I have a short sale pending with AHMSI (Deutsche bank trustee) and have not heard anything in 4 months from my RE attorney.)

Asked by Agambitta, Sandy Springs, GA Fri Sep 3, 2010

I have a short sale pending with AHMSI (Deutsche bank trustee) and have not heard anything in over 4 months from my RE attorney. What is your experience dealing with Deutsche bank and AHMSI? Do they usually Foreclose more often than approve the Short Sale?

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9
Lila Henry, Agent, South Miami, FL
Sat Sep 4, 2010
Dear Agambitta,

As the homeowner and borrower, you can call your lender directly and ask to be provided with a status. I have handled many short sales, some taking longer than others, but recently I have seen quicker responses on my submissions. The biggest key is the ensure that the bank receives a complete package per their requirements, hardship letter, your financials, contract, listing agreement, etc. In cases where I have not been the listing agent representing the seller, I request a third party authorization signed by the seller, allowing me to call the bank directly to obtain status updates. If for example the package that was sent was incomplete, you will not get very far. I have had cases where my file has been sent to the modification department instead of the short sale department. Communicating with the bank on a regular basis is the key.

I wish you the best.
0 votes
ANDREW OLLICK, Agent, NAPLES, FL
Fri Sep 3, 2010
Sometimes it takes much longer than 4 months to hear anything on a short sale, however your attorney should be informing you weekly of the progress. Call him/her and demand some kind of answers.
Good Luck!

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
skype: napleshomes
http://www.andrewollick.com/realestateblog
0 votes
Jose Enrique…, Agent, Miami, FL
Fri Sep 3, 2010
Agambitta,
If you want to make complain against the bank go here http://helpwithmybank.gov/index.html, in addition I will check with the Att. I'm assuming you are paying him, as well with the bank. Don't let this to rest.
Web Reference:  http://www.humasanre.com
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Fri Sep 3, 2010
These types of transactions are slow and unpredictable. Most lenders would rather approve a short sale than foreclose.

The attorney should keep you informed of the progress.... Obviously, there is a problem....
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Fri Sep 3, 2010
Agambitta,
If it were me, and I had not heard anything, I would pick up the phone and ask the negotiating atty. to give me an update on where exactly they and the bank are with your file.

That is just what I would do.

Debbie Albert, PA
Coldwell Banker Residential
Web Reference:  http://www.ronanddebbie.net
0 votes
Kathy Persha, , Clarkston, MI
Fri Sep 3, 2010
If you have not had any news in over 4 months, there is a problem with your attorney. Yes, banks are very very slow. However, your attorney should be giving you updates on what is happening with your file. Some attorneys take on so many files that they cannot handle all the work. Instead of turning down a file, they often leave it sit on their desk until you start calling them. I would call your attorney every week until he gives you some answers.
Web Reference:  http://kaperproperties.com/
0 votes
Don Kelbick, , Miami, FL
Fri Sep 3, 2010
As Ron said, the wait is not unusual. The sales I have been involved with, from the buyer's side, have averaged 6-8 months. I have come to believe that the biggest factor in the time it takes to hear on a short sale is the shear volume of requests that banks get and the amount of paper they have to go through to act. Most banks just do not have enough staff to handle it. The file goes to the bottom of the pile. When it gets to the top, it is dealt with, moved on and then goes to the bottom of the next pile. About 70% of short sales never get to the point to where they are approved, and then move to foreclosure. Of the 30% that get approved, 50% of those never close for various reasons. You did not say if you were a buyer or a seller. From the buyer side, there is little you can do to speed up the process. From the seller side, you have to find out what strategy your attorney is using. I work with a guy who has had great success in filing "show cause" actions and calls the bank into court to show why it has taken them so long to answer. It still comes down to the fact that some clerk or lower level bank official gets the file first and you have to get him to look for your file. Mostly, you just have to be a pest so they will deal with your file just to get rid of you.
Web Reference:  http://www.dkrealtor.com
0 votes
Miguel Soria, Agent, Miami, FL
Fri Sep 3, 2010
Welcome to the Jungle.

Write to the Federal Reserve and to the OCC and tell them that bailout money is working against the tax payers.
Let me know if you need the template letter and the address where to send them.
Miguel Soria
0 votes
Ron Carpenito, Agent, Andover, MA
Fri Sep 3, 2010
Complicated question. I have not done a short sale with this bank. Our experience is all banks are operating at different speeds. Your best bet I've found is to have regular contact with your bank contact, attorney, Realtor and anyone else who has a direct line to the proper people at the bank to keep a top of mind presence with the bank so your deal doesnt get lost in the shuffle. It is not uncommon for short sales to take months to complete.
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