San Jose Short Sales: When Best Efforts Fall Short

I have been working San Jose Short Sales for over two years.  There is one component that all short sales have in common.  The common link to all short sales is the short sale fingerprint. No two short sales are alike – all short sales have a unique fingerprint.

Despite the best efforts of San Jose homeowners and their certified San Jose Short Sale Specialist, unpredictable and unforeseen events occur that are virtually out of our control.

American Home Mortgage Servicing, Inc. (AHMSI) claims to have: “A higher level of mortgage services. A higher level of customer satisfaction.”

AHMSI certainly has not provided any level of customer service to my San Jose homeowners who have fully cooperated with the short sale process from the moment they contacted me to discuss a short sale.

• After waiting months to get a response on the first offer submitted, AHMSI presented a counter offer $70,000 higher than the fair market value offer.
• The buyers released contract.
• Within ten days we submitted another offer slightly higher than the first offer.
• AHMSI countered that offer $15,000 higher than the first counter offer … resulting in a counter offer $85,000 higher than fair market value.
• Buyers submitted a counter offer back to AHMSI. We were told week over week the file was with the negotiator and under review.
• On 9-15-2010 AHMSI negotiator advised us “this loan is being service released to another servicer on 10/1. Here is the contact info for: RCSI at 800-737-1192. You can work with them on the offer presented. Thanks.”
• We responded: “What if we can close before then? We are knee deep in this and 10/1 is weeks away! Please help.”
• AHMSI negotiator’s response: “Sorry, you would have to secure an approval from the new servicer effective 10/1.”
• Second buyer released contract saying: “My clients have been closely watching the market over the last few weeks and it now seems there are so many better opportunities for price.  We have submitted an offer on a larger home, 4 bedrooms, a regular sale, preferred location and will need less work. We are terribly sorry the bank has been difficult in negotiations and wish the home owners the best of luck.”
• On 9-21-2010 – 6 days after we received notice that the loan is being service released AHMSI posted a Notice of Trustee Sale on my clients’ door.
• Date of Trustee Sale is October 12, 2010.

Has AHMSI acted in Good Faith?  The concept of “good faith” is important in law, especially equitable matters.

Has AMMSI acted in Bad Faith?

I am not an attorney, judge or licensed to make a good faith or bad faith determination.

I am a licensed California Real Estate Broker and Certified Short Sale Specialist who has worked tirelessly on the AHMSI short sale for nearly six months. My clients have fully cooperated with the short sale process and have done all the right things to avoid foreclosure.

It is my professional opinion and the sentiments of my clients that AHMSI

OUCH - That hurts!

the San Jose Short Sale homeowners who may now likely experience a foreclosure despite their efforts and the efforts of a team of professionals who worked tirelessly week over week for nearly six months to help the homeowners avoid foreclosure.

Even the top professionals in the industry cannot guarantee results when the lender or servicer does what AHMSI did to my San Jose Short Sale clients. We are definitely not giving up. We will now take other steps to get the trustee sale postponed.

If you, or someone you know are having difficulty making your mortgage payment(s) and don’t know what to do, visit San Jose Short Sale Specialist and schedule a free, no-obligation consultation or call 1-800-972-1822 today!

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Copyright © 2010, All Rights Reserved by Kathleen Daniels, Certified Distressed Property Expert, Certified HAFA Specialist, RDCPro *San Jose Short Sales: When Best Efforts Fall Short*