A question for those who have worked on numerous short sales. I have only dealt with companies like SPS and ASC at this point, and not directly with a lender. So actually, two questions now…
What % of your short sales go through a servicing company instead of dealing directly with the lender?
With the loan servicing companies is it pretty standard thaty you will not hear from them for 30 business days from the time you submit your packet?
I deal with the lender 100% of the time for all of my deals. I have never utilized a servicing company nor would I even know how.
I’m confused as to how that’s possible? Now mind you, I’ve only gotten involved with 3 at this point, but each was handled by a servicing company, for example:’
Dealt with Select Portfolio Servicing, but the actual lender on the foreclosure paperwork from the Sherrif’s dept listed SPS on behalf of Lasalle National Bank. After :banghead with SPS for 2 months I attempted an end around to Lasalle, and none of the loan info or SS#'s could be referenced.
Just recently another with 2 loans, the primary of which is listed in the county online as having the foreclosure initated by Deutche Bank, but all of homeowner’s info is for America’s Servicing Co???
When you see Deutche Bank and other entities you are usually seeing the Trustee or custodian entity where the loan has been pooled into a Mortgage Backed Security (MBS). In ALL cases you need to deal with the company servicing the loan. They are the ones that will make the decision. There are no “end arounds” in this game.
swgprop,
Makes sense, can you go back and address the two questions at the start of this thread?