2nd Lien is with CCO Mortgage and has been "written off"
Does anyone have any experience working with the collections department at CCO Mortgage?
I have been working on a short sale HAFA approval for 8 months with Bank of America as the 1st and CCO Mortgage as the 2nd lien holder. CCO originally gave an approval for the short sale back in October but it expired because Bank of America had not issued their approval. During that time CCO told us that it would not be a problem to update the approval, just to call them as soon as we got approval on the 1st. I finally got tentative approval on the 1st, and as instructed by CCO's Loss Mitigation Department, I submitted updated financials. Unbeknown to me or the seller, almost immediately after the approval expired, CCO wrote off the balance of the 2nd and sent it to its collection department. Through all my conversations with the Loss Mitigation Department during this time there was no mention that this was a collection matter. It wasn't until I received a voicemail message last week that I learned my new point of contact is a Mr. Short in the Recovery Department. When I called Mr. Short he yelled "I have been waiting for your call since last October!" As I explained to Mr. Short the history of the short sale he told me that the HAFA guidelines no longer applied because the loan was in "collections" and he will not accept any amount less than 10%, no exceptions! Tried to negotiate further with him and he hung up on me. Called back to ask for his supervisor he told me he does not report to anyone at CCO and he was the only one that could handle the file.
Does anyone have any ideas?Replies to This Discussion
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Permalink Reply by Julie Cendejas on
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OMG - I'm having the SAME issue RIGHT NOW - just came on here to find out more info on CCO. Mine is in recovery too - I have MetLife agreeing to give them 5K - when they actually only wanted 3K!!!! So of course he will take it but he keeps telling me they only give out ONE letter that is good for 30 days - and no more. He has told me this at least 10 times. I tried to get MetLife to give me their approval based on the verbal that they would accept the 5K and she won't - I need the letter.
So - do I get the letter - that he will give me but keeps telling me that it's only good for 30 days - and try like heck to get the approval letter from Met Life asap AND close in the 30 days clock ticking - or do I continue to fight with this John Short man.
I called and tried to go higher up and was told his manager retired and there is no replacement yet - and he is who I need to talk to. The person I spoke to told me to give him time to calm down and try again. (!?!?!) Like I told her - if it goes over a week or so - would they rather get NOTHING or 5K?
AHHHH!
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Permalink Reply by Matthew Fetick on
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Julie,
I'm in the EXACT same situation. 1st is with METLIFE. Metlife offered CCO $5,000. I had approval from CCO then it went to collections with John Short. HE IS A COMPLETE JACK!! He yells, hangs up, etc. He wants 10% or no release. I offered promissory note and he said no deal. I can't believe they won't take the $5k. Did you get yours approved? How did you do it? Did you escalate? I'm stuck here.Matt
Julie Cendejas said:
OMG - I'm having the SAME issue RIGHT NOW - just came on here to find out more info on CCO. Mine is in recovery too - I have MetLife agreeing to give them 5K - when they actually only wanted 3K!!!! So of course he will take it but he keeps telling me they only give out ONE letter that is good for 30 days - and no more. He has told me this at least 10 times. I tried to get MetLife to give me their approval based on the verbal that they would accept the 5K and she won't - I need the letter.
So - do I get the letter - that he will give me but keeps telling me that it's only good for 30 days - and try like heck to get the approval letter from Met Life asap AND close in the 30 days clock ticking - or do I continue to fight with this John Short man.
I called and tried to go higher up and was told his manager retired and there is no replacement yet - and he is who I need to talk to. The person I spoke to told me to give him time to calm down and try again. (!?!?!) Like I told her - if it goes over a week or so - would they rather get NOTHING or 5K?
AHHHH!
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Sorry to hear your troubles Matt - yes I agree completely about John Short - he yelled at me too. He wasn't demanding a certain amount on mine - actually - Met Life agreed to more than he asked for - but then took it back. My big issue was when to get that letter - and then when I DID get the letter - it was for 60 days - not the 30 days he swore to me I would only have.
How much more will the 10% be over the 5K Met Life is willing to give up?
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Thanks Julie.
The balance on the 2nd is $98,000. John short wants $10k. 1st lender MetLife will only give $5k. Seller willing to sign note for difference. Not sure how I can get this approved. John Short just hangs up on us. Any insights?
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Permalink Reply by Jeff Payne on
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You all need to escalate these files to someone who can make a decision, obviously John Short is not a decision maker because if he were, an arrogant idiot like that would tell you.
Escalate to the CEO and let him know how you are being treated. I believe they are owned by RBC?
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Permalink Reply by Cami Pinsak on
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But who is the CEO? I have tried to find contacts for Royal Bank of Scotland and Citizens Bank. No luck.
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Permalink Reply by Pamela Lester on
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I have a short sale listing I am taking tomorrow. CCO is the 2nd lienholder. Since I have never heard of CCO, I came here to get some insight. Wow........ has anhyone successfully escalated their files over Mr Short's dept? Just in case, I would sure like an escalation phone number if anyone has it???? Thanks!
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Hi Pamela,
I currently have a short sale with CCO as the second. As a matter of fact, it is Mr. Short that I have the "pleasure" of working with. They are going to want more money than the first will give. Is this a HELOC or purchase money?
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Purchase money.
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What state are you in?
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Oregon.
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Hi Pam, I don't know what Oregon's deficiency laws are. I know in CA, we are non-deficient on purchase money loans (well, technically now on HELOCS too), and they wanted money from u s.
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