Comment

Comment by Joel Pearl on October 31, 2010 at 11:33am

This is an letter from a very upset client. Any help or thoughts would be appreciated. The letter sums up the problem... Thanks everyone!!!

TO WHOM IT MAY CONCERN;

I am requesting that First Horizon Homes Loan do a Deed in Lieu of Foreclosure on our home located at ************************. Our home is set to go to auction on January 3rd, 2011. My wife and I have fully paid off the 2nd position note holder (***********************) on September 23rd, 2010 in the amount of $360,000. Currently there is a note with First Horizon with a remaining balance of $1,000,000.

In April of 2007, my wife and I received a 100 percent financed new construction loan jumbo loan for $1,000,000. Within just a couple of months after receiving this "high risk" interest only jumbo loan - First Horizon not only stopped doing that loan type, but also was bought out by Met life Home loans. To date, we have paid $250,000 in interest only payments to First Horizon (nothing went to principal).

Due to the financial crisis, my business has seen a 50 percent reduction in income since I received this "high risk" interest only jumbo loan.

In the summer of 2009, my wife and I realized we were close to not being able to make our house payments. We in good faith proceeded to request a loan modification from First Horizon. After months of begging for a response, we received no formal offer from First Horizon. Not only was the process humiliating because we couldn't afford the home, but First Horizon did nothing in good faith to allow us to keep the home we built for our family. With our backs against the wall, we struggled using all of our financial resources until they dried up to make house payments until March of 2010. At that point, due to lack of responsiveness from First Horizon in the form of a loan modification, we could no longer afford to pay our mortgage payments.

After having our home listed for sale since May of 2009 and not receiving any offers or a reasonable loan modification offer from First Horizon, we were forced to market our home as a Short Sale.

In July of 2010, we received a fair offer of $920,000 on our home. At that time, we had a remaining balance with First Horizon for $1,000,000. This offer was an incredible 92 percent of what we owed on the loan to First Horizon!!! After submitting the offer to First Horizon, we expected to hear a response within a reasonable period. We made weekly calls for months. For the last 30 days I have made calls almost every day per in order to try and fascilitate a short sale with First Horizon Home loans. I have received the same canned response for 4 months now that we will be hearing from a short sale negotiator any day. After 4 months and 2 offers (2nd offer was much less $800,000) First Horizon has done nothing in good faith to try and facilitate a short sale (we have not received even 1 phone call from a negotiator).
Unfortunately, the buyer has lost patience and has withdrawn their offer on our home. Due to months of bogus claims from First Horizon representatives that we will receive a call from a short sale negotiator we have lost a viable and strong offer. Our most recent offer is for $120,000 less...

With an impending foreclosure date of January 3rd, 2011, I am requesting a Deed in Lieu of Foreclosure. We have done everything in good faith - with even most recently paying off our 2nd position mortgage holder. I am asking that First Horizon do SOMETHING in good faith!
Our request will save MONEY for First Horizon and allow my wife, children and I to have peace and closure during this extremely difficult time.

I am seeking legal counsel regarding first Horizons lack of good faith and inability to communicate with us. I strongly suggest First Horizon address this matter immediately.

Comment by Jennie Blackburn on October 15, 2010 at 5:49am

Try this guy:

800-707-9998 X 36156. [email protected]

Oscar Senior
Loss Mitigation Specialist
Ph: 1-800-364-7662
Fx: 214-441-6156

MetLife Home Loans
4000 Horizon Way
Irving, TX 75063
Attn: Loss Mit#6207

Comment by Jessica Eisenhauer on October 15, 2010 at 5:36am

I have a short sale with First Horizon. I submitted the offer and entire short sale packet on 6/4, the BPO was done on 7/8 and back to them on 7/22 my negotiator is Angela Davis, I have put in escalations which I was supposed to hear back in 5 days, when I called yesterday (10 days later) they regretted they had no response. Anyone happen to have a manager or contact for Angela Davis or any suggestions. This poor buyer is at their wits end. And I feel the BPO will be out of date by the time they actually review it. =(

Comment by ryan manos on October 1, 2010 at 12:53pm

what to i need to submit to the bank for a short sale? I have a $1m first with first horizon and a 650k second with citi to deal with. my client just gave me the listing and there is a trustee sale at the end of the month. any help would be awsome. this is my first time dealing with this bank

Comment by Tommy King on September 28, 2010 at 7:10am

Does anyone have any escalation contacts for First Horizon?

Comment by Maria Hass on August 5, 2010 at 5:41am

How long does it take for the BPO to be ordered by First Horizon/First Tenesse bank. I was told many timeframes from 2 weeks from assignment to requiring a minimum of 60 days late?
Also, who do you connect with to expedite the BPO? Thanks for your help.

Comment by Francine Merritt Bright on July 13, 2010 at 12:46pm

Okay, my offer is $50,000 more than the BPO done by First Horizon. Packet submitted 4/22/10, BPO in 6/17/10 and I still do not have a formal approval. AND.... I have not spoken the Processor who was assigned to the file May 6th. I call at least twice a week. And the 2nd has approved their end. What do I do? Help me out...they just tell me "the file is in Active Review." But...it'll be approved because the offer is more than the BPO. What is the deal? Thank you for the help.

Comment by Erin on July 11, 2010 at 3:21am

We are the buyers on a short sale with Met Life holding the first and First Horizon holding the second. Finally got approval!

Wrote offer - 2/24
Offer confirmed by lender - 3/1
BPO ordered - 6/11
Short sale approval - 7/7

Hoping to close by the end of the month.

Comment by Shelly Long on July 7, 2010 at 8:43am

877-266-9926 (this is also the fax number)....this number is disconnected.

Comment by Erin on June 15, 2010 at 8:44am

James - did FH counter the buyer's offer or did they just take what was on the table? Also, how long after the BPO was ordered did it take to accept the offer? Any input is appreciated - thanks!!

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