Comment

Comment by Ryan Vollmer on November 2, 2010 at 4:42am

Just started a short sale with LBPS. Where do I find their short sale docs?

Comment by Wendy Rulnick on October 25, 2010 at 9:09am

Getting one of these short sale listings now. Thank you for the sample approval letter and LOA!!

Comment by Bryant Tutas on October 24, 2010 at 7:55am

Elise. I just uploaded the letter up there in the contact info box of this group. Hopefully that will help. In fact here it is:
LBPS Payoff.pdf

Comment by Elise Fay on October 24, 2010 at 5:13am

Thanks Bryant...I have done a lot of HAFA Shor Sales and I am familiar with that. It is the beauty of the HAFA Program. I was referring to a straight up short sale. I wanted to know the language that LBPS uses in their traditional short sale approval letters.

Comment by Bryant Tutas on October 23, 2010 at 11:58pm

Elise. If it's a HAFA short sale then there can be no deficiency judgment in the future. The LBPS approval I just received stated they were offering a "discounted payoff" and that it would be reported to the credit bureaus as "paid in full for less that full balance". The word deficiency is no where to be found.

Comment by Elise Fay on October 23, 2010 at 2:07pm

Can anyone share with us what kind of language LBPS puts in their approval letters regarding deficiencies?

I have one in with LBPS and my client has requested it go thru Fannie Mae HAFA program. The BPO was done...numbers look good and the negotiator was set to send it for review. I then informed her that my client has requested numerous times to be considered for the HAFA Program but of course that does add a slight delay to the process but one I think may be worth it to my client.
Quite amazing to hear from a negotiator on a Saturday afternoon in AZ.

I was also just notified that Citi in the midst of negotiations is selling or shall I say service released at the end of the month and Citi does now want to play. They don't like the offer! Now it is going to LBPS...of course I will have start over again. I do hope that LBPS bought the loan for pennies on the dollar and will want to play Lets Make a Deal.

Comment by Jeremy Eide on October 20, 2010 at 11:20am

So.... i received an approval from chase 2 wks before the loan was about to be sent to IBM. my chase rep was very helpful and reassured me that once IBM gets the full file and sees that the numbers have been approved by the investor and the MI co they should just give us an ext and allow us to close.... Sounds rational right? took me 20 days to get the new acct number and auth into IBM to talk to someone for them to tell me too bad, so sorry, that chase messed up and should have given you a longer approval timeframe for us to allow you to close. and now even though the buyers lender has docs ready to send to escrow and close tomorrow and the investor and MI co have approved our numbers, IBM wants me to submit a new package and says that they will have to order a new BPO and go through the process. I have done enough to know that there has to be an easier way at this point... anybody have any pointers? any management contacts?

Comment by Stephanie Y. Ruiz on October 6, 2010 at 2:14am

Finally received the approval letter after being told that it was accepted as of 9/17 from IMB (LBPS) got a number just in case the standard 866-570-5277 doesn't get you through-Denver, Co local Office is 866-436-4766....

Comment by Michele Michaels on October 1, 2010 at 5:30am

We have 4 packages in to LBPS, (BofA paper)three submitted within a day or two of August 3, 2010. The fourth was submitted 8-19. We were very impressed at first; we were on hold between 1 and 2 hours (no wait time if I called between 5-6 am), but when we finally got a live person, the info was good and the attitude professional and pleasant. Valuations were ordered in a timely manner. We received an approval letter on one of the first 3 pkgs September 1! However, we have hit a brick wall on the other 3 pkgs since. Negotiators voicemail boxes are full. Emails and faxes are not being answered. I am patient, and know how slammed negotiators are, but I am a squeaky wheel when it comes to representing clients. Just sent out an escalation email. Will let you know what happens. I'm hoping this is just a bump in the road for LBPS.

Comment by Charles Unger on September 21, 2010 at 12:51pm

have a new SS that was transfered from Aurora 2 weeks ago. I just got off the phone with LBPS. I was less than 2 minutes to get a live person. I faxed my own Auth to 877.649.0743 Will call in next couple of days to see if they got it ok. I will fax and mail the short sale package with new Auth and account #'s on every document.

I registered an account with LBPS at
https://www.lbps.com/faq.aspx
This information is on their web site.

In order to submit a request for mortgage assistance the following documents are required:

A signed Sales Agreement.
A written offer.
An Estimated or Final HUD.
The senior lien Payoff Demand.
The listing agreement.
The request will not be reviewed until all required documents are received.

Please fax this information to 877.649.0743 or mail it to PO Box 4121, Beaverton, OR 97075-4121.

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