Re: Better effort, better result - Posted by Stacy (AZ)
Posted by Stacy (AZ) on December 21, 1999 at 17:31:24:
Yes, I got in a hurry and understated the facts. After my phone calls to the lenders, I sensed that there was some degree of interest in what I was doing. So, once I found the decision makers, I sent a professional proposal to the two lenders, complete with a cover letter, pictures of the property, a detailed estimate of repair expenses, comps, a hardship letter fom the owners in default, their last three months of bank statements, last two tax returns, a copy of my signed purchase agreement, and a financial analysis showing why my proposal made sense (which it did).
One of the lenders considered it, and finally rejected it. The other one rejected it outright. I later found out that the second lender has a policy to hold onto defaulted loans and pursue them through judgements.
I made a few phone calls on another second last week, only to find that the bank does not sell it’s second mortgages. Therefore, a few phone calls was all it took to find out.
I know you are in the business of selling your short sale proposal services, and I have no doubt you could do a much better job than I. However, I did learn quite a bit, and I think I’ll be successful at it eventually. It’s definately something I’ll try every chance I get, and get better at it as I go.