Short Sale Superstars2024-03-28T22:27:49ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmithhttp://storage.ning.com/topology/rest/1.0/file/get/3037771356?profile=RESIZE_48X48&width=48&height=48&crop=1%3A1http://shortsalesuperstars.com/group/spsselectporfolioservicinginc/forum/topic/listForContributor?user=0h53yg7163jb8&feed=yes&xn_auth=noShort Sale -> Short Paytag:shortsalesuperstars.com,2018-11-21:3468065:Topic:3954242018-11-21T02:46:33.440ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>Has anyone been offered this option via SPS? This little known, sister to the Short Sale, is claimed to be like a short sale except without the arms-length restrictions. However no closing costs, attorney fees, or relocation assistance can be bundled in to the package.</p>
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<p>The seller, at least according to the contract I receieved, can 'only' profit from the transaction with prior approval by SPS. HUD-1 must still match HUD.</p>
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<p>I'd appreciate any experiences or…</p>
<p>Has anyone been offered this option via SPS? This little known, sister to the Short Sale, is claimed to be like a short sale except without the arms-length restrictions. However no closing costs, attorney fees, or relocation assistance can be bundled in to the package.</p>
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<p>The seller, at least according to the contract I receieved, can 'only' profit from the transaction with prior approval by SPS. HUD-1 must still match HUD.</p>
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<p>I'd appreciate any experiences or insight on this program.</p>
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<p>Hello,</p>
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<p>I have a short sale that has an SPS 2nd mortgage. The 1st mortgage is with Mr. Cooper and is a Freddie Mac Loan. The 1st mortgage holder will give the 2nd mortgage holder $6000 per Freddie Mac guidelines to the 2nd mortgage. Freddie Mac only gives $6000 max and does not allow the buyer or seller to bring in additional funds. The investor for SPS wants 18K but that is not allow per the Freddie Mac guidelines even if the buyer wanted to bring it in they can't. I have…</p>
<p>Hello,</p>
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<p>I have a short sale that has an SPS 2nd mortgage. The 1st mortgage is with Mr. Cooper and is a Freddie Mac Loan. The 1st mortgage holder will give the 2nd mortgage holder $6000 per Freddie Mac guidelines to the 2nd mortgage. Freddie Mac only gives $6000 max and does not allow the buyer or seller to bring in additional funds. The investor for SPS wants 18K but that is not allow per the Freddie Mac guidelines even if the buyer wanted to bring it in they can't. I have appealed to the Omsbudsman for help and they wrote a letter to the investor to explain that they can only get 6K because of Freddie Mac guidelines and the buyers or sellers aren't allowed to bring in more money. The investor rejected the offer again. The house will now go to foreclosure. This is the 2nd short sale in a row that i have had SPS 2nd mortgage servicer that the investor has denied our offer. I'm trying to figure out why the 2nd mortgage holder won't take 6K and wants it to go to foreclosure.Is the 2nd mortgage investor have soem sort of insurance that pays them money if the house goes to foreclosure? Are they getting more than 6K from the insurance companies? Does anyone have any solutions?</p>
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<p>Thanks</p> Select Portfolio is Stallingtag:shortsalesuperstars.com,2018-09-29:3468065:Topic:3945532018-09-29T17:23:28.096ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p><span style="font-size: 12pt;">I have worked a short sale for over a year with Select Portfolio Servicing. I'm now on the 3rd offer. This offer was presented in May, when I sent all the paperwork to the bank. In July, I was informed they had closed the file due to non-response in 10 days on the counteroffer. We responded in 2 days, but this did not seem to matter.</span></p>
<p><span style="font-size: 12pt;">The file has now been complete for over 30 days. A letter was sent to the…</span></p>
<p><span style="font-size: 12pt;">I have worked a short sale for over a year with Select Portfolio Servicing. I'm now on the 3rd offer. This offer was presented in May, when I sent all the paperwork to the bank. In July, I was informed they had closed the file due to non-response in 10 days on the counteroffer. We responded in 2 days, but this did not seem to matter.</span></p>
<p><span style="font-size: 12pt;">The file has now been complete for over 30 days. A letter was sent to the sellers stating that we would have an response within 15 business days.......that deadline was yesterday. Now a letter has been issued stating we will have another response within 15 business days.</span></p>
<p><span style="font-size: 12pt;">After 5 months, the buyers are getting tired of waiting and if I don't have a letter by the first of the week, they are moving on. This is a million dollar home. The investor is actually Chase Bank and Select Portfolio has yet to present the package to them.</span></p>
<p><span style="font-size: 12pt;">Select Portfolio Servicing is NOT doing justice to Chase Bank by stalling and losing the only good offer I've had in over a year.</span></p>
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<p><span style="font-size: 12pt;">Anyone know who I can contact? I already hired an attorney, but he's been no help whatsoever.</span></p> Will Select Portfolio Servicing contribute to the 2nd lientag:shortsalesuperstars.com,2018-06-01:3468065:Topic:3928942018-06-01T14:55:14.161ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>I just initiated a SS with SPS and when I was on the phone with the rep I asked how much does SPS normally contribute to the 2nd lien holder in order for them to approve the short sale... She then asked why would SPS need to contribute any money to the 2nd?</p>
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<p>Has anyone dealt with SPS recently where they were the 1st lien and there was a 2nd involved?... It could have been that I was speaking with a Rep that is unfamiliar with the SS process.</p>
<p>I just initiated a SS with SPS and when I was on the phone with the rep I asked how much does SPS normally contribute to the 2nd lien holder in order for them to approve the short sale... She then asked why would SPS need to contribute any money to the 2nd?</p>
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<p>Has anyone dealt with SPS recently where they were the 1st lien and there was a 2nd involved?... It could have been that I was speaking with a Rep that is unfamiliar with the SS process.</p> Loan got Transfered to SPS by Chase after getting short sale approval from 2nd lien holder..tag:shortsalesuperstars.com,2016-08-09:3468065:Topic:3784062016-08-09T16:25:18.287ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>The short sale I was working with CHASE got transferred to SPS on August 1st 2016. This property has two liens on it. I got an approval from the second lien holder which expires on August 29th. And SPS wants 30 days to activate the file in their system. The review will take more time. Is there any way to speed up this process befor the 2nd lien holders approval expires. Also will they work with the docs sent to CHASE or do I need to get a new set of docs signed for SPS?</p>
<p>The short sale I was working with CHASE got transferred to SPS on August 1st 2016. This property has two liens on it. I got an approval from the second lien holder which expires on August 29th. And SPS wants 30 days to activate the file in their system. The review will take more time. Is there any way to speed up this process befor the 2nd lien holders approval expires. Also will they work with the docs sent to CHASE or do I need to get a new set of docs signed for SPS?</p> HAFA SHORT SALE (SPS IS 2ND) demaning $12000 (which is 75% of UPP)tag:shortsalesuperstars.com,2015-03-30:3468065:Topic:3636892015-03-30T14:24:19.042ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>All -</p>
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<p>I have a HAFA short sale with SLS (1st) and SPS (2nd).</p>
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<p>I have approval from SLS - the approval offers SPS 10% of UPP (which is $3300). SPS is demanding $12000 (HAFA MAX o junior lien). I renegotiated with SLS and they increased their offer to SPS up to 15% of UPP.</p>
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<p>SPS is still declining the offer.</p>
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<p>Any advice would be helpful.</p>
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<p>All -</p>
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<p>I have a HAFA short sale with SLS (1st) and SPS (2nd).</p>
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<p>I have approval from SLS - the approval offers SPS 10% of UPP (which is $3300). SPS is demanding $12000 (HAFA MAX o junior lien). I renegotiated with SLS and they increased their offer to SPS up to 15% of UPP.</p>
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<p>SPS is still declining the offer.</p>
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<p>Any advice would be helpful.</p>
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<p></p> SPS Refusal to extend close by 10 days (including weekend/holidays) Day of Close Canceled!tag:shortsalesuperstars.com,2014-12-31:3468065:Topic:3610422014-12-31T10:22:35.255ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
We have been negotiating a Short Sale in Florida since July. SPS finally accepted offer mid November with a close on or before 12/19. Title Company was working on IRS Tax Lien release. Broker said he spoke to SPS and received a verbal extension. IRS released lien 12/24, close date due to holidays 12/29. Wired cash funds to Title Escrow account 12/26. SPS refused to allow us to close yesterday because of the delay and are refusing to file paperwork to postpone Foreclosure Auction through Clerk…
We have been negotiating a Short Sale in Florida since July. SPS finally accepted offer mid November with a close on or before 12/19. Title Company was working on IRS Tax Lien release. Broker said he spoke to SPS and received a verbal extension. IRS released lien 12/24, close date due to holidays 12/29. Wired cash funds to Title Escrow account 12/26. SPS refused to allow us to close yesterday because of the delay and are refusing to file paperwork to postpone Foreclosure Auction through Clerk of Courts scheduled for 1/7/15. Sellers Broker is filing a motion to reschedule. What is your opinion on this scenario? Do I ask for my money or portion of from the Title Company, void the contract and get the funds deposited to participate in the Auction or hope for the extension approval? This has been every nightmare heard and read. Any suggestions are appreciated. Escalation to SPStag:shortsalesuperstars.com,2014-07-20:3468065:Topic:3530112014-07-20T23:01:03.202ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>Hello everyone,</p>
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<p>We are buyers in a SS which has two liens with SPS and one with the IRS. After waiting forever, we finally got approval from the IRS but it's only valid through JULY 31.</p>
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<p>SPS had originally issued a release on their two liens but they expired while we were waiting for the IRS. Now the seller has filed for an extension with SPS but things seem to be moving really slowly (they say it's in underwriting and they'll give us an answer in 48 hrs but…</p>
<p>Hello everyone,</p>
<p></p>
<p>We are buyers in a SS which has two liens with SPS and one with the IRS. After waiting forever, we finally got approval from the IRS but it's only valid through JULY 31.</p>
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<p>SPS had originally issued a release on their two liens but they expired while we were waiting for the IRS. Now the seller has filed for an extension with SPS but things seem to be moving really slowly (they say it's in underwriting and they'll give us an answer in 48 hrs but nothing) ...considering we are close to the IRS deadline....is there any way to speed this up from SPS's perspective.</p>
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<p>It's really difficult to get both these lien releases lined up...just trying to see if there's anything we can do proactively with SPS. The sellers agent keeps calling daily and escalating within SPS. </p> SPS won't put payoff to 2nd lender on its approval letter, defying title company's demandtag:shortsalesuperstars.com,2014-06-14:3468065:Topic:3505612014-06-14T03:48:10.465ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>Sorry, just found this group and already posted this issue in general discussions.</p>
<p>SPS refuses to put the payoff to the 2nd lender on its approval letter, stating it never does in a non-HAFA short sale. The title company says it won't issue title unless it does.</p>
<p>SPS will approve the HUD but that isn't good enough for the title company. I called other title companies and they said they too want the payoff on the letter.</p>
<p>Anyone ever seen this with SPS? Please share any…</p>
<p>Sorry, just found this group and already posted this issue in general discussions.</p>
<p>SPS refuses to put the payoff to the 2nd lender on its approval letter, stating it never does in a non-HAFA short sale. The title company says it won't issue title unless it does.</p>
<p>SPS will approve the HUD but that isn't good enough for the title company. I called other title companies and they said they too want the payoff on the letter.</p>
<p>Anyone ever seen this with SPS? Please share any similar experience.</p> HAFA Approval...nightmare!tag:shortsalesuperstars.com,2013-06-11:3468065:Topic:3186072013-06-11T00:23:15.891ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>SPS was slow (over 6 months!) to review and approve the short sale for HAFA program. BoA the second has had to extend the second approval. I am now told by BoA they will not give me any more extensions. To make matters worst the buyer walked...I am told by SPS that if a buyer walks SPS closes out the file and starts over from the beginning...This is ridiculous! Offer matches the approval letter and they can not do anything to speed the process! Anyone have any suggestions?</p>
<p>SPS was slow (over 6 months!) to review and approve the short sale for HAFA program. BoA the second has had to extend the second approval. I am now told by BoA they will not give me any more extensions. To make matters worst the buyer walked...I am told by SPS that if a buyer walks SPS closes out the file and starts over from the beginning...This is ridiculous! Offer matches the approval letter and they can not do anything to speed the process! Anyone have any suggestions?</p>