Replies to This Discussion

Permalink Reply by Paul Francis - Vegas Short Sales on December 16, 2010 at 4:52pm

Hey Jeff,

 

Did not even realize you posted a message here with a question to me...

 

All I'm going to say right now is that LBPS wins for being the worst loan servicer in 2010 when it comes to short sales due to some seriously horrendous communication. They are certainly a throwback to 2008 and earlier.

 

I have no problem dealing with challenges... but when a servicer puts up walls so you can't even communicate... no return phone calls, won't put verbal offers in writing, etc, etc... you are part of the problem and not the solution in my book.

 

From here on out.. if the property is under $200K... I'll refer it to my competitors so they can spend all of their time with LBPS... LOL!

 

Jeff Bradshaw said:

hey Paul,

did you get the short sale closed with this company or at least an approval letter. I read in this thread about you doing shorts in 08. I came from California to Vegas in 08 to teach short sales. I did my first one in 1994 in California. This company(IBM) so far is by far the worst one I have had to deal with this year. IBM is like what short sales were 4 years ago when they started to come back. IBM is new to the game as of this year, so I understand a learning curve, but they seem to be learning as they are going like other lenders did some years ago rather then learn from what other lenders have already learned. Now, they just got another huge shipment of loans to them and they already could not handle what they had. Go to there web site and they are hiring for just about every position possible, that tells you something.

Permalink Reply by Aaron Signor on December 21, 2010 at 1:51pm

I've been a predominantly listing agent in OR and WA for 7 years and have completed over 2 dozen short sales.  Recent changes in servicing company attitudes are dismal at best.   Investors are realizing that it's quicker and more cost effective to foreclose.  The majority of the firsts are insured and they get paid either way short or foreclosure.  They have no incentive to spend time on short selling a home and if they're a private investor they have the right to tell anyone and everyone to pound sand.  My question is, why isn't Fannie Mae, Freddie Mac, HUD, the VA or any other guarantor of these notes working to help get the short sales done???  Our tax dollars are going to these agencies and they're unconcerned that they're foreclosing on thousands of homes that have legit offers on them and the service providers handling the short sale processes are, I hate to say, no hurry or worry to complete a short.   LBPS may/is an incompetent handler of transactions and under standard practices if a private investor wants to foreclose in the end, thats fine.  How do we get our FEDERAL. loan insurers to put competency requirements on the lenders/servicers handling these transactions?  All of the tax paying public has the right to expect good management of our money and currently main street is paying for the shafting and nobody is holding wall streets feet to the fire.

David Dupree said:

Wish I could report an awesome experience with LBPS after they acquired a Fannie Mae backed loan from Aurora in August. One which was a cash offer, no contingencies and in the final stages of counter offers with Aurora (Aurora's target net value and buyers offer net value less than $1000 difference), but I can't.

LBPS Timeline Highlights:

August 3 "Starting the process over" submitted same package Aurora had only update was the HUD-1; Aug 5 confirmed receipt of SS package; Aug 12 Trustee Sale date set for Oct 22; Aug 20th new BPO is completed; Aug31 Negotiator completed review of file and BPO, indicated that all looks good and he will be submitted SS to Fannie Mae for approval on Sept.1, told it could take 7-10 working to get a response; follow-up calls on Sept 7, 15 & 21 unable to talk to negotiator directly, no update to notes and Voicemail full; Sept 23 update to notes requests that I resubmit offer, proof of funds and updated HUD-1 as file is incomplete and missing these (all were in original submission pkg on August 3), items faxed that day; Sept 24 confirmed receipt of fax; Sept 27,28 & 29 follow up calls no new notes added to file still can get to negotiator though transferred to that department on all calls; Oct 1, note from negotiator buyer must raise offer $11,500 to meet appraised value of their BPO or file will not be submitted and foreclosure will move forward as scheduled (Note LBPS BPO is $10,000 higher than Aurora's from 2 month's earlier) ; Oct 2 - 12 attempt several principled negotiation strategies to bring both parties closer to an agreement which are unsuccessful; Oct. 12 listing agent contacts back-up buyers agent to see if their client interested, they submit offer that is within $5,000 of LBPS's target sale price and under$3,000 near target net value; Oct 20 LBPS indicates they will not request postponement to give time to review new offer; Oct 22 home reverts back to lender in Trustee Sale.

Notes:
I lost one very valuable month time wise in Sept being misled that this file had been submitted for approval when in fact it wasn't.
Best time to contact them is in the evening after 5 Pacific time.
In August they received over 90,000 new loans to process.
In October another 100,000.
With that number get ready fellow Short Sale agents, they are going to be a significant player in our future negotiations.

Their team is instructed not to leave a message if they call you.

This company is a behemoth. The investors they represent are tightening the processing delegations and becoming less willing to postpone or negotiate any price below their claimed BPO valuation figure. They appear to want to dictate, not negotiate.

Permalink Reply by Michelle Weadbrock on January 6, 2011 at 8:38am

HELP!!

 

I have been calling 866-570-5277 and I get thrown into some guy's voicemail who says he is out on extended travel.  He says to call....wait for it....866-570-5277 for help.

 

No matter what buttons I push I still end up in that guy's voicemail.

 

I sent over all the paperwork they asked for and it has been over a week.  Does anyone have a better number I can call to get to their loss mit department or the negotiators?

Thanks!

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