New Century and SPS

Anyone work with either of these two lenders recently? I’ve read a couple of postings from 2006 but was wondering if anyone has worked more recently and how they were. Thanks!!

New Century Filed BK so nothing is getting done right now do to BK protection laws they can’t and won’t show loss at this time. I currently have 23 files with them I need 25 so I can try to get a bulk deal (Maybe) SPS I have 11 files with them and they are going through.

New Century can’t do anything right now?? They are/were still sending short sale packages out. I just met with a client last night who has New Century for both mortgages. They are overmortgaged by almost 50K!

I heard New Century had filed for bankruptcy; so what exactly does this mean for the people who are getting ready to go into foreclosure with them? I have a client who is 4 months behind and New Century said that their “Board” had approve d FC and that he should be receiving a notice soon although as of yesterday the FC sale date had not been sent.

I spoke with New Century today and they are taking short sales. They require 5 items: purchase contract, listing agreement, proof of funds letter, HUD1 and hardship letter. They accept if via fax and it is assigned to a negotiator within 72 hours of receipt.

Yeah they got bought out so they are back and going… YEAH!

Do you know who bought them?

IRVINE, Calif.–(BUSINESS WIRE)–May 16, 2007–New Century Financial Corporation (OTC: NEWCQ) announced today that it conducted and concluded an auction at which Carrington Capital Management, LLC, and Carrington Mortgage Services, LLC (“Carrington”) submitted the highest bid and agreed to acquire New Century’s loan servicing platform for $188 million. The auction was conducted earlier today pursuant to procedures established by the Bankruptcy Court.

i found this

Thanks very much!

I can tell you that I tried working with SPS for over 2 months on a short sale THEY SUGGESTED to the homeowner. I followed their proceedures (be prepared for 21 business days of no communication after you submit your initial offer) and the end result was that they wanted 2K MORE than the principal balance on the mortgage which was almost the initial mortgage amount. Complete…waste…of time.

I wish you better luck. :banghead

YIKES! Yes, I saw the “wait 21 days and don’t call us statement in their letter.” I’ll give it my best shot and see what happens. The guy is vacating the property next week and not paying another penny on it. Thanks for your feedback!