Comment

Comment by joe beauchamp on May 8, 2013 at 10:13am

Jeanette, I can't help with a US bank number, I don't do those in my office. However, I think some adjustment might be useful. If you have been on this 18 mos, 3 buyers and haven't escalated once, I think you are expecting too much logic and ethics from a bank. They are driving trucks throw the holes you've left.

Foreclosure doesn't bother them, it makes them money, short sales lose them money - they are not your friends. They also do not project in your favor, partially because they shouldn't. What are the financials NOW, not in the possible future of all things possible.

Usually, knowing the investor is crucial. The bank is supposed to work for the investor and often imposes its own incorrect rules upon you. Going to the investor can often be your best step when you hit a servicer wall.  It seems that you are hoping for a phone number of some ethical nice person at US Bank. And this person exists, why? Unlikely.

Look at your situation from the eyes of someone who wants to kill the deal and requires effort to be pulled out of a myopic view of the situation and you could find things to help. For instance, do you know why they say there is too much cash flow? If the homeowners are paying on time, why should the bank want to stop that? Cash flow is wonderful. Don't look for compassion, look for tangible concrete information which supports your view. You say things will be worse in the future, so? The bank sees that as keep grabbing the money until then - it isn't now (again, I have to partially agree with them).

Comment by Jeanette Becker on May 8, 2013 at 6:37am

Sorry about the misspellings on my post. Having a difficult time on the virtual keyboard.  

Comment by Jeanette Becker on May 7, 2013 at 10:13pm

Please help me with escalation contact numbers for Us bank. I have a buyer for a short sale (number 3) and we have been working on this property for about 18 mos. The bank declined the short dale may 1. We have a full price offer and the bank said they had too much cash flow. They are separated, she lost her job when I started working with them, has had breast cancer, and her new job pays less than her previous job. His job will cease next year when his employer closed the business. They are not living together, so how can tjr bank say they have a positive cash flow. Regardless, they have given up because they have updated pay stubs, bank statements, and tax returns. The property has a good offer and if they foreclose, they will have a vacant property for 6- 13 mos after foreclosure. Please can someone give me a number to contact for Escalation. Thanks!

Comment by Tara Semtner on March 19, 2013 at 3:16pm

Terry- Interesting read!  My situation is worse...the original loan was for $284,800...they want $800 less than that for a FDIC calculated loss (by that formula)  of $800? Seller put down (cash) of 20% which makes this so sad.  No MI to deal with either.  There is a 2nd which is a HELOC  we had hoped to get full HAFA payment of 7500 for (they already agreed).

Our counter netted 84.2% of the original loan amount (I don't even want to hazard where we are at now with late fees, etc).

This seemed like it should be a slam dunk...conventional financing...buyer ready to close....verbal by 2nd for a payoff....lender's appraisal showing a lower amount but buyer agreeing to pay $5,000 more out of pocket.

I'm just scratching my head b/c I don't get it.  The response I am getting is they won't take less than the supposed FMV done by the BPO agent (who has only ever sold 3 properties) of $284,000.

 

Comment by Terry Reager on March 19, 2013 at 1:30pm

Tara-- I went through the same type of situation over a period of a year.  The homeowner finally threw in the towel and walked away.  I hate to say this, but I will think twice about ever doing an Indymac short sale again.  I've attached an article that will explain why this happens.  It's an eye-opener!

Why%20Indymac-Onewest%20Always%20Avoids%20Foreclosures.doc

Comment by Tara Semtner on March 18, 2013 at 3:48pm

Dear Superstars, I am out of ideas now so any help much appreciated.  I've had a short sale listing from May 2012.  3 buyers.  Indymac who transitioned to using ServiceLink in November and DeutscheBank is investor.  HELOC on it who has agreed to take HAFA payout.

3rd buyer offer comes in...BPO apparently expired on 2/1....BPO agent had been out there for new BPO....ServiceLink confirmed new value was uploaded and ServiceLink negotiator gives a counter price of $265,000 2/21.  All parties agree- get everything over next day.

 

Day after the counter expired on our end- we get a letter written by ServiceLink on IndyMac letterhead asking for $284,000 now.

 

Speak with ServiceLink.  They say it is all the investor. Unclear whether there really was a BPO change in price, as they countered at $265,000 once they said BPO was in and 3 weeks after agent was out there.  Negotiator had left before current offer, then replacement negotiator left again after a few weeks for leave- so it changed hands.

 

A few days later buyer's appraisal comes in (as it had been ordered when buyer thought we had close to a done deal).  It comes in at $260,000.

 

Buyer agrees to keep it at $265,000 to pay difference to keep this moving.

 

Only 3 neighborhood comps- all very strong.  Buyer's agent is in shock too.  ServiceLink said they would send appraisal along with dispute to investor.  I also faxed it to IndyMac and DeutscheBank.

 

ServiceLink comes back today and says nope- $284,000 is FMV and it is firm and HAFA short sale file will expire tomorrow if it is not accepted by then.  How can a bad agent BPO be stronger for FMV than the lender's appraisal and agent comps?? The agent who went out there is not an appraiser.

I don't know what else to do at this point.  It is very clear what the value is.  I can not remarket it because it will never appraise at that.  I can not shake they just want to take it by foreclosure or try for deed-in-lieu (not sure the seller is even willing to spend any more time for that at this point). 

 

We've had 3 offers in a year $245,000-$265,000.  An appraisal of $260,000.  How do you get to $284,000???

 

I don't know who to escalate to at this point- if there would even be any hope.  Advice appreciated.  Thanks.

 

Comment by katie on March 15, 2013 at 9:10am

hey can anyone try to give me some insight on situation? I am trying to purchase a short sale. I put a bid on the house in on nov. 6 2012. We had not heard anything from bank until this past tuesday (march 12) what we had heard from listing agent was that equator sent him message that stated " we have recieved all documents we need at this and that we will get an update within 5 days". From everyones expierence can anyone try an tell me where this puts me in the process, am I still along way from getting approval from offer? Am I super far away from closing? I am a first time home buyer so this wait has been hard but Im trying to be patient.... I only have till may 1 left on my rental home, should I start biding on other homes? I know that with short sales its hard to tell exactly whats going on, but any professional input would help at this point.... My loan has been approved and ready to go since end of Dec 2012.  Please help!!!

Comment by Jeanette Becker on February 21, 2013 at 11:23am

Kevin,  Our ATP was issued on Nov 29, 2012.  We had the offer already at that point and on Dec 29 (approx) we got the welcome to the FHA step in the process.  What is the status at this point on the clock? The property is still on the market and we have not had any other interest.

Comment by Jeanette Becker on February 21, 2013 at 11:09am

Kevin,  I did not know when the tiered net proceeds was the clock began.  I know we sent financial documents of the seller for month after month prior to that.  I will check on that.  I think it was in November.

Tori,  I will try doing that.   Thanks to both Kevin and Tori!

Comment by Tori Lee on February 20, 2013 at 10:01pm

I usually have pretty good success with B of A but I had a couple last year that no matter what I did nothing worked.  With FHA it was worse since we couldn't use equator to prove all of my requests or responses.  On both of these I emailed the president and even though the FHA one still dragged on I was able to finally get it closed.  It never would have happend without doing that. Try emailing the President and cc the negotiator and her manager.  It was amazing how much faster the response was after I did that.

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