Anyone ever deal with LCS Financial Services?
WE have hit a brick wall with LCS Financial, they are a debt collector. Anyone ever deal with them?
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Yes, I have Jeff.... What kind of issue are you having? I did get an approval from them, but it was about a year ago, so I don't remember much, I could look it up.
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Jeff, Sorry I goofed. I haved worked with LCS and they were a total nightmare!!
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Permalink Reply by Jeff Payne on
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They are some of the most arrogant people I have ever dealt with...... Chase hired them to collect the debt. Chase had agreed to accept $3000 for the short sale but the first took too long to approve. They gave the file to LCS to collect for the second mortgage and LCS says they need $10,000 to release. We were able to contact the Chase Legal Department and they took the file away from LCS and will approve the short sale :) All is good, LCS stinks!
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LCS was horrible. They wanted 45,000 on a junior for OCWEN. They would not budge. End of story. Glad yours worked out.
Jeff Payne said:They are some of the most arrogant people I have ever dealt with...... Chase hired them to collect the debt. Chase had agreed to accept $3000 for the short sale but the first took too long to approve. They gave the file to LCS to collect for the second mortgage and LCS says they need $10,000 to release. We were able to contact the Chase Legal Department and they took the file away from LCS and will approve the short sale :) All is good, LCS stinks!
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Permalink Reply by Elizabeth Monje on
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Q: Hey guys a have a similar situation with Dyke O'neal second loan was charged off by Litton Loan, 1st was with CW now BAC has it, been negotiating with BAC for several months they want more money than its actually worth, I have sent prove, pictures, estimates you name it, so I decided to raise the price. I may have a buyer and I just sent the authorization to Dyke O'neal I know BAC will pay between 1000 to 3,000 at the most. The second lien balance is about 40K.....anone has had experience with these collection attorneys. any tips?
Liz
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Permalink Reply by Mayra Espinosa CDPE, HAFA, SFR on
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Hello Jeff,
I have worked with LCS; they are like collection agencies. I had a short sale with Select Portfolio Servicing (first Lien and Ocwen second) first I started the short sale with Ocwen. A couple of months later Ocwen sent the file to LCS, very difficult people to work with. They requested 10% of the note, the buyer's agent and I had to give 1% of our commission and the buyers brought the remaining at the close of escrow. SPS agreed as long as the money did not come out of their proceeds. That short sale was a complete nightmare, after dealing with LCS and give then what they wanted, two other liens came up. The buyers were at the escrow office ready to close when the escrow office told them that we could not close because of the two liens. The two liens holders were lawyers. Desperately I called both lenders to let them know what had happening and ask for an extension. LCS was willing to give us an extension if we give them another $5,000 plus late charges. I called the two attorneys and offer them half of the lien amount, if they were able to remove the liens so we could close escrow. I told them that the property will go into foreclosure and they will get zero if they did not take what I was offering them. Buyers' agent and I gave them $6,500. The good news is that we were able closed the short sale the same day. Now I am dealing with Green tree same situation. Good luck Jeff!
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Permalink Reply by Wanda martinez on
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Hello guys,
Also by the way since LCS is so arrogant and they used tactics that are less than professional or legal towards the Realtor (third party, us ) you might want to open an investigation thru the BBB and follow thru because this company will have to correct their techniques soon.
Wanda
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Permalink Reply by Joann Torvik on
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For the past 6 months I have been dealing with LCS, they really do not understand the short sale process.
Strictly bill collectors, and do not have qualified staff as far as I am concerned.
I had informed them repeatedly that we had to have an approval letter no later than the 16th of Sept, 2010. I had to have an IRS lien removed, requiring an approval letter from the 1st and 2nd mortgage companies. The first mortgage's approval letter was good until 9/27/2010.
I got that approval letter today, with a closing date of Oct. 15, 2010. The last day of redemption is Sept. 30, 2010, I also had said this repeatedly. I don't understand what part of my communication LCS didn't understand, but obviously, they didn't understand any of it. They lost the file many times, said they needed it again at least 3 times.
They could have had over 10% up front, and still retained a right to go after the seller for the balance. How LCS thought we could close boggles my mind.
I have tried to find an email address for the owner of the company so I could let him know that he needs to train his staff better, but to no avail.
Wells Fargo was LCS client, and they are just as much of a nightmare as LCS. It is the last time I will play their silly games, these people think they are going to make money on what they collect, but if you don't understand that zero is nothing, they will starve to death. Thank the good Lord they don't sell real estate, we would all be in trouble.
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Permalink Reply by Theresa Kelly on
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LCS Financial is blocking our sale now. Buyer flew in from Canada for closing on Friday, but to no avail. This was to be a HAFA SS, LCS said they would not accept the 6% of mortgage balance they are entitled to through HAFA, as "they do not have to follow the HAFA guidelines". They did agree to the $3000 verbally but would not issue approval letter until they get first's approval.
I got the Seller to waive their rights to HAFA to accomodate LCS's request. The day of the closing, a new Negotiator (attempting to be politially and bibacally correct, I want to call him something different) called and said they want they entire balance due and cut my commission to 4%.
Big mistake for me trusting, but I was in the middle. First, Litton Loan, wouldn't send their approval until they saw LCS's approval. LCS said they had to see first's aproval to issue theirs. I finally got Litton Loan to send approval day before closing.
During this call, this Negotiator said on the speaker phone in front of the closing company, "I will harrass the HE.. out of your clients until they pay or until they die!"
I am doing some QUICK research, if anyone knows any of my answers, PLEASE HELP. Does LCS not have to following the HAFA Guidelines or government stimuleous guidelines? Do they truly have the right for debt collection if the file is foreclosed on? (In Florida the second lien usually dies at the foreclosure sale).
Today, I did make contact with EMC who sold the debt to them. They sounded somewhat receptive asking me to resend ALL updated docs to them. I am calling for the Legal Department in AM.
This Buyer has given us until Wednesday at 5pm to close or he is calling Attorney Genernal, Today Show, Finance Commissioner, etc. He is also threatening to sue all Realtors, his and my firm.
LCS Financial can not do this! My Seller is going to the steps in 17 days. Crazy!
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