

21st Mortgage Corp, came back and rejected this amount and said they wanted an additional $852.00. After a week or so, we came up with how this would be satisfied and presented the new HUD-1 reflecting that additional amount going to 21st Mortgage. They NOW would receive $9,352.00 or about 34% of balance due. Again, NOT BAD!!

Here is the "STUPID" part of the story!! Their management just came back and said they have rejected what the HUD-1 reflects and they REQUIRE the same percentage as the 1st lien holder is getting. That would be about 86%, or $23,000!! They will not entertain anything less. NOR, will they escalate this package to upper management. Remember, we tried that with the assistance of a Congressman's office to NO AVAIL.

Sad truth is, this organization, in the 2nd lien holder position, is forcing the Borrower (Seller) into the foreclosure as a final settlement to her distressed situation (unemployment and relocation to another state). This lender is willing to forgo collecting ANY funds for settlement over collecting ZERO!!

Maybe, their legal dept. has not understood that a 2nd will NOT have satisfactory results from a 1st lien holder foreclosure!! I do not see them spending $142,000 to protect their $27,000 at the foreclosure Sale. BPO on this property came in at $145,000, same as our contract with the Buyer.

A word of caution to the other Short Sale Brokers / Agents! DO NOT waste any time working a short sale solution with 21st Mortgage Corp, and their leadership!! Let the property go into the foreclosure!! Sad, but it is reality!!

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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, "Stupid Lender Rears It's Ugly Head, Again!!"

"The Saga Continues with Stupid Lender!!"

Westminster, CO - Yes, the Saga to this short sale continues. With the "slow boat from China" approach of CitiMortgage, and the disgusting approach of negotiating WITHOUT good faith from the 2nd lien holder, 21st Mortgage Corp, we are still unsure about reaching any success of this short sale approval from the 2nd.
The following is from an earlier blog posting, below:

"They are called, "21st Mortgage Corp", based out of Knoxville, TN. Their main business is to provide loans on Manufactured Housing!! Recently, and that is probably over the last couple years, they have gotten into servicing loans. GMAC, has been releasing their loan service business, and 21st Mortgage Corp has picked up some of that business!!"
"Now, here is where it gets interesting. When you review their website at https://www.21stmortgage.com/web/21stSite.nsf/GMACCustomer?OpenForm, you will see some disturbing policies, if you can stop laughing long enough, on what they will do in the event 21st Mortgage is a 2nd lien holder. Learn more in detail here..."

Now, let's continue with our story. CitiMortgage has finally approved the short sale with the HAFA agreement in place. This HAFA agreement is giving the 2nd lien holder $8,500 to release the lien. Of course, this does NOT satisfy 21st Mortgage Corp!!

They believe that they deserve $852.00 MORE, than the $8,500.00. They have rejected this offer, due to the fact that the Realtors® are getting more!! $200 more to be exact!

OK, why would a 2nd lien holder blow a deal for $852? Who really knows! They took over the loan from GMAC, and I suspect that they BOUGHT the note at a discount and are just a debt collector from this point forward. They really do not care if this short sale moves forward or forecloses. Real Geniuses at the corporate level, here!

Our seller(borrower) contacted them to see who know owns her 2nd lien note, and was informed it was Knoxville Trust, LLC. Ironically, this trust has the same phone number and address as 21st Mortgage Corp. They own the note!!

We will work this as far as we can ... a little more negotiating with CitiMortgage on the HAFA agreement, who knows what will satisfy 21st Mortgage??
The saga continues ...

Search for Homes in Broomfield under $450,000!

View Broomfield / Westminster Areas! in a larger map

SEARCH FOR HOMES IN THE CITY OF WESTMINSTER UNDER $350,000, HERE!!

Thanks for reading this, Dan Hopper.
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Tuesday, April 23, 2013

"Your Denver Real Estate Advocate at Work!"

Westminster, CO - It amazes me how we are "proceeding along" with such LOW inventory in the Greater Denver Metro areas! As you can see, by the stats below, that our inventory is over 35% below last year at this same time.

Such shortage has caused many changes in certain areas through-out Denver and the suburbs. I have participated in a few strange offer situations. We have submitted offers $15,000 over list prices and NOT received the winning bid!!

Your Real Estate Advocate at work!!

Search for Homes in Broomfield under $450,000!

View Broomfield / Westminster Areas! in a larger map

SEARCH FOR HOMES IN THE CITY OF WESTMINSTER UNDER $350,000, HERE!!

Thanks for reading this, Dan Hopper.
Instant Search for COLORADO HOMES, click Sign:

FORECLOSURE SEARCH, click Sign:

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"Foreclosure Do Still Exist!"

Westminster, CO - As we move into the 2nd Qtr of 2013, we still see a trend that does not provide "high" confidence in the economy improvements. Foreclosures DO still exist, and many STILL do not try to avoid foreclosure with a short sale!

With the extension of the "Mortgage Debt Relief Act", that started in Feb. '07, for the benefit of those perfoming a short sale. This was to create relief from the tax liabilities of the 1099c, that the lender will generate for their losses, and the "debt forgiveness" to the borrower on the deficincies that would normally be defined as "income".

We still see, by the stats below, that many homeowners are NOT taking advantage of this Debt Relief Act!! The last column clearly shows that there are many homes in the foreclosure process, that has NOT placed their home on the market to work a potential short sale!

Search for Homes in Broomfield under $450,000!

View Broomfield / Westminster Areas! in a larger map

SEARCH FOR HOMES IN THE CITY OF WESTMINSTER UNDER $350,000, HERE!!

Thanks for reading this, Dan Hopper.
Instant Search for COLORADO HOMES, click Sign:

FORECLOSURE SEARCH, click Sign:

FOLLOW DAN HERE:

Saturday, April 6, 2013

Investors, Park Your 401K Retirement Plan in This Condo!

Westminster, CO - Another great opportunity for those Investors looking to generate income for their retirement plans!

This well maintained Condo in the Prospectors Point complex with 2 bedrooms and 1 bath, can create a positive cash flow. This unit already has a tenant in place with market rent!!