Does anyone have an escalation contact at ING ?
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Does anyone have an escalation contact at ING ?
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Same experience here. ING and Met Life are on my banned list. It seems that they are not real lenders, but rather insurance companies who lent mortgages when it was god. They have no idea what to do with these and they have no desire to learn.
I guess the good news if there is any - Capital One bought ING. I got help by e-mailing the CEO of Capital One. By their own admission, they don't know how to handle Short Sales and have only 6 people in that entire department. The reason they use ULS / Placer Title is because they do all the steps for an REO so they have it ready-to-go. The onyl way they will postpone a Trustee Sale is if the Buyer deposits 5% of the purchase price into ING's escrow (ULS / Placer) and the Buyer provides a "NO-CONDITIONS" Loan Approval - a pre-approval is not good enough. They make it way too difficult to work with them and then, they cut the commission to boot!
I got my sale date postponed until they did an appraisal and review. They approved my offer - but don't have the terms of the approval in writing yet. Placer title contacted me for info and gave me an escrow # - just waiting for official approval/terms in writing from ING. Yes they cut commision. No NHD, and no other fee's on the HUD. I've been told by some they pay 10% of 2nd - but I'm hearing different from ING - I will find out as soon as get the official approval.
Elaine -
ING will pay no more than 5% of UPB to the 2nd. They will also want a copy of the approval from the 2nd before issuing ING's approval. Anything over that will have to come from the BUYER and will have to be approved by ING.
Also, make sure you have all conversations via e-mail with ING. If you talk to them on the phone, follow it up in writing to confirm what they have told you.
I initially submitted this short sale to ING in November 2011 and it closed in mid-May 2012.
was it very difficult to get the second to agree first? I've had many 2nd mortgages who are adamant on getting the first's approval. Please explain more on this process.
The 2nd on mine was with Citi - they issued a letter stating they would not accept less than X% (which was more than what ING would pay). The difference which was less than $500 was paid by the Buyer - but - ING was not cooperative about allowing it until I contacted the CEO of Capital One (owner of ING) and got some help.
Anyone know how long it will take to get an approval letter from ING once a price has been agreed on? I am working on the buy-side (frustrating, as I have no control). We agreed on $450k with ING more than a month ago. Two weeks ago, we heard they were pulling title. Last week, they had the title and were preparing a preliminary HUD for final approval determination. Can't believe it's taking this long just to get the letter even after we have agreed on all the terms. My buyers are homeless as of June 30 - anyone know how long we still have to wait?
Mike - I just closed one with ING as 1st lien. I've learned a few things;
1) Don't hold your breath
2) ING CONTROLS EVERYTHING.
3) Placer Title / Escrow cannot work on the file unless ING says they can. For example, because there was an implending Trustee Sale and there was too much risk for the Buyer due to ING's monetary requirements by the Buyer to postone the Trustee Sale, the buyer switched from Financed to All Cash. The buyer needed a new HUD but Placer would not work on it without permission of ING, DUH ! So, Placer does not act as an independent 3rd party, EVER. Further, ING's employees negotiate the actual terms of the transaction, not just the settlement amount. I asked for their DRE license #'s only to be told none of them are actually licensed. Since ING dictated Escrow and Title, I sent the law stating if the "seller" will not negotiate on Services and dictates their service providers, then they either have to pay both sides or could be assessed triple damages - ING sent me an e-mail and closed the file because I called them out on it.
4) ING despises 3rd party negotiators and will cut them out whenever / however they can. In fact ING will talk to people who are not authorized by the seller / borrower.
5) ING told me they want to do more Loan Mods and Foreclosures and no short sales.
The time it takes from an agreed-upon price to actual approval has no definitive timeframe. Unless there is an imminent Trustee Sale, the file will not be a priority.
Quite frankly, you should find your Buyer another property to buy.
If you send me a private e-mail I can provide more insight and contact #'s thom@thomcolby.com .
I will NEVER do another short sale with ING
Is Ing tough? I just got a shortsale with Ing as first.
Let's just say their no easy, cooperative or helpful. I have a file with ING as first and Citi as 2nd. Citi only wants $2,911 (6% of UPB). ING will only pay $2,500 flat. A $411 difference. ING will not allow anyone to contribute the $411. Also, illegal as it is, ING requires they control Escrow, Title and HUD and they require the use of ULS to provide these services. ING hasn't realized they are not the "owner" and they are acting as the seller. So after several months, several failed market value offers and an uncooperative ING closed their file and raised their "market value". It will be interesting since the summer is starting here in the Desert, there are no utilities, and the City is starting to file abatements (fines) against the property. It will cost ING a LOT more than the $411.
Oh, BTW, they pay no more than 5% with two Brokerages but no more than 3% with the same brokerage on both sides and they don't pay for several government required items and won't let the seller pay.
They will not communicate on the phone - only in e-mail and only at the end of the day - if you send an e-mail at 6:00pm, you won't get an answer until at least 6:00pm the next day. And, they are located right here in LA !
No more ING deals for me....
I'm sending the file along with all of the e-mails to the FDIC and the OTS via Fedex on Monday.
Good luck to you....
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