Wow, what a nightmare. Does anyone have a direct number to higher Management? Our loan was transferred to SPS back in September, after B of A actually gave us a verbal approval. I realize it was only a verbal, but we were told then we would have the approval from SPS within weeks. 4 months later and an increase of $35,000 over the original approved price and still no approval.
Every time we call we get a different person and a different answer. We were told two weeks ago that if the buyer agreed to their $35,000 increase in price we would have an approval letter within a week. Now, we are being told by a different person, it's an other 40 days from the last document.
I am done waiting. I really need to speak to someone that can get this done.
Thanks for your help.
Kim
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Thank you all for your replies. Sounds like we are all having a hard time with this company. Good luck to us all.
They are the worst.... Ive been waiting for almost 2 months on a approval letter. That is true they do state that after the last document was received it will take an additional 40 days. Each time I call they say that they are going to escalate it and for some reason it doesnt get done. Good Luck!!!!!!!!
OMG. I'm so sorry to hear everyone is having as much difficulty as I am. Thank you for the replies.
If government really wants to get involved and try and help, maybe they should set up regulations for these servicers with penalties, and enforce them. We need a place to report this crap and something REALLY done about it.
I could just copy and paste your story to tell my experience, with a couple extra twists. 1) They asked for proof of funds for the buyers' down payment to go with the loan preapproval letter. When I sent the buyers' savings statement, they said there were not enough funds in the account to cover the sale, so where would the rest be coming from. Uh, the LOAN! 2) They have asked for the same document (RASS) 3 times. Yesterday they tell me the document can be signed at closing. That's all they need. So I asked her when we could expect an approval. "We can't do anything until we receive the RASS."