SPS - MATT HOLLINGSWORTH - CEO - and the investors of Deutsche Bank National Trust Company, as Indenture Trustee, on behalf of the owners of the Accredited Mortgage Loan Trust 2004-4 Asset Backed Note
((((BEGIN VENT)))))Yes. I have a tear down property that has an auction date. We got one postponement. Cash deal rejected...OFFER TO LOW. Interesting that Select Portfolio never has stepped FOOT in this property so HOW WOULD THEY KNOW the offer is too low????? Got a second buyer in. Now the offer is lower. Our company ordered appraisal which verified tear down and that it's NOT WORTH $320,000 as indicated in drive by, but as is $140,000 - appraiser can't take demolition of home into consideration only repair estimates. Offer for $115,000.
We were told today they STILL want to continue with this auction. No counter, just outright flat denial. They have YET to order an interior BPO and are still looking so we wrote to Matt Hollingsworth CEO of SPS and how much do you want to bet we won't hear a THING???
So if you're an investor of Deutsche Bank National Trust Company, as Indenture Trustee, on behalf of the owners of the Accredited Mortgage Loan Trust 2004-4 Asset Backed Notes - You are about to lose a LOT OF MONEY
((((END VENT))))
Replies to This Discussion
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Permalink Reply by Smitty on
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Quick follow up. SPS rose to the occassion and ordered immediate walk through today after we wrote in to Matt.
THANK YOU MATT IF YOU'RE LISTENING!!
Sps is back to being in my top 3 of lenders to work with...Now let's get this sucker approved.
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Permalink Reply by Thomas McCombs on
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Good job with your pro active approach.
It is good to hear that there may be some intelligent players in this game.
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Permalink Reply by Kevin - Greenville, SC on
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Smitty, Do you get this done?
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Good work! congrats!
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Permalink Reply by Homesbysadie on
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Have been in process with SPS for over six months on a NON HAFA short sale. Lost the first all-cash buyer after five months when SPS continued to request documents that had already been provided and the buyer walked.
Submitted all cash offer of $506,000 with all supporting documents. Called to confirm receipt and re verify that the short sale was not a HAFA sale due to private 2nd lien holdover payoff exceeding the SPS limits of 6% or $6K whichever was less. SPS COMFIRMED receipt of offer and acknowledged this sale would be processed as traditional sale. Now as of today have discovered they are just declining the original offer from the buyer that walked and needed 2 new docs AND THAT THE PROCESS WOULD TAKE AN ADDITIONAL 20 days.
Ihave tried to escalate, contacted ombudsman not helpful. How do I reach Matt Hollingsworth or Tim O Biens office. They will not give me that information. I had to contact the President of Nationstar Jay Bray on last sale and that helped to get deal,closed after 1 year. OFFER FAR EXCEEDS NET AND APPRAISAL NEEDED BY SPS.
PLEASE ADVISE. THIS IS REDICULOUS. -
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