ING Demands Using their Title/Escrow-Advice Please
I have an ING first and a Chase second. I had opened escrow and received title report from my local company. ING wants to use their own title and escrow company,
ING DIRECT works exclusively with ULS (United Lender Services) on all our Short Sale and Deed
in Lieu title work and closings. ING DIRECT will place the title and escrow order once an adequate
offer is received
Has anyone else encountered this. I am telling ING that we have had our title and escorw company do all the work already and issue the title report and that if we move the escrow there is an escrow cancellation charge. ING is NOT the seller and while we want their approval for a short sale, they shouldn't have the right to demand specific third party services.
Is ING always this unmanagable?
Also, they want authorization from the owner/seller/borrower to speak with the second lien holder. I submitted two different HUDs....a high payoff to the second to ING and a low payoff to the second to Chase. I don't want ING speaking to Chase and working their own deal or comparing notes on the HUD's.
Any advice in working with these guys would be helpful. They don't even read all of the documents. While we submitted the offer and two counters, they (after a month) said they could not complete processing as the HUD and the contract don't match on selling price....we negotiated a higher selling price with the counters and they did not even look at them.
Great site here and thanks in advance for any comments.
Jim
Replies to This Discussion
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Permalink Reply by Angie Branco on
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Were you able to push back against using ULS? What ended up happening with this deal?
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Permalink Reply by James L. Bilotta on
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Angie,
I was unable to get them to move from using ULS and with all the time and drama to get this far, I agreed to use ULS and get it done. But the good news is that I am no longer "banned" from working with ING Direct. We are moving forward with ULS but slowly.
Started the process on April 9th with an offer of $X. ING came back and said counter with an offer of $X +12%. Market did not justify that amount and I ordered an appraisal that came in at offer price (+/- $1,000). I got no response and escalated to many ING contact emails I had and the negotiator banned me for that practice.
After finally finding the right person, I was back and ING ordered their own appraisal...finally. That appraisal came in at offer price + 2.5% (or so they say as I did not get the appraisal) and ING said get an offer at that price or no deal. I was able to have buyers up their offer as they were comfortable that as long as it appraises at that amount they would be ok and we are now waiting for ING approval.
The current negotiator misunderstood my email stating that we now had an offer at their price then we cleared that up.
Next was his statement that once he receives the second's approval he can move forward. I let him know they should have it and sent another copy. Now waiting to see that a) he got it and b) we move forward. I've advised buyer to keep payments current but their patience is running out and this month was the last payment he will make.
More of this story to come.............4 months and counting....my longest short sale!!!!!!
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Permalink Reply by Richard Worcester on
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Hi James,
Were you able to make this one happen? I am in the midst of my 2nd INGDirect short sale and nothing has changed with them. Misrepresentation, lies, and zero integrity. We've done so many short sales over the years, it's really a surprise when a lender can get under our skin like these folks have.
They cause so much bad blood in the industry that brought them these customers in the first place. All we can do is work to the best of our abilities, and be thankful we are not in their shoes. It must be hell to work there. You know they treat each other the same way they treat us...
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Well, it's good to see that I am not the only one having issues with ING.
They (Nancy Larsen) absolutely refuse to cooperate, and make the use of ULS as an absolute condition of any potential short sale. Interesting since I even provided this escerpt from the FDIC website:
TITLE COMPANIES
SEC. 9. (a) No seller of property that will be purchased with the assistance of a
federally related mortgage loan shall require directly or indirectly, as a condition
to selling the property, that title insurance covering the property be purchased by
the buyer from any particular title company.
(b) Any seller who violates the provisions of subsection (a) shall be liable to the
buyer in an amount equal to three times all charges made for such title
insurance.
[Codified to 12 U.S.C. 2608]
[Source: Section 9 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88
Stat. 1728), effective June 20, 1975]
FDIC Law, Regulations, Related Acts - Consumer Protection Page 12 of 19
http://www.fdic.gov/regulations/laws/rules/6500-2530.html 3/21/2012
To which she responded: "If you agree to use ULS for the title work, HUD and closing, get a release letter from the second lien for 5% of their outstanding lien amount and get an offer in at our value of $XXX,000.00, I can re-open the file at that time."
So ING is disregarding the FDIC Regs - I think there may be a class-action here !
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Permalink Reply by VIVIAN Q. LE on
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Thom,
That is unbelievable! Why isn't there a class action already in place? Seriously!
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Jim,
I have a SS with ING right now.
They are asking that the Buyer use ULS as well. So no luck in using CA escrow right?
They stated that they are only paying max. $35K in commission. Did you negotiated this to the standard CA 6% commission? Please advise as to any success. I intend to seek my full commission. It's been a long process and still no approval yet.
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You will get NO satisfaction for your hard efforts. They say they use ULS but they really use Placer Title & Escrow. YOu will have NO interaction with Title or Escrow, ING orders and CONTROLS everything including which files Placer works on and in which order. Remember, ING approves the amount they are losing. You can always collect the difference in the allowed commission from the Seller (good luck).
When ING starts to negotiate the terms of your Purchase Contract, ask for their DRE Broker LIcense # !!
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Permalink Reply by Chris McGee on
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ING said, by way of Addendum we all had to sign, if we used Placer Title they would cover certain closing costs, i.e. title policy, settlement fee, etc. So Placer Title created a HUD, very different from the HUD we submitted, and received approval on that HUD, leaving us almost $6,000 short to close. No allowance for those closing costs, and 1/2 the amount to the 2nd. Trying to work through this all contact with ING Negotiator lost, and various levels of management not returning calls/emails. Placer Title takes no responsibility. Oh, commissions were cut too. Must close in 20 days or pay $100/per day per diem to Placer Title. OMG. MORAL OF THE STORY - BE SURE TO "DEMAND" TO SEE THE HUD THAT PLACER TITLE SENDS THROUGH TO ING FOR APPROVAL SO YOU CAN DEAL WITH DISCREPANCIES EARLY ON.
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Chris - Placer will NOT give the HUD to anyone - not even the Seller or Buyer unless ING gives permission which they will not.
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Well then at least you can work on a Counter offer with the Buyer before you get to the 11th hour!
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They will give it to you but not until **AFTER** ING has decided what will be on it.
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Sonya,
ING has been very clear that they "would rather Foreclose or Modify than work with Realtors".
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