Replies to This Discussion

Permalink Reply by Tara Samney on September 16, 2011 at 11:03am

Do you have an agent? Is the negotiator speaking to you directly? Or do you mean this is the info that was relayed directly to you? I am unclear on how you think, as a buyer, you will pressure the lender or an investor.

 

You do not have authorization to speak to the seller's lender. The seller owns the property and therefore your updates will be from your agent (or if you do not have one) from the listing agent.

 

My experience with Suntrust is they are slow in the beginning....but when you get a negotiator and they tell you a few days- that's usually what it is. They have been quick to respond to me after that. Whether you decide to walk or not will not influence Suntrust's financial decision. Plus, such cummunication is to be going through your agent to the seller's agent. There is absolutely no reason why you would contact an investor directly.

Permalink Reply by Nicolas Bock on September 16, 2011 at 11:11am

Thanks Tara,

 

you are right, I am not planning on communicating myself with either SunTrust or the investor. We have a real estate agent who has been doing a fabulous job in getting this deal to where it is right now. The reason I was posting my question on this forum is to get more information that might help our agent to speed this up. I had read in a previous post here that someone suggested to contact the investor to put pressure on the lender, in the case the lender is not moving.

 

Thanks,

 

nick

 

Permalink Reply by Tara Samney on September 16, 2011 at 11:17am

Nick- thanks for the additional info.  I have had no experience in contacting an investor directly (and honestly, not sure how much good that would do - so will let others address that)- but from experience with Suntrust if the negotiator just made contact on Monday this is not a long wait. I know you want a response sooner- but my experience has been 2-6 business days from that point. It sounds like you are almost there.

Permalink Reply by Nicolas Bock on September 16, 2011 at 11:22am

Thanks Tara, I hope so :) It's been a long wait so far, and it's difficult to keep waiting in the hope that the deal will get approval.

Permalink Reply by Tara Samney on September 16, 2011 at 11:45am

I got an approval once from Suntrust at 7PM on a Friday night- and the negotiator wrote me back on a Sat- so hang in there!  It sounds early.  Good luck- I know waiting is the hardest part!

Permalink Reply by Jeff Payne on September 16, 2011 at 11:26am

Tara, finding the investor is not difficult, actually it is something that you should do on every short sale.  Fannie and Freddie have look up tools and you and send a Qualified Written Request to the servicer to get the name of the investor.  Going to the investor is something that is done very often and works well, but you really have to have made an attempt to get the servicer to help first before escalating.

Sounds like this case is pretty early to start escalating.

Permalink Reply by Tara Samney on September 16, 2011 at 11:43am

Thanks Jeff.  What about when a loan is 2nd?  Can you contact those investors directly?

 

Knock on wood...I haven't had a need to do this yet...but just in case...

Permalink Reply by Jeff Payne on September 17, 2011 at 2:25am

Sure, doesn't matter if it is a first or a second.  I would bet that Suntrust is the investor if it is a second mortgage.

Permalink Reply by Daniel Harless on September 16, 2011 at 12:04pm

Steven Harris is the boss over all mitigators. Call him first. [email protected] 804-319-2642
Here is the number to the Vice Presidents office. This guys name his Michell. He can rattle their cage and get things expedited when everything else doesn't. 804-273-7626

Permalink Reply by Ben Benita on September 17, 2011 at 5:04am

Read what Jeff Payne wrote, he is spot on.

These are teh 2 sites to check if the loan is with Fannie or Freddie:
Fannie Mae - http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac - https://ww3.freddiemac.com/corporate/

There are only 3 TYPES of Investors on the loan:
"Portfolio" - meaning the Servicer and Investor are the same company
Governement backed - Fannie, Freddie, etc.
Private - these are the ones you need to send in the QUalified Written Request for, generlaly goes to the "Correspondence" department for the Servicer

Best of luck!!!!