Comment

Comment by Isaac Ramirez on April 20, 2011 at 9:40am

I am having the same issue here in California with IBM LBPS !!! Sale date just recorded

Comment by Kim Carlson on April 20, 2011 at 9:26am

I have a short sale with LBPS and MI.  MI wanted a cash contribution and a note which my sellers agreed to.  Then LBPS said that was no longer allowed due to SB931 so now they plan to close the file and foreclose.  Help please!

Comment by Sandy Skover on April 9, 2011 at 6:03am

Nancy I am glad that you had a great experience with LBPS.  I believe that they are making many MUCH needed improvements to how they handle and process short sales. If you had submitted that same offer 6 mos ago you would have gone through what many of us are.  It is just a matter of timing and LBPS putting in the resources to handle the business.

 

Comment by Nancy Campbell on April 9, 2011 at 5:07am

I have seen a lot of bad results on this site from many of you on LBPS performance. I must say, I have had the opposite resolution. When I listed the home for the seller in January, I sent in my authorization form immediately. Because the seller spoke to the lender and told them that they were doing a short sale on their home. The seller had contact with the lender as well as myself.

We received a contract in February, negotiator within two days of contract, a BPO was completed within first week, and an approval was completed within 30 days. We now will be closing the first week of May.

I thought LBPS was very professional and courteous.

Comment by Laura Marshall on April 9, 2011 at 3:34am

They signed the RMA and the RASS/ARASS. I did not sign any documents other than a lender required arms length affidavit. The one that was just approved with Wells Fargo actually started as a traditional and they offered HAFA in the middle of the transaction. There were no documents that required my signature.

Comment by The Negotiator on April 9, 2011 at 2:33am

When you closed the "HAFA" short sale, did you and your homeowner sign the HAFA contract that states all the terms of the HAFA short sale?

Comment by Laura Marshall on April 8, 2011 at 10:58pm

I have closed quite a few HAFA short sales. I can't speak for all HAFA short sales, but the ones that I closed did not enter the process until I had an offer. They were not pre-approved HAFA. The lender did not tell me what to list the property for. I always list at market value. They all closed with no contribution from the seller. Yes, the 2nd is negotiated in the same way as the others, and if they do not agree to HAFA terms, then the short sale must go the traditional route instead of HAFA. The deed in lieu option is only available if there is no 2nd. It may not work for all people, but in my experience, the HAFA short sale has been a nice alternative. My clients who have closed and received the relocation allowance were thrilled. I just had one approved through Wells Fargo a couple of weeks ago. The homeowner hasn't made a payment in more than 18 months and will not be contributing any money. He will receive the $3,000 relocation allowance per the approval. Having said that, I have had a couple that were denied through HAFA but we were able to get a traditional short sale approved. I understand that HAFA benefits the lender as well...which is why the question below was asked. Why does this bank push for non-HAFA? My comment was that there is more benefit to the bank in certain states for the traditional short sale. With HAFA, the bank must waive it's rights to pursue a deficiency judgement and I believe they can not require a note.

Comment by The Negotiator on April 8, 2011 at 7:25pm

Did you know that homeowners are to pay a portion of their income with a HAFA short sale? Did you know that the bank tells you what to list the property for? Did you know that you only get 120 days to complete the short sale? Did you know that you will have to negotiate junior liens the same way as a regular short sale? Did you know that after 120 days, per the HAFA agreement, the lender can force a deed-in-lieu? Did you know that the lender telling you what to list and sell for puts your client in jeopardy? Did you know that 3k at closing for moving expense is simply the homeowners money being paid back to them?

 

If you really study HAFA guidelines, you will see that it benefits only the lender.

 

Other than that, HAFA rocks! Just my opinion here.

Comment by Sandy Skover on April 8, 2011 at 6:20pm

Hang in there Laura~ you have the heart of a warrior! LBPS seems so difficult to work with...I have been working on a file since July of 2010.  We have gone through 2 buyer's and are now on the 3rd one.  Each time we lost the buyer because it took so long for LBPS to get their act together- get  it assigned - and then get it approved. (The market value has gone down over $42,000)

This time it got assigned in less than 2 weeks w/BPO ordered and then completed. I was asked to have seller's complete an authorization that is notarized.  The seller's did so the same day...now 3-weeks later I am told that there is a "problem" with that authorization and she wants me to get a different one signed and notarized.  

What is up with these people? Anyone else experience this recently?  She says that the prior Authorization is creating many files to be "stuck".

We will get this new one taken care of and hopefully be able to move on to an approval.

Comment by AMY GERRISH on April 8, 2011 at 6:08pm

We've been in this final phase waiting on MI & fnma approval for a month. I've NEVER had one in this phase for this long before.

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