Letter of Authorization Hell (Help)
This is a two part question. I sent in the normal letter of authorization(LOA) that I have used for 300+ shorts and never had a problem until now. It was rejected when they said the signatures did not match what they had on file. They then suggested that the client get the LOA notarized which was done. Again, it was rejected. The client, LBPS and I did a 3-way call this worked for that phone call, and that one only. The client has called them saying that the LOA was good and still it is rejected. The last phone call that was made was when the client called and stated that an attorney was being contacted, at that point she was transferred to a supervisor who stated that they did not have authority to override the LOA decision but that they would send an email to someone to get them to look at it again. I have read on here about similar problems that others are having pertaining to this company. Is there something that others have done with this problem to get over this hurdle?
Next question is: The completed short sale package was sent over on 10-19. On 10-28 they acknowledged that they had received everything and it as imaged in. (except for the LOA of course). The BPO was completed on 11-8(I met the agent there that did it) and acknowledged they have it on 11-11. My question is, what is the typical time frame that is being found for approval from LBPS after completion of the BPO and is a negotiator assigned before or after the BPO? This is a pain in the ass with this one since I feel in the dark about what is going on since they seem to have LOA issues.
When I first called LBPS on 10-14 to find out what items they needed in their short package and the time frames to complete a short sale with them I was quoted 30-45 days start to finish. I thought great this will be an easy one, so I thought, after all BofA is getting them done in that time now.
Any help with this company would be great appreciated. Thank you
Jeff Bradshaw
702-418-4771
Replies to This Discussion
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Permalink Reply by Marty Hackworth on
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Hi Jeff,
I just got off the roller coaster ride with LBPS on this same issue. Long story short, they will only approve their own autho to release and it must be notarized.
You can download one here: https://www.lbps.com/Downloads/F009AuthorizationToReleaseInformatio...
MAKE SURE IT HAS THE LBPS ACCOUNT NUMBER ON IT. (Different from the original account number if the account was transfered or purchased from another lender). -
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Permalink Reply by Jeff Bradshaw on
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Thanks Marty we will try that next. When I had originally called on 10-14 I had asked Nicole Paterson (there rep) if they had their own LOA and she said no. Isn't this company just amazing. I will certainly not take another listing with this company. Sorry about the negativity I just thought this kind of activity from companies was a thing of the past. This is what we dealt with 3-4 years ago not today.
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I've had similar issues with them and this is my first short sale with them as well. I have completed hundreds of others, each with their own issues as you know, but this is a first time fiasco over an autho to release. Our file was transfered from Citi, I was told our original autho would transfer over and everything would be fine. A few follow ups later I was told that autho was no good and to use theirs which had to be notarized. After two weeks of follow up and being told several times it just had not been approved yet, someone in the call center told me it had to have the new LBPS account number on it. Of course, she could not give it to me, because I was not authorized. Overall I've read good things about them on here, but so far we're certainly off on the wrong foot. I guess we'll see, LBPS has called the seller and told her things look great for a quick approval.
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Permalink Reply by JulieAnn DeCeunynck on
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Hello Jeff, I ended up just going to the website and pulling off their 3rd party auth, and yes this must be notarized. I was told the same thing, that the signatures didnt match the signatures on the note. With these people I would use their form just to get moving forward.
I have submitted a short sale with them and am currently in a value dispute! I have had a couple file with them and still have yet to close a deal.
I am curious how others are dealing with them?!
good luck to you! -
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