What do I do now???

[Keith]

Warren:

The best way to collect payment is to simply get the D.A. to file criminal charges against the home owner. I'm not sure this avenue will work, but is worth a try. You will have these folks begging to make the check good.

Has anyone done this :?:

PS Les Brant-- I think that law is only good for mortagae brokers and bankers. For mortgage brokers, simply file a complaint with the state banking commission. One letter equals a check in the mail within ten days. Small claims takes money ($50) here, time and in the end you may never get paid a dime-- even if you win.

 

[Ruth Langkawel]

The first thing that I do is call the client (they may pay to save their deal - of course there is now added processing charges and bank fee reimbursement), then I file an Affadavit of Interest against the property, and notify the title office that the client uses (or all in the area if I don't know) that there is an impending lien. I do not state what the interest is, just that there is one. They cannot close a transaction on that property without settling with me - and there is a stiff penalty added for stiffing me, and collection costs, including my time and travel at $50 per hour.

I've never been called on this, but there could be a time when someone complains about this tactic. Because I would then be the defendant, I would demand a jury trial, and I don't believe that a jury would assist the deadbeat in stiffing me. I believe that I do have an impending interest on the property due to the likelihood of obtaining a judgement for payment of my fee, which is a recordable lien against all of the assets of the deadbeat.

Then, the District or Prosecuting Attorney (whatever they're called in you neck of the woods) is the fastest and cheapest avenue. I've only done this in one case, and it was great.

Be ready to be put off and receive some BS from an underling in the prosecutors office. (Mine didn't. They have a reputation for prosecuting bad checks routinely as criminal offenses.) If they do give you "we don't have all of the zzz's and the xxxx's to prove they intended to defraud you", tell them that you will be referring it to your state representatives office to see what they think of the prosecutor's deriliction of duty to protct their constituents. They just might discover the zzz's, or decide to take the risk.

I got burned this week too! I have no idea why, but the jerks stopped payment, and it was not a local bank. I had deposited it into my account.
I guess I'll be finding out how Mason County prosecutor's view the issue.

 

[Tom Hildebrandt]

Warren

Call your client before you take any action. I doubt you will need legal action if you have a reasonable discussion with the actual client. Since the client appears to be reasonable, they will probably agree to intervene. Just make sure they understand the NC law about them being liable for payment.

Regarding meeting with the homeowner, ask the client to ask the owner to put his objections in writing. Waht the homeowner wants is a free opportunity to vent, so up the ante by requiring them to put in some effort.

In any event, the lender is the one on the hook in North Carolina. They must pay under the new law.

Regards

Tom Hildebrandt GAA

 

[airphoto]

All,

Check your local laws, but in NY a small claims judgement can be executed to preclude renewal of driver's licenses, vehicle licenses and can be liened against real property .. I have one open at the moment, that I've never bothered to continue. Was for $200 plus costs .. fella sent the $200 to motor vehicle, who forwarded it to me. I never provided a release of lien! Motor vehicle refused to renew the fella's inspection station license, junkyard license and repair station license. He's Loooooong Gone! :twisted:

 

[MARKETVALUE]

Warren,

If the check doesnt clear, my advice is chalk it up as a $300 lesson. You can make double that appraising in 1/4th time it would take you to go after this guy. Make a couple of annoying phone calls to the homeowner just to remind him that he doesnt love jesus and he is the scum of the earth, and that if he doesnt pay then you will come after him in court. Then effective tommorow no longer accept personal checks, cite "company policy". It has worked for us, cash, Money orders or Credit Cards only.

Back door method, make sure LO takes care of you at closing if the HO goes through with it and the check is still bad.

BTW---Its against the law to A) write a check for funds you know are not avaialble at the time you make the check out and B) it would be a fun world if we could just stop payments when we felt remorse or got pissed off, but you cant and he cant and the judge should (notice i said should) at least acknowledge you received payment for service and the homeowner was under no adverse influence from you specifically at the time he made payment----



and remeber to tell the HO "I dont make the value, I just tell you what it is", that seems to always go over well, and then tell him his taste in furniture and wives is as horrid as his valuation formulation skills.......................hope you feel better.

MRM

 

[Pat Butler]

Was the lender your client? If so, weren't they liable for your payment? I realize they may have been trying to simplify things by having you receive payment from the homeowner. But when the homeowner's payment is no longer good then I'd go after the 'dream' client of yours.

Pat

 

[Rick Neighbors]

Amen to what Pat said!! Lender is the client, they are the only one to talk to.

 

[wade3333]

Warren, just took a 14 hour CE course. It is my understanding that you cannot discuss the appraisal with anyone but your client who is the loan officer. Even if the man pays you cash at the door, where you enter the lender on the appraisal form is the client. Does not sound right to me, but this is what I understand. In Ga., they say I can put a labor lean on the house, or go to small claims court. which is very efficient in GA. Good luck Wade

 

[Warren Sumner]

And I just got paid. Whew, thankfully I don't have to take this downtown now.

The LO, like many of them, isn't too experienced w/appraisals and doesn't know how to address the borrower's questions.

My understanding, (and if this is incorrect I hope some of you "longer in the tooth appraisers" (HA!) will let me know!) is that you are allowed to speak with the borrowers IF AND ONLY IF you have the expressed written permission of your client. (Which I have)

I have been paid by these people who have questions about my report. I want to allay those fears and resolve their questions if I possibly can. And hey, I'm not perfect, so if there ARE any typos or inaccuracies, as a professional, I'd like an opportunity to fix those. We're all human and as careful as we are, we all make mistakes.

Will my discussion make them happy??? Well...no. But, at least I've clarified my positions to them. If they're unreasonable and still demand on a higher value, I'll just give them to one of my number-hitter competitors. (I'll just make a deal w/ the client for a desk review on the next appraisal!!!) :twisted:

 

[Pamela Crowley (Florida)]

Good for you, Warren! And, congratulations on getting paid.

Stories like yours help keep me going. Yes, with the permission of the client, you can discuss the appraisal. I've done this a few times and sometimes they become realistic and sometimes not. So be it.

You done good!