Replies to This Discussion

Permalink Reply by Mark Saakian on August 30, 2010 at 12:10pm

I also have an Aurora loan now with LBPS. I faxed the complete package to them on 8/24. They need 3-5 business days to process it. Called on 8/30, the package is in, complete, being assigned to a negotiator. They provided the name of the negotiator, but no contact information, stating that the negotiator will call/e-mail me within 5-7 business days. I will call them back to bug them exactly a week from today

Permalink Reply by Adrienne Weinick on September 1, 2010 at 8:28am

Hi Paul,

I'm sorry that this reply is so lengthy but I just got off the phone with LBPS and need to vent my frustration. I am a foreclosure defense attorney who has been handling short sales, modifications and deeds in lieu for several years now. Although it's never easy dealing with any bank on these matters, I had high hopes for LBPS because they informed me off the bat that their goal was to have a short sale approved/denied within 30-45 days. Unfortunately, that doesn't seem to be the case.

On 7/19/10, I faxed the completed short sale application w/purchase contract and authorization to them. The person I initially spoke to at LBPS said it took them 72 hours to input the info into their computers so I should call back then. I called 3 days later and was told that although they received all the short sale documents, the authorization was mysteriously missing. Doesn't make sense, as the authorization was included in a batch of financials that they had just confirmed they'd received. Nevertheless, I sent them the authorization again. I called back 3 days later and was able to confirm that they'd received everything and were currently reviewing the application. I called about 2 weeks later for an update and was told that they couldn't find my authorization again. I told them I had sent it twice and had confirmation they'd received it. All of a sudden, their representative was able to confirm that they had it. She told me that the application was still under review and to call back in a week. A few days later, I got a call from my client who had received a letter from LBPS stating that they were rejecting my authorization letter because it was insufficient. This makes no sense to me, as it is the same authorization I've used for all other banks including Bank of America, EMC, Chase, Aurora, etc. Nevertheless, I drafted a new letter, sent it to my client to sign and faxed it back to LBPS.

I waited about 3 days and called to check the status. Once again, they could't find my authorization. Eventually, they found it and told me that LBPS was ready to schedule the BPO on the property. I explained that I was the attorney for the borrowers and that I could set up the BPO day and time with LBPS and let the listing agent know so that she could let the appraiser into the property. LBPS's representative insisted that the listing agent would need to call back and schedule it on her own with them, which I found very odd seeing how I've never had a bank refuse to schedule a BPO through me. Nevertheless, the BPO was done and on 8/19/10 I received a call from Megan Snyder, the negotiator assigned to the matter. Megan was really nice and let me know that the BPO came back and the offer looked good. She said she didn't foresee any problems with getting approval and that she was forwarding it to the investor. She also stated that it should take about 3-5 days to get the final approval from the investor. I haven't heard from her since.

Today, 9/1/10, I called LBPS and after waiting on hold for 25 minutes I finally was able to speak to a woman named Allison King. Surprise, suprise, Allison wasn't able to find my authorization in the computer. It took her about 5 minutes to confirm that they had it. I asked to speak to Megan Snyder and Allison told me that she could not transfer me to Megan because they worked in the same group. I have no idea what that means. I asked for more of an explanation, and she became annoyed. What is the point of having a negotiator assigned to a short sale application if you can't get hold of her/him?

Allison informed me that the short sale application was forwarded to the investor on 8/19/10 but that they haven't heard anything yet. I explained that Megan told me it should only take about 3-5 days for the investor to give its response and asked if she knew why it was taking so long. She said she had no idea and no way of finding out what was going on with the investor. Not only did Allison not help me, but she gave me a really bad attitude every time I asked her a question.

All in all, I've had a really frustrating experience with LBPS. Their initial claims about trying to make the short sale process smoother are completely false. It's definitely true that other banks may take a lot longer to review a short sale, but at least you have 1 point of contact that you can speak to for updates, etc. and since you're dealing with the same person every time, there's none of this nonsense about having to look up the authorization before they can speak with you.

Also, I've never had a negotiator tell me that they don't know why an investor is taking so long to review a short sale. Usually, the negotiators work closely with the investor's point of contact and are able to get information very quickly. This business about LBPS being unable to find out what is going on is ridiculous.

The fact that LBPS claims to be able to handle short sale requests quicker and more efficiently than the other servicers just makes me that much more frustrated. Most buyers are wary about the whole short sale process because of how long it takes but I find it's much easier to manage their expectations if I can tell them right from the start that the process is going to take 3-6 months and routinely update them with good information. But in this case, LBPS has overpromised and underdelivered. The buyers have the expectation that this short sale would be much faster based on LBPS's statements. Now I have to explain to the buyer's realtor that not only are we not going to get a decision from LBPS within 45 days, as LBPS initially claimed, but I can't even provide them with a straight answer as to a realistic timeframe or why it's taking so long. I just hope they don't walk.

I hope that your experience with LBPS goes much more smoothly.

Take care,

Adrienne

Permalink Reply by Paul Francis - Vegas Short Sales on September 2, 2010 at 7:23pm

Wow... now I know where some previous negotiators from B of A that went MIA in the middle of some my deals went to....

Permalink Reply by Mark Meiser on September 27, 2010 at 6:48am

I too like other, sent multiple authorizations letters during my short sale experience with LBPS. It began on 7/10/10 and I am on my second buyer (the first one gave up) this time I have a cash buyer. The loan was with Chase in the beginning and now with LBPS that happened in the first week after the package was submitted to Chase. I have what should be an easy short sale situation one loan on the property no MI and only about 25% loss to the investor. I am very frustrated that I cannot even leave a voice mail with the negotiator assigned to my file. Actually I have not yet spoke to him. Today will be the 19th day I have attempted to leave a message and I get a recorded message that the voice mail box is full. So I fell your pain! I too have all the same phone contact numbers I am reading in these discussions and would love to hear some alternate ideas on how to get a response.- Thanks for listening-Mark

Adrienne Weinick said:

Hi Paul,

I'm sorry that this reply is so lengthy but I just got off the phone with LBPS and need to vent my frustration. I am a foreclosure defense attorney who has been handling short sales, modifications and deeds in lieu for several years now. Although it's never easy dealing with any bank on these matters, I had high hopes for LBPS because they informed me off the bat that their goal was to have a short sale approved/denied within 30-45 days. Unfortunately, that doesn't seem to be the case.

On 7/19/10, I faxed the completed short sale application w/purchase contract and authorization to them. The person I initially spoke to at LBPS said it took them 72 hours to input the info into their computers so I should call back then. I called 3 days later and was told that although they received all the short sale documents, the authorization was mysteriously missing. Doesn't make sense, as the authorization was included in a batch of financials that they had just confirmed they'd received. Nevertheless, I sent them the authorization again. I called back 3 days later and was able to confirm that they'd received everything and were currently reviewing the application. I called about 2 weeks later for an update and was told that they couldn't find my authorization again. I told them I had sent it twice and had confirmation they'd received it. All of a sudden, their representative was able to confirm that they had it. She told me that the application was still under review and to call back in a week. A few days later, I got a call from my client who had received a letter from LBPS stating that they were rejecting my authorization letter because it was insufficient. This makes no sense to me, as it is the same authorization I've used for all other banks including Bank of America, EMC, Chase, Aurora, etc. Nevertheless, I drafted a new letter, sent it to my client to sign and faxed it back to LBPS.

I waited about 3 days and called to check the status. Once again, they could't find my authorization. Eventually, they found it and told me that LBPS was ready to schedule the BPO on the property. I explained that I was the attorney for the borrowers and that I could set up the BPO day and time with LBPS and let the listing agent know so that she could let the appraiser into the property. LBPS's representative insisted that the listing agent would need to call back and schedule it on her own with them, which I found very odd seeing how I've never had a bank refuse to schedule a BPO through me. Nevertheless, the BPO was done and on 8/19/10 I received a call from Megan Snyder, the negotiator assigned to the matter. Megan was really nice and let me know that the BPO came back and the offer looked good. She said she didn't foresee any problems with getting approval and that she was forwarding it to the investor. She also stated that it should take about 3-5 days to get the final approval from the investor. I haven't heard from her since.

Today, 9/1/10, I called LBPS and after waiting on hold for 25 minutes I finally was able to speak to a woman named Allison King. Surprise, suprise, Allison wasn't able to find my authorization in the computer. It took her about 5 minutes to confirm that they had it. I asked to speak to Megan Snyder and Allison told me that she could not transfer me to Megan because they worked in the same group. I have no idea what that means. I asked for more of an explanation, and she became annoyed. What is the point of having a negotiator assigned to a short sale application if you can't get hold of her/him?

Allison informed me that the short sale application was forwarded to the investor on 8/19/10 but that they haven't heard anything yet. I explained that Megan told me it should only take about 3-5 days for the investor to give its response and asked if she knew why it was taking so long. She said she had no idea and no way of finding out what was going on with the investor. Not only did Allison not help me, but she gave me a really bad attitude every time I asked her a question.

All in all, I've had a really frustrating experience with LBPS. Their initial claims about trying to make the short sale process smoother are completely false. It's definitely true that other banks may take a lot longer to review a short sale, but at least you have 1 point of contact that you can speak to for updates, etc. and since you're dealing with the same person every time, there's none of this nonsense about having to look up the authorization before they can speak with you.

Also, I've never had a negotiator tell me that they don't know why an investor is taking so long to review a short sale. Usually, the negotiators work closely with the investor's point of contact and are able to get information very quickly. This business about LBPS being unable to find out what is going on is ridiculous.

The fact that LBPS claims to be able to handle short sale requests quicker and more efficiently than the other servicers just makes me that much more frustrated. Most buyers are wary about the whole short sale process because of how long it takes but I find it's much easier to manage their expectations if I can tell them right from the start that the process is going to take 3-6 months and routinely update them with good information. But in this case, LBPS has overpromised and underdelivered. The buyers have the expectation that this short sale would be much faster based on LBPS's statements. Now I have to explain to the buyer's realtor that not only are we not going to get a decision from LBPS within 45 days, as LBPS initially claimed, but I can't even provide them with a straight answer as to a realistic timeframe or why it's taking so long. I just hope they don't walk.

I hope that your experience with LBPS goes much more smoothly.

Take care,

Adrienne

Permalink Reply by Paul Francis - Vegas Short Sales on September 29, 2010 at 11:21am

To follow up on this discussion, I've had no major problems getting through to somebody or with Paperwork as of right now.

Of course... compared to doing short sales two years ago, everything seems easier today.

Permalink Reply by Michele Michaels on October 1, 2010 at 6:27am

We have 4 packages in to LBPS, (BofA paper)three submitted within a day or two of August 3, 2010. The fourth was submitted 8-19. We were very impressed at first; we were on hold between 1 and 2 hours (no wait time if I called between 5-6 am), but when we finally got a live person, the info was good and the attitude professional and pleasant. Valuations were ordered in a timely manner. We received an approval letter on one of the first 3 pkgs September 1! However, we have hit a brick wall on the other 3 pkgs since. Negotiators voicemail boxes are full. Emails and faxes are not being answered. I am patient, and know how slammed negotiators are, but I am a squeaky wheel when it comes to representing clients. Just sent out an escalation email. Will let you know what happens. I'm hoping this is just a bump in the road for LBPS.

Permalink Reply by Pamela Thomas on October 13, 2010 at 9:28pm

Adrienne, I went through the same difficulty with the Authorization form. I actually had my client come to my office and sign two different forms and finally we had one notarized for them to recognise it was legit. I was going through a short sale with Aurora and during final sign off by FNMA, the servicing was transferred to IBM/LBPS. I was told i would have to start from scratch so i faxed over the complete package. After several weeks of trying to get someone to talk to me to confirm the package was complete and recieved, with no success because of the authorization form issue, when i finally did get through, i was told the property went to foreclosure sale because they did not recieve a HUD1 in the package. I think the authorization form was a ploy to buy time to let it go to foreclosure. I had conference called the seller on the phone with them twice and at no time did they tell us they needed a HUD. As the listing Agent on the property, they could have contacted me or the client. I was told they had made several attempts but neither i nor the seller ever recieved a call from them. Nor, did they mention foreclosure sale or needing a HUD on any of the many conversations i had with them. I believe this is an illegal foreclosure sale but not sure what to do to rectify the situation.
Adrienne Weinick said:

Hi Paul,

I'm sorry that this reply is so lengthy but I just got off the phone with LBPS and need to vent my frustration. I am a foreclosure defense attorney who has been handling short sales, modifications and deeds in lieu for several years now. Although it's never easy dealing with any bank on these matters, I had high hopes for LBPS because they informed me off the bat that their goal was to have a short sale approved/denied within 30-45 days. Unfortunately, that doesn't seem to be the case.

On 7/19/10, I faxed the completed short sale application w/purchase contract and authorization to them. The person I initially spoke to at LBPS said it took them 72 hours to input the info into their computers so I should call back then. I called 3 days later and was told that although they received all the short sale documents, the authorization was mysteriously missing. Doesn't make sense, as the authorization was included in a batch of financials that they had just confirmed they'd received. Nevertheless, I sent them the authorization again. I called back 3 days later and was able to confirm that they'd received everything and were currently reviewing the application. I called about 2 weeks later for an update and was told that they couldn't find my authorization again. I told them I had sent it twice and had confirmation they'd received it. All of a sudden, their representative was able to confirm that they had it. She told me that the application was still under review and to call back in a week. A few days later, I got a call from my client who had received a letter from LBPS stating that they were rejecting my authorization letter because it was insufficient. This makes no sense to me, as it is the same authorization I've used for all other banks including Bank of America, EMC, Chase, Aurora, etc. Nevertheless, I drafted a new letter, sent it to my client to sign and faxed it back to LBPS.

I waited about 3 days and called to check the status. Once again, they could't find my authorization. Eventually, they found it and told me that LBPS was ready to schedule the BPO on the property. I explained that I was the attorney for the borrowers and that I could set up the BPO day and time with LBPS and let the listing agent know so that she could let the appraiser into the property. LBPS's representative insisted that the listing agent would need to call back and schedule it on her own with them, which I found very odd seeing how I've never had a bank refuse to schedule a BPO through me. Nevertheless, the BPO was done and on 8/19/10 I received a call from Megan Snyder, the negotiator assigned to the matter. Megan was really nice and let me know that the BPO came back and the offer looked good. She said she didn't foresee any problems with getting approval and that she was forwarding it to the investor. She also stated that it should take about 3-5 days to get the final approval from the investor. I haven't heard from her since.

Today, 9/1/10, I called LBPS and after waiting on hold for 25 minutes I finally was able to speak to a woman named Allison King. Surprise, suprise, Allison wasn't able to find my authorization in the computer. It took her about 5 minutes to confirm that they had it. I asked to speak to Megan Snyder and Allison told me that she could not transfer me to Megan because they worked in the same group. I have no idea what that means. I asked for more of an explanation, and she became annoyed. What is the point of having a negotiator assigned to a short sale application if you can't get hold of her/him?

Allison informed me that the short sale application was forwarded to the investor on 8/19/10 but that they haven't heard anything yet. I explained that Megan told me it should only take about 3-5 days for the investor to give its response and asked if she knew why it was taking so long. She said she had no idea and no way of finding out what was going on with the investor. Not only did Allison not help me, but she gave me a really bad attitude every time I asked her a question.

All in all, I've had a really frustrating experience with LBPS. Their initial claims about trying to make the short sale process smoother are completely false. It's definitely true that other banks may take a lot longer to review a short sale, but at least you have 1 point of contact that you can speak to for updates, etc. and since you're dealing with the same person every time, there's none of this nonsense about having to look up the authorization before they can speak with you.

Also, I've never had a negotiator tell me that they don't know why an investor is taking so long to review a short sale. Usually, the negotiators work closely with the investor's point of contact and are able to get information very quickly. This business about LBPS being unable to find out what is going on is ridiculous.

The fact that LBPS claims to be able to handle short sale requests quicker and more efficiently than the other servicers just makes me that much more frustrated. Most buyers are wary about the whole short sale process because of how long it takes but I find it's much easier to manage their expectations if I can tell them right from the start that the process is going to take 3-6 months and routinely update them with good information. But in this case, LBPS has overpromised and underdelivered. The buyers have the expectation that this short sale would be much faster based on LBPS's statements. Now I have to explain to the buyer's realtor that not only are we not going to get a decision from LBPS within 45 days, as LBPS initially claimed, but I can't even provide them with a straight answer as to a realistic timeframe or why it's taking so long. I just hope they don't walk.

I hope that your experience with LBPS goes much more smoothly.

Take care,

Adrienne

Permalink Reply by Paul Francis - Vegas Short Sales on October 13, 2010 at 9:54pm

Pamela,

I can certainly understand your frustration since I've been dealing with short sales for several years. Personally though... the difference between doing short sales back in 2008 compared to today is that for whatever reason... sellers and their inexperienced agents start throwing out terms such as "illegal" and other terms as if they are entitled to a short sale.

I hate to bust your bubble and any others out there that think a bank has to agree to a short sale...but honestly... I'm getting a little tired with the thinking that a lender or owner of a note has to agree to a short sale because it's creating unrealistic expectations.

"I believe this is an illegal foreclosure sale but not sure what to do to rectify the situation."

Sorry Kid... but there is nothing illegal about it. Whoever owns the note can accept or deny the short sale as they seem fit. If the owner of a note chooses to have their notes serviced by an incompetent servicer... that's their business.

I hate to be harsh but your job is to convince the owner of the note that a short sale is in their best interest... not making claims that it is illegal.

No short sale that goes to foreclosure is Illegal... Unless of course.. Mortgage payments are being made in the first place.

Let's stop the confusion of entitlement so we can move forward. When I was doing short sales in 2008, sellers were thrilled when the short sale was approved...

Today... sellers feel they are entitled to having their short sale approved and that's due to unrealistic expectations from real estate agents that really do not have a clue of what a short sale is in the first place.

Point out a law that states a lender has to agree to a short sale and I'll change my tune...

(Disclosure --- My Mom is a Bankster.)

Permalink Reply by Paul Francis - Vegas Short Sales on October 13, 2010 at 10:00pm

BTW... while LBPS has been a little slow... so far I have nothing really major to complain about. Keep in mind though... I was doing short sales back in 2008 when there was plenty to complain about.

And... there are still some other servicers that I can completely complain about who treat the short sale business as how much they can squeeze out of a desperate seller then helping their investors.

Permalink Reply by David Dupree on October 24, 2010 at 12:54pm

Wish I could report an awesome experience with LBPS after they acquired a Fannie Mae backed loan from Aurora in August. One which was a cash offer, no contingencies and in the final stages of counter offers with Aurora (Aurora's target net value and buyers offer net value less than $1000 difference), but I can't.

LBPS Timeline Highlights:

August 3 "Starting the process over" submitted same package Aurora had only update was the HUD-1; Aug 5 confirmed receipt of SS package; Aug 12 Trustee Sale date set for Oct 22; Aug 20th new BPO is completed; Aug31 Negotiator completed review of file and BPO, indicated that all looks good and he will be submitted SS to Fannie Mae for approval on Sept.1, told it could take 7-10 working to get a response; follow-up calls on Sept 7, 15 & 21 unable to talk to negotiator directly, no update to notes and Voicemail full; Sept 23 update to notes requests that I resubmit offer, proof of funds and updated HUD-1 as file is incomplete and missing these (all were in original submission pkg on August 3), items faxed that day; Sept 24 confirmed receipt of fax; Sept 27,28 & 29 follow up calls no new notes added to file still can get to negotiator though transferred to that department on all calls; Oct 1, note from negotiator buyer must raise offer $11,500 to meet appraised value of their BPO or file will not be submitted and foreclosure will move forward as scheduled (Note LBPS BPO is $10,000 higher than Aurora's from 2 month's earlier) ; Oct 2 - 12 attempt several principled negotiation strategies to bring both parties closer to an agreement which are unsuccessful; Oct. 12 listing agent contacts back-up buyers agent to see if their client interested, they submit offer that is within $5,000 of LBPS's target sale price and under$3,000 near target net value; Oct 20 LBPS indicates they will not request postponement to give time to review new offer; Oct 22 home reverts back to lender in Trustee Sale.

Notes:
I lost one very valuable month time wise in Sept being misled that this file had been submitted for approval when in fact it wasn't.
Best time to contact them is in the evening after 5 Pacific time.
In August they received over 90,000 new loans to process.
In October another 100,000.
With that number get ready fellow Short Sale agents, they are going to be a significant player in our future negotiations.

Their team is instructed not to leave a message if they call you.

This company is a behemoth. The investors they represent are tightening the processing delegations and becoming less willing to postpone or negotiate any price below their claimed BPO valuation figure. They appear to want to dictate, not negotiate.

Permalink Reply by Jeff Bradshaw on November 23, 2010 at 11:02am

Adrienne,
Did you every get that short done and what were the time frames? I am also having 3rd party authorization issues with them. Our BPO was completed on 11-08 and the client who is calling for updates has stated they acknowledged receipt of it on 11-11. From this point how long for any response have you seen?
Thanks, Jeff Bradshaw


Adrienne Weinick said:

Hi Paul,

I'm sorry that this reply is so lengthy but I just got off the phone with LBPS and need to vent my frustration. I am a foreclosure defense attorney who has been handling short sales, modifications and deeds in lieu for several years now. Although it's never easy dealing with any bank on these matters, I had high hopes for LBPS because they informed me off the bat that their goal was to have a short sale approved/denied within 30-45 days. Unfortunately, that doesn't seem to be the case.

On 7/19/10, I faxed the completed short sale application w/purchase contract and authorization to them. The person I initially spoke to at LBPS said it took them 72 hours to input the info into their computers so I should call back then. I called 3 days later and was told that although they received all the short sale documents, the authorization was mysteriously missing. Doesn't make sense, as the authorization was included in a batch of financials that they had just confirmed they'd received. Nevertheless, I sent them the authorization again. I called back 3 days later and was able to confirm that they'd received everything and were currently reviewing the application. I called about 2 weeks later for an update and was told that they couldn't find my authorization again. I told them I had sent it twice and had confirmation they'd received it. All of a sudden, their representative was able to confirm that they had it. She told me that the application was still under review and to call back in a week. A few days later, I got a call from my client who had received a letter from LBPS stating that they were rejecting my authorization letter because it was insufficient. This makes no sense to me, as it is the same authorization I've used for all other banks including Bank of America, EMC, Chase, Aurora, etc. Nevertheless, I drafted a new letter, sent it to my client to sign and faxed it back to LBPS.

I waited about 3 days and called to check the status. Once again, they could't find my authorization. Eventually, they found it and told me that LBPS was ready to schedule the BPO on the property. I explained that I was the attorney for the borrowers and that I could set up the BPO day and time with LBPS and let the listing agent know so that she could let the appraiser into the property. LBPS's representative insisted that the listing agent would need to call back and schedule it on her own with them, which I found very odd seeing how I've never had a bank refuse to schedule a BPO through me. Nevertheless, the BPO was done and on 8/19/10 I received a call from Megan Snyder, the negotiator assigned to the matter. Megan was really nice and let me know that the BPO came back and the offer looked good. She said she didn't foresee any problems with getting approval and that she was forwarding it to the investor. She also stated that it should take about 3-5 days to get the final approval from the investor. I haven't heard from her since.

Today, 9/1/10, I called LBPS and after waiting on hold for 25 minutes I finally was able to speak to a woman named Allison King. Surprise, suprise, Allison wasn't able to find my authorization in the computer. It took her about 5 minutes to confirm that they had it. I asked to speak to Megan Snyder and Allison told me that she could not transfer me to Megan because they worked in the same group. I have no idea what that means. I asked for more of an explanation, and she became annoyed. What is the point of having a negotiator assigned to a short sale application if you can't get hold of her/him?

Allison informed me that the short sale application was forwarded to the investor on 8/19/10 but that they haven't heard anything yet. I explained that Megan told me it should only take about 3-5 days for the investor to give its response and asked if she knew why it was taking so long. She said she had no idea and no way of finding out what was going on with the investor. Not only did Allison not help me, but she gave me a really bad attitude every time I asked her a question.

All in all, I've had a really frustrating experience with LBPS. Their initial claims about trying to make the short sale process smoother are completely false. It's definitely true that other banks may take a lot longer to review a short sale, but at least you have 1 point of contact that you can speak to for updates, etc. and since you're dealing with the same person every time, there's none of this nonsense about having to look up the authorization before they can speak with you.

Also, I've never had a negotiator tell me that they don't know why an investor is taking so long to review a short sale. Usually, the negotiators work closely with the investor's point of contact and are able to get information very quickly. This business about LBPS being unable to find out what is going on is ridiculous.

The fact that LBPS claims to be able to handle short sale requests quicker and more efficiently than the other servicers just makes me that much more frustrated. Most buyers are wary about the whole short sale process because of how long it takes but I find it's much easier to manage their expectations if I can tell them right from the start that the process is going to take 3-6 months and routinely update them with good information. But in this case, LBPS has overpromised and underdelivered. The buyers have the expectation that this short sale would be much faster based on LBPS's statements. Now I have to explain to the buyer's realtor that not only are we not going to get a decision from LBPS within 45 days, as LBPS initially claimed, but I can't even provide them with a straight answer as to a realistic timeframe or why it's taking so long. I just hope they don't walk.

I hope that your experience with LBPS goes much more smoothly.

Take care,

Adrienne

Permalink Reply by Jeff Bradshaw on November 29, 2010 at 12:06pm

hey Paul,

did you get the short sale closed with this company or at least an approval letter. I read in this thread about you doing shorts in 08. I came from California to Vegas in 08 to teach short sales. I did my first one in 1994 in California. This company(IBM) so far is by far the worst one I have had to deal with this year. IBM is like what short sales were 4 years ago when they started to come back. IBM is new to the game as of this year, so I understand a learning curve, but they seem to be learning as they are going like other lenders did some years ago rather then learn from what other lenders have already learned. Now, they just got another huge shipment of loans to them and they already could not handle what they had. Go to there web site and they are hiring for just about every position possible, that tells you something.

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