Could Someone Please Share Their Experience With LBPS

Hi All,

I'm looking for information on LBPS, what was your experience working with them? I know of an agent that was in the middle of working a short sale,and the bank sold the property at the courthouse steps as they were negotiating a Short Sale. The seller got the notice, but just thought that didn't mean anything with the short sale going since the auction date had been postponed before.  The agent had even talked with the bank and they had the BPO done 3 days before the sale. Bank made no mention of courthouse sell to agent.
 
It seems this lender does this frequently, pulls the plug in the middle of working a short sale. Your comments are greatly appreciated, thanks!

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Permalink Reply by Joan Hawthorne on July 26, 2011 at 4:11am

 

Hi Karla, 

    I found LBPS (IBM)  good to work with through the process. I don't know what your conversations were with them however I asked a lot of questions. They prefer faxes over email, we got through it with little issues. I would work with them again in comparison to a couple others which were more evasive. You just have to grill the bank for answers and if you don't get the information, ask for someone higher who can offer it. You also have to request postponement. It may not be done for you with any bank and can be overlooked. 

Once you have an attorney, contact them. They won't stop but they will provide the information with authorization. 

Good Luck

Permalink Reply by Premier Loss Mitigation Services on July 26, 2011 at 7:49am

I had  2 short sales with LBPS that went exactly like you said. One was supposeedly approved if the HO signed a promissory note, but when I told them she had NO assets, had even sent her children to live with family because she couldn't afford to feed them, they said "Ok, we will check with the lender/investor and get that changed". They stopped responding to VM, did not answer calls and ended up selling at the sheriff sale.

The second one, we offered what they wanted, but they said they were going ahead with the sheriff sale because we didn't get paperwork to them on time. We had faxed it several times and they "never received it". I would never work with them again!

Permalink Reply by Christina Conrad on July 26, 2011 at 8:03am
It is always a good rule of thumb to ask everytime you call the lender if there is a f/c date..because they are not obligated to tell you anything....We had that happen to us one time...and I stress one time..now on every single call we have to ask if there is a f/c...even the ones we have gotten cancelled or postponed, we check on a weekly basis with the Trustee to make sure it has not been reinitiated...I haven't had any personal dealings with LBPS, but they are not the only ones that will do things like that.
Permalink Reply by Michael Hayley on July 26, 2011 at 8:09am
I had a positive experience with LBPS. They were a bit slow, but they gave us everything we wanted (no deficiency, no cash at closing and no promissory note) for an investment property for a client that had money. It went very well and I am grateful!
Permalink Reply by Wendy Rulnick on July 26, 2011 at 9:18am
Karla - I have had good experiences with LBPS, which is now called "Seterus".  Everyone is pretty nice.  I guess human errors happen everywhere!
Permalink Reply by Maria Evans on July 27, 2011 at 6:34am

Just got an approval from them. The first buyer walked way and I was able to replace with a new buyer. Total of 5 months.

But you can talk to someone when you call. Not that bad. Make sure the buyer has a price that will be attractive for the buyer in 5 months or they may walk way if the market goes down. 

 

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