Does any one have experience dealing with Guild Mortgage?
I have a short sale package that was submitted to Guild Mortgage since April. Initially my interaction was very positive with Guild. I got confirmation that the ss sale package was complete and that it would take approximately 2 to 3 months before I would have approval. I was also told that they don't do BPO but rely on electronic appraisals. I continued to call every week for status and everyone I spoke to was always pleasnt, however, never insighful, At 3 months I was told that Guild would need more detail information on the seller's hardship and updated bank statements. Within 24 hours I was able to submit the requested documentation and was told that it would take another 3 weeks before the negotiator would be able to look at the file. At week 3 there was no new news. Yesterday marked week 4 and since submitting the documentation and when I called at 4:40 p.m. to get a status I was told that they were getting ready to close down for the day and to call back today. WTF??? I thought when you work to 5 you work to 5! In the last month Guild has gone out to the property a couple of times to confirm that the seller still lives in the property but I haven't gotten any further with them. Has anyone sucessfully closed a ss with Guild? I would appreciate any feedback or experience with this lender.
Replies to This Discussion
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Permalink Reply by Susan Pierce on
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Saga continues...I finally got a hold of someone at Guild last Friday and when I asked for status they told me they haven't done anything further with the file because the suspect the seller has abondoned the property and that her loan required it to be "owner occupied". I explained that the propety has not been abondoned and that the seller was still living there. They made note of that for their file and said to call back this week.
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I tracked down a senior vp at Guild sending himn an email about my experience and frustration with the Short Sale Department and within 24 hours the negotiator called and emailed with status! An appraisal has been completed and we are waiting to hear back about value. I am now feeling like the process is starting to move a little bit. I attribute the sudden activity from sending the email to the senior vp.
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In case anyone is following this blog, and to help anyone in the future with a Guild short sale, here's more information: appraisal (full appraisal) came back at purchase price. Now at month 4 and we are waiting for investor approval. Hopefully by month 5 we will be ready to close and original buyer is still committed.
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Permalink Reply by Bryant Tutas on
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HI Susan. We actually don't have a group for this particular lender. Can you open one? Just add a group for guild, add the contact info and nay other helpful info yo have and I'll approve the group. It'd be appreciated. Thanks
Susan Pierce said:In case anyone is following this blog, and to help anyone in the future with a Guild short sale, here's more information: appraisal (full appraisal) came back at purchase price. Now at month 4 and we are waiting for investor approval. Hopefully by month 5 we will be ready to close and original buyer is still committed.
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Permalink Reply by Steve Anderson on
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Hello susan. Could you please help I am currently in a short sale process with guild. They recently denied my short sale because they said " I did not participate in the program for the past 6 months" when my house has been on the market for that time. Would you happen to have the name of the senior VP that you could pass on to me. Any help would be appreciated. Thanks
Susan Pierce said:I tracked down a senior vp at Guild sending himn an email about my experience and frustration with the Short Sale Department and within 24 hours the negotiator called and emailed with status! An appraisal has been completed and we are waiting to hear back about value. I am now feeling like the process is starting to move a little bit. I attribute the sudden activity from sending the email to the senior vp.
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I am a customer of Guild and my short sale is being denied because they want me to sign a promissory note I cannot afford to pay. Does anyone have someone to contact to for help getting a short sale approved?
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I am finding that it is becoming more common for the MI companies or the investors wanting the sellers to sign a promissory notes, and not necessarily the banks. Try to negotiate to get them to eliminate the promissory note or get the amount reduced. If you can't eliminatate the promissory note you might be able to negotiate a small monthly payment, interest free for 10 to 30 years. You also might want to talk to an attorney and see if there are any other alternatives with getting the promissary note discharged.
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Permalink Reply by Jacqueline Walker on
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I just had a short sale with Guild denied because the seller no longer lives in the home...they had to move out of state for employment reasons. I want to escalate the file, can you pls give me the name and email address of the VP noted above?
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