Reaching out to see if anyone has had experience with this servicer. They acquired loans from U S Bank in January and are trying to go through a whole home retention review even though U S Bank did one and already approved the borrower for a short sale workout. They even sent the offer directly to the new investor, Truman Capital who forwarded it to Fay Servicing. Now they are declining the short sale workout by stating the new investor won't allow the short sale as there is a pending foreclosure sale
I have spoken to a VP and directly to the investor no one is giving me a straight answer FAY says investor won't do short sale no matter when the FC sale is . Then investor tells me that the reason was that the offer is too low. offer is $375,000, (their BPO came in at $381,000!)
Strange. Haven't heard of Fay having similiar guidelines to Caliber to denying short sales no matter what. The VP stated that Fay has a no short sale policy or that on this account the investor wont' do a short sale no matter what? Tough to know what's really going on from the outside as it appears you are getting conflicting info.