SunTrust SS Update....
Here's the latest...our SS was submitted to SunTrust on 08/13/09 and it was assigned to a negotiator on 10/16/09. We spoke with her 1x on 10/23 and she was real nasty, saying that we had never been late or missed any payments, so why were we submitting SS pkg and that we were wasting her time. Our realtor and us could not get a hold of her after that, even though we were calling constantly. Then a friend gave me an e-mail address for Steve Entwistle (VP of Loss Mitigation Dept) and I e-mailed him on Friday, 12/11/09 and he responded to me the next day, and it was on a SATURDAY!!! He stated that he was forwarding our issue ASAP to his management team and guess what??? The negotiator called our realtor on Monday, 12/14/09 and she told us that the investor of our loan would not pay any closing costs (about $6,000) and she wanted to know if we or the buyer could pay any of the closing costs? Unfortunately, we don't have any $ for the closing but the buyers are trying to borrow $ for it, as they can repay the $ when they get the first time homebuyer's credit. Should we assume that this means that SunTrust is going to approve our SS, if we are able to resolve closing issue? My realtor thinks that they are going to approve it or otherwise they wouldn't be worrying about closing issue. Remember, we never missed any payments and we were never late, but I have a serious medical condition and I probably will have to quit my job and starting next month we will no longer be able to make the mortgage payments.
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Rhonda, I t does sound like you are making progress here. The investor is the one making the decision not SunTrust. The negotiator is gathering information based on the investor guidelines. Not paying closing costs is probably one the guidelines. Hard to predict whether or not the short sale will be approved but most are. Hang in there.
I have a SunTrust right now that has been sitting for several months. Want to share that email address?
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Permalink Reply by R Mial on
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So, how difficult is it to get approval from the investors in regards to a homeowner with no late or missed payments and how long does it usually take the investors to make a decision? Thanks for the advice.
Yes, the e-mail address is: [email protected]
Bryant Tutas said:Rhonda, I t does sound like you are making progress here. The investor is the one making the decision not SunTrust. The negotiator is gathering information based on the investor guidelines. Not paying closing costs is probably one the guidelines. Hard to predict whether or not the short sale will be approved but most are. Hang in there.
I have a SunTrust right now that has been sitting for several months. Want to share that email address?
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Rhonda, The key to the approval is will they NET more doing a short sale now than foreclosing later? The investor could make a decision quickly or it could take weeks. Really no way of knowing. The looming Holidays will slow the process. I wish I had better answers for you.
I know 4 months feels like an eternity for you but it's really not in short sale world. SunTrust has a reputation of being very slow.
Enjoy the holidays and let this transaction play out.
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Permalink Reply by Lori Young on
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You should send an email to Steve Entwistle and ask him to verify the "no paid closing costs" That does not sound right to me and I have now 129 short sale approvals. I work with Suntrust all the time and have them pick up lots of costs. Who is the investor?
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Unfortunately, we don't know who the investor is and Suntrust won't tell us who the investor is. This closing cost issue had thrown us off as our realtor had to try to figure out how to get around it. She split up the closing costs among the buyers and realtors and us and she sent it back to the negotiator. The buyers have already been approved and locked in for their loan but if we don't get this shortsale approved this month, then they're going to have to resubmit the loan and we'll be set back another 6 weeks for them to be approved again. Since you've had experience with "shorts" with Suntrust, can you give us information regarding approx time for processing and approval and how they handle deficiency judgments and credit reporting? Also, have you had more approvals or denials on them?
Thanks for your advice!
Lori Young said:You should send an email to Steve Entwistle and ask him to verify the "no paid closing costs" That does not sound right to me and I have now 129 short sale approvals. I work with Suntrust all the time and have them pick up lots of costs. Who is the investor?
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Our mortgage is a VHDA Loan which is being serviced by SunTrust. How do we find out who the investor is? SunTrust won't give us the investor information.
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Our realtor had to redo and resubmit HUD 1 (to deal with closing cost issue). She heard from SunTrust Negotiator on Saturday and negotiator said that the final net price for investor, was too low and that we had to redo HUD 1 again to increase net price. She told our realtor, that we had to resubmit new HUD 1 by Tuesday, or she's closing our file! Do any of you have any idea what's going on? SunTrust sat on this for 5 months and now they're in a hurry? They also requested the buyer's last 2 paystubs and income verification. Does this mean that the investor is going to accept the short sale package after we increase the net price or does it just mean SunTrust is just trying to get rid of our file? Also, how do I make sure that SunTrust doesn't place a deficit judgment against us, without jeopardizing the deal, if they do agree to the shortsale? What wording do you use, when requesting a release from the outstanding balance?
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Hi; I've completed 2 short sales with SunTrust in 2009 and my last one is such a pain.
The initial offer was submitted in July 2009. Our negotiator is Derek Spinner and this file was sent to the investor in October 2009 for final approval. At that time the investor counter-offered and our buyer accepted. Apparently it was not soon enough and the file was closed.
We started the process all over again and submitted all updated information and the short sale package was then sent to the investor again on December 22nd, 2009.
I've called everyday trying to get an idea when we can expect to hear something. I am afraid we will loose the buyer and also loose the unit to foreclosure as we have a hearing set for February 11th, 2010.
It's frustrating when the investor request documentation they need to have within 24 hours or close the file yet they have had this file in October to review and then again since December 2009 to review with just a yes or no answer.
I've also emailed the Steve Entwistle guy mention here today so hoping to get some answers.
Any suggestions>>>
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I wish that I had more to offer to you in addition to Mr. Entwistle's info. We're still stuck in the same situation and haven't made much progress. We experienced the exact same thing, with the negotiator telling us that we had to get something to her within a few hours or she was going to cl0se our case. It was totally unrealistic because she wanted an updated HUD1 with additional documentation that needed to be signed by all parties including the title company and it was on a Saturday morning! All of us rushed to get everything together and signed and back to her within a few hours and you could tell she was disappointed that we made the time limit. She refuses to tell us who the investor is and we had to have a second appraisal done and she refuses to tell us what the appraised amount was. She's been claiming that the amount is too low but we're close, for what the investor wants but she isn't allowed to tell us how much he wants. We are going nuts because we don't know how much more he wants. HELP!!!!!!! I'm about to go nuts.
sherry said:Hi; I've completed 2 short sales with SunTrust in 2009 and my last one is such a pain.
The initial offer was submitted in July 2009. Our negotiator is Derek Spinner and this file was sent to the investor in October 2009 for final approval. At that time the investor counter-offered and our buyer accepted. Apparently it was not soon enough and the file was closed.
We started the process all over again and submitted all updated information and the short sale package was then sent to the investor again on December 22nd, 2009.
I've called everyday trying to get an idea when we can expect to hear something. I am afraid we will loose the buyer and also loose the unit to foreclosure as we have a hearing set for February 11th, 2010.
It's frustrating when the investor request documentation they need to have within 24 hours or close the file yet they have had this file in October to review and then again since December 2009 to review with just a yes or no answer.
I've also emailed the Steve Entwistle guy mention here today so hoping to get some answers.
Any suggestions>>>
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I heard they usually want to net about 70% of the BPO value. This is what one of the nego told my realtor. I am on an email spree and emailing officers and directors in regards to my case. It is ridiculous for the INVESTOR that no one knows about to be taking so long to review a case that has everything completed for them by SunTrust associates. Any help would be much appreciated
Rhonda Mial said:I wish that I had more to offer to you in addition to Mr. Entwistle's info. We're still stuck in the same situation and haven't made much progress. We experienced the exact same thing, with the negotiator telling us that we had to get something to her within a few hours or she was going to cl0se our case. It was totally unrealistic because she wanted an updated HUD1 with additional documentation that needed to be signed by all parties including the title company and it was on a Saturday morning! All of us rushed to get everything together and signed and back to her within a few hours and you could tell she was disappointed that we made the time limit. She refuses to tell us who the investor is and we had to have a second appraisal done and she refuses to tell us what the appraised amount was. She's been claiming that the amount is too low but we're close, for what the investor wants but she isn't allowed to tell us how much he wants. We are going nuts because we don't know how much more he wants. HELP!!!!!!! I'm about to go nuts.
sherry said:Hi; I've completed 2 short sales with SunTrust in 2009 and my last one is such a pain.
The initial offer was submitted in July 2009. Our negotiator is Derek Spinner and this file was sent to the investor in October 2009 for final approval. At that time the investor counter-offered and our buyer accepted. Apparently it was not soon enough and the file was closed.
We started the process all over again and submitted all updated information and the short sale package was then sent to the investor again on December 22nd, 2009.
I've called everyday trying to get an idea when we can expect to hear something. I am afraid we will loose the buyer and also loose the unit to foreclosure as we have a hearing set for February 11th, 2010.
It's frustrating when the investor request documentation they need to have within 24 hours or close the file yet they have had this file in October to review and then again since December 2009 to review with just a yes or no answer.
I've also emailed the Steve Entwistle guy mention here today so hoping to get some answers.
Any suggestions>>>
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Permalink Reply by Paola Martinsen on
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I'm working on a file that just got assigned to Derek Spinner, i figure his email is [email protected], do you have his phone number and fax #?
sherry said:Hi; I've completed 2 short sales with SunTrust in 2009 and my last one is such a pain.
The initial offer was submitted in July 2009. Our negotiator is Derek Spinner and this file was sent to the investor in October 2009 for final approval. At that time the investor counter-offered and our buyer accepted. Apparently it was not soon enough and the file was closed.
We started the process all over again and submitted all updated information and the short sale package was then sent to the investor again on December 22nd, 2009.
I've called everyday trying to get an idea when we can expect to hear something. I am afraid we will loose the buyer and also loose the unit to foreclosure as we have a hearing set for February 11th, 2010.
It's frustrating when the investor request documentation they need to have within 24 hours or close the file yet they have had this file in October to review and then again since December 2009 to review with just a yes or no answer.
I've also emailed the Steve Entwistle guy mention here today so hoping to get some answers.
Any suggestions>>>
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The telphone number I have for him is 804-319-1182. Good Luck. I would just say follow up EVERY WEEK with them. Its amazing how you can get different stories every time you call.... Stay on top of them.
PaolaM said:I'm working on a file that just got assigned to Derek Spinner, i figure his email is [email protected], do you have his phone number and fax #?
sherry said:Hi; I've completed 2 short sales with SunTrust in 2009 and my last one is such a pain.
The initial offer was submitted in July 2009. Our negotiator is Derek Spinner and this file was sent to the investor in October 2009 for final approval. At that time the investor counter-offered and our buyer accepted. Apparently it was not soon enough and the file was closed.
We started the process all over again and submitted all updated information and the short sale package was then sent to the investor again on December 22nd, 2009.
I've called everyday trying to get an idea when we can expect to hear something. I am afraid we will loose the buyer and also loose the unit to foreclosure as we have a hearing set for February 11th, 2010.
It's frustrating when the investor request documentation they need to have within 24 hours or close the file yet they have had this file in October to review and then again since December 2009 to review with just a yes or no answer.
I've also emailed the Steve Entwistle guy mention here today so hoping to get some answers.
Any suggestions>>>
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