Comment

Comment by Laura Marshall on April 8, 2011 at 3:26pm

Oh...this is a recent thing. Maybe about a week. I tried escallation through Fannie Mae but they didn't care. In November, the file was assigned to a negotiator in the wrong department. In January the buyer walked and we got a new buyer (cash). They assigned the file back to the same negotiator (loan mod) department and it took until the end of Feb to get it in the short sale dept. Forclosure sale was set for 3/15 and Fannie Mae could care less. They said they reviewed my issue and the servicer can take months to review the file. I explained that they took months just to get it in the correct department. They said they could not approve a postponement unless the servicer asked for it. The servicer said they need FNMA and MI approval before they would request it, and there was no time...so too bad. The trustee postponed the sale (their discretion) and new date set for 4/15. I must say this new negotiator has been great, but we are now waiting for MI approval. The sale has not been postponed yet, as we are waiting for MI approval before they will even ask Fannie Mae for permission to postpone. I will be all over it on Monday. The department supervisor that I spoke to was also a piece of work. I asked Fannie Mae if I could file a complaint. They said no. The person that I spoke to was a level 2 supervisor, whatever that is. She was uninterested and said I have gone as far as I can. Well, I suppose we will see on Monday. I have had no problem getting to the office of the President with many of the banks, so that sounds like a challenge to me :).....and I am always up for a challenge. Why couldn't I be working with Wachovia....darn!!!!!

Comment by AMY GERRISH on April 8, 2011 at 2:54pm

Laura how long have you been waiting for MI approval? I just escalated with Fannie Mae, I'm done waiting for the "talented" staff  at lbps to get me answers.

Comment by Laura Marshall on April 8, 2011 at 2:15pm

How is HAFA bad for the seller? They get the right to a deficiency judgement waived and a $3,000 relocation allowance. If you are in a state where a deficiency judgement can be granted after a short sale, then it would be in the banks best interest not to do HAFA. I have been involved with a nightmare LPBS file since November. I can't speak to all of their files, but regarding the one I am working on...I have not seen anything that would suggest that this company is looking out for the seller. As for the other comments...I am now just waiting for MI approval...LOL.

Comment by The Negotiator on April 8, 2011 at 1:03pm

Maybe because they realize that a HAFA short sale is not good for the homeowner.

Comment by Glenn Batten on April 8, 2011 at 10:36am

Does anyone know why LBPS is so intent on switching from a HAFA to a regular short sale?

Glenn Batten

Comment by AMY GERRISH on April 5, 2011 at 1:24pm

Frustrated with this company! They offer very little communication. They have no idea what is going on, they just blame MI for taking so long.

Comment by Janie Booth on April 5, 2011 at 11:12am

Hi, Sara. After hearing some of the horror stories, I hope you are right. I just submitted a short sale package last week to IBM and they were quick to order the BPO (didn't have to ask) and they also informed me that my clent's loan does not have MI (didn't have to ask again). Hmmm...maybe they are improving? I certainly won't hold my breath at this stage of the game. Let me know how yours progresses if you are currently working on a file. Best! Janie.

Comment by SARA SANTANA on April 5, 2011 at 9:55am

Has anyone experienced better service with IBM in the past few months?  I heard they dumped a lot of money into the short sale arm of business. 

Comment by The Negotiator on April 5, 2011 at 6:17am

IBM state they "always strive for full sat."

Comment by Patrick Smith on April 5, 2011 at 5:30am

Sigh,,,, I have complaints on file about their utter lack of MHA compliance with both Fannie Mae and Freddie Mac.  I'm sure as individuals they are nice people, but there is no evidence that they are doing what they are supposed to be doing, much less trying to actively administer short sales.  I'm on month 5 of my request and they still haven't issued a HAFA determination........but they have said that if my client will voluntarily waive the HAFA request they'll be happy to immediately start processing as a proprietary short sale.

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