I have had an offer on this particular property since 5/22. Specialist assigned 6/1. No BPO done yet, neg has not made any notes in system since 6/23 and that was for a title search. I have been told the file would be escalated to management, team leads and supervisors since 7/18. Still nothing has changed. The file is technically with First Horizon, i was advised that it is really Met life now. I was told again today it will get sent to a supervisor since it is now 60 days from assigned. However i have heard this before. I need a high up contact, such as head of short sales, VP or CEO of Met Life or First Horizon. Can anyone please help?
Do you have the negotiators name? I am closing a MetLife short sale on Friday and I can tell you that I never received any communication from the negotiator until the approval letter came. Mine took right at 60 days from start to finish and I escalated twice- (once for BPO and again to receive approval letter). One trick I learned- calls are routed to Loss Mitigation departments in either Texas or California. If a California rep answers the phone, but your negotiator is in Texas no progress will be made. Escalation means nothing at that point!
Ask for the negotiator's name and ask if he is in California or Texas. Then when you call the short sale department, ask where the rep is located. If it's the wrong state, call back until someone in the same department as your negotiator answers. I would usually call over and over until my favorite person in loss mitigation answered and then he would hand deliver a message to my negotiator.
You can also try emailing the negotiator. Their format is [email protected] However, I emailed my negotiator for weeks and he just ignored me until he was ready to approve.
Also, documents expire after 60 days and they may not ask for updates. Have you resubmitted the borrowers financial documents since May? If not, you may have a cold file that no one's touching because they can't use expired docs.
I got extremely frustrated with the lack of communication but in the end, this was one of my easiest sales. No counter-offer, no HUD revisions - the approval letter just showed up one day!