Replies to This Discussion

Permalink Reply by Celeste ODea on February 13, 2014 at 7:13am

I have a PHH 1st and 2nd that I'm working with. The 2nd was $78,000. The 1st agreed to pay $10,000 to the 2nd. However, the greedy 2nd is taking the $10,000 just to release the lien, subtracting the $10,000 from the $78,000, and socking the cash-poor homeowners with a $68,000 deficiency! We've tried everything and even re-wrote the hardship letter to the 2nd requesting that the $68,000 be waived!  Nope! They will not even consider it. They said they have full delegation to make decisions on behalf of the investor, so I went to the investor directly and haven't heard a word. Closing in two weeks. Any upper management names or contact information I will gladly take. We're in MD, so this may be a bank charge-off, but they still will have it hanging over their heads.

Permalink Reply by Celeste ODea on February 13, 2014 at 7:15am

PNC second is stinky to work with too. Want $29,000 from homeowner to "release the lien" and $42,000 to release the lien and waive the deficiency. Banks are getting ridiculous! Any upper management contacts there I would gladly take as well!

Permalink Reply by Scott on May 6, 2014 at 9:03am

I wouldn't say that PHH is one of the worst short sale lenders to work with, but I will say that they are one of the slowest.  My last short sale with them took about 9 months to get an approval and to close.  It was tough.