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ING 1st lien, Chase/LCS 2nd lien - dictating escrow & Title used and wants 2nd approved 1st.

Posted by Elaine Cooper on May 16, 2012 at 4:38pm in Short Sale Discussions

I have a short sale scenario that I've never had before:

1st with ING, 2nd with Chase but charged off to LCS -

ING wants approval from Chase/LCS before delaying sale date and issuing any approval

Chase/LCS infomed me this cannot happen and they require 1st lien approval to approve.

Also, to cap it off ING reduced commision, isn't paying anything...No NHD even. And they want their own escrow company and title company in Rockford, CA

 

I am in S. California and I know Rockford is not within a 3 hour radius.

 

Any suggestions ? 

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Replies

  • Wendy J Thomas September 24, 2012 at 7:11am

    I have a transaction with ING as well and have gotten about 3 months of postponements however, ING wants us to use THEIR title company which all parties refuse to do!  Has anyone been able to waive this requirment?  They keep telling us that its "just a requiment when you do a short sale iwth ING" 

     

    Title company that we are already using has expensed money and has a relationship with all parties and we trust this title company.  Any words of advice?

    wendy thomas, CO and IL

    • Elaine Cooper > Wendy J Thomas September 24, 2012 at 8:24am

      Wendy,

      ING will not do a short sale if you do not use their title and escrow Company. It is Placer Title and Escrow in N. California. They actually are very competent and good escrow to deal with. Not sure what you mean by title has expensed money ? And I wouldn't use the fact that you all have a relationship with the title company you want to use - this is the exact reason they are wanting to use theirs because the don't want any fraud - and this assures them the escrow/title is somewhat neutral. Although it is their choice - so not sure how neutral they are...LOL - actually I believe that Placer title recongnizes that ING is difficult and maybe regrets the contract they have with them. They are very competent escrow and title - so I say if you want to get the short sale done don't fight it. ING will not budge.
      Good luck

      Elaine

  • Elaine Cooper May 17, 2012 at 10:31am

    Thanks for all your reply's.

    I did manage to get ING to postpone the sale date ..Yeah !!

    Now to go to work on the 2nd.   I will strongly consider taking on additional ING short sales.

    I'm not one to start something and not finish it so I will try my best to get this done for my sellers. Might need a few punching bags whilst doing it....but that's why I work at KW......!!  We have a room just for that...LOL kidding.

    Elaine

  • Henry Liu, Broker May 17, 2012 at 8:49am

    ING in the worst.  I had the same scenario.  They gave a short sale approval with 2 weeks to perform.  The second dragged their feet until 1 day to foreclosure date.  Finally 2nd approval came in with seller to provide cash contribution.   When we tried to get postponement of sale date, ING didn't want to try to work with us.  Foreclosed anyways.  I will not take another short sale listing with ING.  Worst company to work with..  Elaine, I hope you have better result.

  • Bryant Tutas May 17, 2012 at 12:30am

    Here's some info form the ING group that may help:

    • CEO @ Capital One - the owner of ING - got a response in less than 2 hours.  Not a great response, and it hasn't been ANY more pleasant since I contacted him but here's his e-mail info:  rich.fairbank@capitalone.com

    http://shortsalesuperstars.com/group/ingbank

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