Good Afternoon Everyone,
I'm getting ready to take the jump into short sales and as usual I've been told "lenders won't work with you", "it's too hard to get in touch with them" and blah blah blah..... basically the usual dream-killing stuff. I'm not falling for it, but I am wondering what sort of numbers to expect when dealing with the lenders. Is it just HIT & MISS, 1 in 10, or will most lenders actually try and hear you out before telling you NO? ANY EXAMPLES FROM THE REAL WORLD OUT THERE? ???
Here, check out my latest Pain in the butt deal: http://www.chateaumanagement.com/FREE_SS_Assistance_by_Matt_1979/viewtopic.php?t=53
Yes, lenders can be a pain in the butt. I have had times where it took me 3 days to get to the right person in the bank and other times its the first person I talk to. It reall depends on the bank. Rule of thumb, the larger the bank the more problems you’ll have.
Ya it depends on the bank. I’ve had banks that are really to work with and when I send in the authorization, two days later I can speak to them about the HO’s account. Others, like the one I had last week. It took me 3 weeks to have them put me in the system. And not only that, I had to fax it over three times! So it all depends.
baldguy, that must have been wellsfargo
Actually it was Wilshire.
To add to that, it took Wilshire two full weeks to have them fax me the full payoff amount. >:(
I thought I was the only one having problems with lenders.
I contacted countrywide to request SS packet. 2 days later, this woman faxed me 26 blank pages. called her next day, she faxes another set of blank papers, then 30 minutes later she faxes me what appears to be a SS packet.
I review paperwork, and it’s talking about FHA loan and a request to do a VA appraisal, etc…
I call back, and I get a different person. This person says, I was sent the wrong packet because it’s a conventional loan. I asked for the right SS packet. this lady tells me that property needs to be in the market first. I ask why? She says they need to know if they get a higher offer, so she refused to send me a SS packet. I tell the lady that the trustee sale is approaching. She puts me on hold for 5 minutes and tells me there is no sale date. And I tell her, it does it matter, we know it’s 111 days from NOD filing.
It just gets frustrating sometimes.
I’m thinking maybe the job of the mit rep is to discourage SS??
which doesn’t make sense, the way the market is right now (buyer’s market)
It depends on the rep at countrywide. I have submitted a few packages for different properties.
Two of the latest. One needs 3k in repairs. And Countrywide accepted a 40k discount. Property actual value 130. Loan 115k. Accepted 75k.
The other property needs 40k in repairs. Valued 90k. Loan for 90k. Wants 90k.
The mitigators are the ones that make or break the deals.