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Old Republic Insurance NOT Cooperating in HAFA

July 30, 2010

I have the pleasure of working with a BofA first and second on a short sale. I know! Scary enough to deal with BofA. But wait, there is more.

Apparently Old Republic Insured the second and BofA redeemed the insurance thereby assigning the second lien to Old Republic. [ I’ve actually had conflicting stories on this – it seems to be another one of BofA’s collection arms.] Now I have this wonderful Blair Townsend | Short Sale Specialist girl telling me that I make too much money and they want to dictate the terms of the short sale on a property where the first is owed more than the sale price.

Remember the good old days when lenders knew their underlying security was worthless and they happily signed off for $2500?

To top that off – we have the trustee sale looming just a few days away. So now, instead of the banks mucking up the works, the insurers are.

Here are two things that don’t make sense to me:

1) If Old Republic Title wants to stay in business it needs to have a different name than the same company that treats Realtors like dirt.

2)If you are going to be in the insurance business you have to expect losses. If I wrecked my car and the insurance company totalled it. It’s not the salvage yard’s fault that wrecked steel is only going for .10 cents a ton and they’d just laugh at you if you expected them to kick in their profit because your insurance business isn’t going so well.

The banks want us to do short sales because it makes them more money. Otherwise these properties just go to foreclosure and they have to spend the time and money to fix, market and sell the property. They shuck and jive saying they are now the kinder gentler bank. Legislation is even passed so Realtors WILL DO short sales – since so many jumped out after working 10x harder on a real sale only to get a partial commission and not even a parting “thank you”.

If I had to do it all over again would I put myself through 6 months of paperpushing and negotiating only to be ripped off by Old Republic in the end?

Ultimately, I do what I do for my client.

I think most realtors do it for the client.

Which is why so many realtors have gone through their SEP IRAs and are on the verge of losing their own homes.

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