Escalation contact at ING ???
Replies to This Discussion
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Permalink Reply by BJ Stulles on
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Is Ing tough? I just got a shortsale with Ing as first.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Let's just say their no easy, cooperative or helpful. I have a file with ING as first and Citi as 2nd. Citi only wants $2,911 (6% of UPB). ING will only pay $2,500 flat. A $411 difference. ING will not allow anyone to contribute the $411. Also, illegal as it is, ING requires they control Escrow, Title and HUD and they require the use of ULS to provide these services. ING hasn't realized they are not the "owner" and they are acting as the seller. So after several months, several failed market value offers and an uncooperative ING closed their file and raised their "market value". It will be interesting since the summer is starting here in the Desert, there are no utilities, and the City is starting to file abatements (fines) against the property. It will cost ING a LOT more than the $411.
Oh, BTW, they pay no more than 5% with two Brokerages but no more than 3% with the same brokerage on both sides and they don't pay for several government required items and won't let the seller pay.
They will not communicate on the phone - only in e-mail and only at the end of the day - if you send an e-mail at 6:00pm, you won't get an answer until at least 6:00pm the next day. And, they are located right here in LA !
No more ING deals for me....
I'm sending the file along with all of the e-mails to the FDIC and the OTS via Fedex on Monday.
Good luck to you....
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Permalink Reply by Elaine Cooper on
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I am having the same issues with ING - can they do this - isn't requiring escrow/title a RESPA violation ?
I am thinking maybe the seller needs to get an attorney involved. I will be on the phone with them tomorrow to discuss mine. It has a sale date of 5/22 and they won't budge on this 2nd has to be approved first.
This is insanity.
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Is ING paying for escrow and title?
Is so, perhaps that is how ING escapes its obligations under RESPA which was enacted to help buyers/sellers obtain competitively priced settlement services.
I sympathize with both of you by the way!! I am about to start the negotiation process with them and wondering what pitfalls I will run into.
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See my response to Elaine - You should think LONG and HARD before starting an ING Short Sale. There are only 6 people on short sale staff. My experience is they are extremely rude and unhelpful.
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Elaine -
Here's the deal - If you do not agree to ULS for Title and Escrow, ING will close your file and will stopp all communication with you. We finally caved-in and our transaction is closing today. They ended up using Placer Escrow in Rocklin CA and Westcor Title.
They will not budge - period. If you want the Trustee Sale date postponed, here are their requirements:
The items needed for postponement are directly from their e-mail:
1) A copy of the buyer’s lender’s completed appraisal within the last 30 days, to follow
2) A lender’s commitment letter with in the last 45 days. A pre-approval letter is not sufficient
3) Written proof that the buyer’s earnest money check has been deposited into Placer Title for 5% of the purchase price
4) Written proof that the second lien has agreed to release their lien. A verbal will not suffice
5) Short sale approval letter
Here's some early communication from ING specifying their terms:
1. ING DIRECT works exclusively with ULS (United Lender Services) on all our Short Sale and Deed in Lieu title work, preliminary HUDs and closings. ING DIRECT will place the title and escrow order once an adequate offer is received.
2. We will only pay a maximum of 5% of the purchase contract or $35,000 for realtor commissions (whichever is lower).
3. ING DIRECT will not pay the following items:
a) Home warranty fees
b) Hazard disclosure fees
c) Short sale processing fees
d) Loss mitigation processing fees
e) Pest inspection fees
f) Septic inspection fees
g) Other fees are subject to approval by ING DIRECT
4. If applicable, the 2nd lien acceptance letter must be received by ING DIRECT before ING DIRECT will issue a short sale approval letter.When I quoted RESPA "chapter and verse" - here's what I got back;
Due to the reasons outlined in your last e-mail, I will not be re-opening this file for consideration on a short sale.
If you agree to use ULS for the title work, HUD and closing, get a release letter from the second lien for 5% of their outstanding lien amount and get an offer in at our value of $XXX,000.00, I can re-open the file at that time.
After I escalated to the CEO of Capital One, I got a call from the Exec in charge of Short Sales - that conversation was not good. In fact , I asked if any of them were licensed by the DRE because they were negotiating terms of the Purchase Agreement and I asked for their DRE License numbers - no response and the conversation ended.
Another note, no one will see the estimated HUD until just prior to closing. You MUST use ING's Mobile Notary who charges $300 to each side and quite frankly don't know what they are doing.
ING operates under their own set of rules - even the Title Company doesn;t like working with them and wishes they never signed an Exclusive Agreement with ING. The Staff at Placer is terrific to work with but ING controls everything. They even control which files are worked on by Placer staff. When we wanted to change the Buyer to all CASH and get a revised HUD, they couldn;t do it without talking to ING first. When we needed escrow docs within the day, they had to get permission from ING to work on the file.
To avoid many of the issues, the Buyer was able to change to CASH and we were able to close in 6 days.
I will NEVER do an ING short sale again. They were very clear they do not want to do short sales, have no interest in anything but Foreclosure or Loan Mod - period.
My personal opinion is they blurr the line between lender and real estate broker.
Don't get an attorney involved, they will simply close the file or not return your calls / e-mails anymore.
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I forgot to add - they pay seller side Escrow and Title but not Buyer side.
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Thom Thanks so much - yes I received the same email stipulating all these same terms - WOW ! I guess I got my work cut out for me - to make matters worse we have a sale date of 5/22 and Chase charged off the 2nd lien to LCS - which we just found out. LCS tell me it takes 2 weeks for Chase to approve my LOA !!
I hate to see this seller go thru foreclosure and will do all I can to make sure that doesn't happen. But I too will seriously consider doing another ING short sale.
The buyer is not in a position to pay more fee's - this house sold at $255K with $5 back - and ING said last value was $299K - I had several offers and this was the highest - the home has no flooring and is in terrible shape, AC unit is on stilts and back yard looks like a construction zone. I think I may have to find a cash buyer - unfortunately they are all investors and want a steal....which ING will probably decline. I meet with appraiser today at 11 am - wish me luck.
I actually felt as thought they were "bouncer" like in the conversations with me....very unsympathetic to the seller and the Realtor - I think they dislike us, and it's very evident in the practices. I wonder if all us across the Nation stuck together we could make them change some of these policies - I don't believe they have a big enough Portfolio to make it matter.
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Elaine -
I feel for you.... They wil NOT move off their price - once they decide, that's it !
After a long conversation with the head of short sales, they truly have no desire to do them - they want to either Modify or Foreclose. They absolutely despise Agents and Brokers and have said they do not "trust" any of us (that's why they require complete control of Escrow,Title and Notary). I think their portfolio is ballooning and they don;t know what to do about it.
If you want to chat more send a private e-mail to [email protected]
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Anyone know how long it will take to get an approval letter from ING once a price has been agreed on? I am working on the buy-side (frustrating, as I have no control). We agreed on $450k with ING more than a month ago. Two weeks ago, we heard they were pulling title. Last week, they had the title and were preparing a preliminary HUD for final approval determination. Can't believe it's taking this long just to get the letter even after we have agreed on all the terms. My buyers are homeless as of June 30 - anyone know how long we still have to wait?
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Mike - I just closed one with ING as 1st lien. I've learned a few things;
1) Don't hold your breath
2) ING CONTROLS EVERYTHING.
3) Placer Title / Escrow cannot work on the file unless ING says they can. For example, because there was an implending Trustee Sale and there was too much risk for the Buyer due to ING's monetary requirements by the Buyer to postone the Trustee Sale, the buyer switched from Financed to All Cash. The buyer needed a new HUD but Placer would not work on it without permission of ING, DUH ! So, Placer does not act as an independent 3rd party, EVER. Further, ING's employees negotiate the actual terms of the transaction, not just the settlement amount. I asked for their DRE license #'s only to be told none of them are actually licensed. Since ING dictated Escrow and Title, I sent the law stating if the "seller" will not negotiate on Services and dictates their service providers, then they either have to pay both sides or could be assessed triple damages - ING sent me an e-mail and closed the file because I called them out on it.
4) ING despises 3rd party negotiators and will cut them out whenever / however they can. In fact ING will talk to people who are not authorized by the seller / borrower.
5) ING told me they want to do more Loan Mods and Foreclosures and no short sales.
The time it takes from an agreed-upon price to actual approval has no definitive timeframe. Unless there is an imminent Trustee Sale, the file will not be a priority.
Quite frankly, you should find your Buyer another property to buy.
If you send me a private e-mail I can provide more insight and contact #'s [email protected] .
I will NEVER do another short sale with ING
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Permalink Reply by Joseph Alfe on
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Same experience here. ING and Met Life are on my banned list. It seems that they are not real lenders, but rather insurance companies who lent mortgages when it was god. They have no idea what to do with these and they have no desire to learn.
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