LBPS 2nd approval issue

Approved LBPS, buyers FHA appraisal comes in lower, I submit appraisal for new approval letter 21 days ago.  Foreclosure date is tomorrow, still no response from LBPS, they say it's in review.  Since we are not under the terms of the old approval letter, they will not postpone foreclosure till they get a new approval.  Buyer has docs at title ready to sign if we were to get the new approval letter.  No response again today, they said to call back this afternoon, but if they don't get it today they are foreclosing tomorrow.  I've had the owner call in today as well.  Any other suggestions?

 

Thank you for your time.

 

Brian

Views: 66

Replies to This Discussion

Permalink Reply by The Negotiator on March 17, 2011 at 5:16am

Next time, request the extension and get it first before you tell them anything about another appraisal, new offer or anything negative. Always get what you need first before you deliver the bad news so close to auction time!!

Other than that, I'm sure you called everyday during the 21 days they had the new appraisal, right? Escalate to management? Also, you sent the new contract and HUD along with the appraisal, right?

Permalink Reply by Barbara J. Rice on March 17, 2011 at 5:16am

Try asking to speak with your negos supervisor. If that doesn't work, you've got to get higher up the line than the people answering the "800" number. I recommend going to http://jigsaw.com to find a VP or higher level. Given your short timeframe you've got to shake the tree from the top branches, Brian. Good luck!

Permalink Reply by Jeff Bradshaw on March 17, 2011 at 5:19am

If you are in a Trustee state I have once in the past called the Trustee direct told them what was going on, had to fax them the offer and I got it postponed. Essentially I went around the bank. Another thing that worked once for me is the loan I was working with was a Fannie Mae loan and I called Fannie direct(number is on their site), they in turn called the servicer and told them to postpone the sale. Both of these instances were with different servicers, not LBPS but it may still work. Good luck, I hope you can get it done.

Permalink Reply by The Negotiator on March 17, 2011 at 5:21am

OR you could call the attorney "pretending" to me from LBPS to have them postpone the auction..  HAHAHA

I have NEVER EVER done that in my life.. what are you talking about?

It's illegal pretending to me a cop or Obama .. nothing says you can work for a bank in your own sadistic mind!!  LOL

Permalink Reply by Brian Wood on March 18, 2011 at 7:54am
Received a gracious 7 day extension 30 minutes to trustee sale.  No more extensions regardless of what buyer lender needs.  Should be able to get it done still, thanks for your help all.
Permalink Reply by Jeff Bradshaw on March 18, 2011 at 9:45am
Go buy a lottery ticket

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