Escalation contact at ING ???

Does anyone have an escalation contact at ING ?

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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 28, 2012 at 10:37am

I guess the good news if there is any - Capital One bought ING.  I got help by e-mailing the CEO of Capital One.  By their own admission, they don't know how to handle Short Sales and have only 6 people in that entire department.  The reason they use ULS / Placer Title is because they do all the steps for an REO so they have it ready-to-go.  The onyl way they will postpone a Trustee Sale is if the Buyer deposits 5% of the purchase price into ING's escrow (ULS / Placer) and the Buyer provides a "NO-CONDITIONS" Loan Approval - a pre-approval is not good enough. They make it way too difficult to work with them and then, they cut the commission to boot!

Permalink Reply by Elaine Cooper on May 28, 2012 at 3:07pm

I got my sale date postponed until they did an appraisal and review.  They approved my offer - but don't have the terms of the approval in writing yet.  Placer title contacted me for info and gave me an escrow # - just waiting for official approval/terms in writing from ING.  Yes they cut commision. No NHD, and no other fee's on the HUD. I've been told by some they pay 10% of 2nd - but I'm hearing different from ING - I will find out as soon as get the official approval.

 

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 29, 2012 at 3:51am

Elaine -

ING will pay no more than 5% of UPB to the 2nd.  They will also want a copy of the approval from the 2nd before issuing ING's approval. Anything over that will have to come from the BUYER and will have to be approved by ING.

Also, make sure you have all conversations via e-mail with ING.  If you talk to them on the phone, follow it up in writing to confirm what they have told you.

I initially submitted this short sale to ING in November 2011 and it closed in mid-May 2012.

Permalink Reply by Jim Schneider on May 29, 2012 at 4:22am

was it very difficult to get the second to agree first? I've had many 2nd mortgages who are adamant on getting the first's approval. Please explain more on this process.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 29, 2012 at 4:26am

The 2nd on mine was with Citi - they issued a letter stating they would not accept less than X% (which was more than what ING would pay). The difference which was less than $500 was paid by the Buyer - but - ING was not cooperative about allowing it until I contacted the CEO of Capital One (owner of ING) and got some help.

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