Lost Mitigation and the Short Sale

Doing a short sale on the listing agent side is always tough. Seller's agent, buyer's agent and the lender always go though hell and back in order to make the transaction work. Here are some of my all time favorite things I said to the bank during the negotiation process. Although it is a grueling process, I have to have try to have fun. I find fun in being a smart ass. Here are some of the conversations I had with the lost mitigators.

Wamu

Wamu is one of the worst banks to deal with.

Patrick: So are you willing to release the lien so we can get this property sold?
Wamu: Yes, we would want $16,000 to release the lien.
Patrick: Ok, not a big deal, the first has agreed to it.
Wamu: Oh yeah, thats great, we also want your seller to give us $64,000 as a settlement, it is only 60% of the loan.
Patrick: Uh... you don't understand the situation... My client has to do a shortsale, he originally couldn't afford the payments, that is why he's in this mess.....
Wamu: Well, we're discounting him 40%
Patrick: Yeah... About that, due to my client's situation, he's so poor right now, he can't even afford to pay attention.... I'll have better odds of Jesus bringing me breakfast in bed that the seller coming up with the money....
Wamu: Well, we have to let it go to foreclosure.
Patrick: Again, I have better odds of having Jesus bringing me breakfast in bed...
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Result: Needless to say, the 2nd mortgage killed the transaction.

The banks are now asking for a settlement. This makes it hard for a shortsale to ever go through. NO seller in this situation could pay this anyways.

Good times were had by all.

It's sometimes like watching a bunch of retards humping a door knob.