Does anyone know of a direct contact in LM to speak with to possibly expedite a SS that is scheduled to close on 6/15/07. The 1st lien holder has approved and is playing the waiting game… now the 2nd lien holder is (i guess doing typical bank business) stalling with the approval… the 2nd lien holder is American Servicing Co and they are the worst! They pestered the seller to get Homecomings (1st lien holder) to approve the SS so they can start reviewing and now they are like “it takes 30 days to review”- 30 days have passed and now they are saying “oh it takes 45 days to review”. The response to back up the inconsistent info was “some reps are afraid to say 45 days but I’m not”… at any rate another rep noted that it is still possible to close the deal by 6/15/2007??? if the seller can speak with the right person… so I beg - can anyone help out here… by the way I am a friend of the seller’s agent.
Explain to the first that the second is playing hard ball and that you are going to have to ignore them until the auction date unless they come back with an acceptance earlier. The more you call them, the more they will think that you are going to up your offer. Explain to them that your offer is final and that you don’t give a damn if it goes to auction. Then ignore them.
They stand to lose everything. Trust me, if they care, they’ll break. If they don’t care then there isn’t crap you can do anyway.
This does not answer your question but working with ASC was lousy for me. If I had a nickle over a 4 month period every time they told me"30-45 days", I would have at least a dollar. They said this almost right up to the auction date. Never ordered a BPO, never shutoff the burst water pipes etc. They could care less about what happened to that property. Or at least it seemed that way. I never got to speak to anyone beyond a very low level LM manager. To top things off they then tell me, “we have no record of your short sale submission”. With 29 days to go I resubmitted the info and in 2 weeks called to check on the status. They tell me the offer was rejected 2 days ago but if I wanted to I could submit another. I did and then never called back.
I think wheelemas’- suggestion is good. Give them the best offer you can or what the 1st will allow. If they say no it is not much you can do after that. I’m in a situation like this now.
How much time before the auction?
Everything that has been said about ASC is true. They are the most incompetent loss mitigation company that I have ever dealt with. I had to hold their hands through the process as they lost virtually every piece of paperwork that I had given them. I really believe that monkeys could run a better operation than the staff they have now.
You need to be very persistent with them. I found the most effective way to communicate was through fax. Eventually they put a loan adjuster on the file, and we corresponded through email. Service got a little better. Dont buy that 30-45 day bs. I was told that countless times. They ended up delaying the foreclosure 4 times! Although, it took me 6 months, I did complete the short sale and made 12k. This was my first short sale. You can get the deal done if you are persistent.
Some contact numbers I have in my phone for the loss mit dept.
Unfortunately we lost the buyer 6/22/2007. The 1st lien holder said they would start the sale process since the 2nd did not approve - If we get another buyer it would take another 3 months b/c that’s how long it took this one to get to the final wire and still a no-go. Their negotiators are liars and those call ctr reps are attitudish!! Soundling like they come to work straight from the club and go to happy hour right after work! But anyway just venting there… We have called every number given and faxed in any document imaginable… we eventually started communicating thru fax and boy did that hurt us… those imcompetents were like “the 30-45 day mark starts from the last document that was sent in”… I almost fainted. H#ll, I did black out for a minute! Well, all we can say is we tried…
They are attitudish! I was talking to one rep for about five minutes and he kept trying to tell me that I did not have enough time to complete a shortsale as I was like three weeks out from sale date(this was after I had delayed the sale 3 times). As I was hanging up, he muttered in to the phone, “stupid”.
Haha, its silly to have something like that piss you off, but it did. I was as determined as ever to close that ss. I ended up getting the shortsale approved, and got it into contract at less than 70% of market value. As I said before it was my first ss and I made 12k off of those bastards. But, there are plenty more deals if this one doesent go through or no longer worth dealing with.
if you guys only knew how this hurt us… and we were not even looking for a pay out… the only people getting a check were the real estate agents… the buyer was not an investor - I guess the term would be a real buyer. Well that’s the way the term Homecomings used when they denied the first 4 offers. The LM said they would rather not deal with investors but real buyers. So we went out a begged “real buyers” to look at the prop and evenetually got one in… I am just rambling as the tears fall but anyany we need any advise or help to stop this prop from going into foreclosure!
Please help anyone!!!