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Loan servicer changed in the middle of our short sale Chase to Select Portfolio Servicing

Posted by ALLAN ARTHUR on August 2, 2013 at 9:08am in Short Sale Discussions

We received Chase's approval letter the day before the file was supposedly transfered to SPS.They tell us that we have to wait 15 days so the SPS gets up to speed on our short sale. Is there any insight on what to expect from SPS. Will they honor the original approval? do we have to start over?

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Replies

  • N S June 3, 2014 at 8:15am

    We had a similar situation where we had approvals from BoFA and while waiting for IRS approvals - they sold to SPS. 

    Unfortunately SPS did not honor the previous approval. Instead they went through their own process, did their own appraisal and underwriting before giving the approval. The whole process chewed up almost 4 months.

    Hopefully your story has a better ending.

  • ALLAN ARTHUR August 4, 2013 at 3:24am

    This is all very encouraging!  Thank you All!

  • Mary Wilcox August 4, 2013 at 2:22am

     

    Can't say for sure on SPS, but I had 3 from GMAC to GreenTree, that went quickly, like clockwork.

    The only glitch was GreenTree made us all wait 30 days to get up to speed. But, it really felt like it was a smooth continuation to the negotiations we had been in with GMAC before the switch.

     

    Good luck!

  • Davey August 4, 2013 at 12:56am
    Talk directly with the negoiator. No one else, explain to them what happen. They will normally expedite the file. Have all your file together and proceed as though your closing because they will respond back saying you can close Friday and its Tuesday. Then you will panic and have to get an extension. If you would have proceeded you would have been ready. FYI Davey Parker
  • Jonathan Katz August 2, 2013 at 6:00pm

    I agree with Brian, they should typically uphold it, but it's not guaranteed. Just get them what they need quickly and I'd escalate quickly as well too to upper management.

    Brett@ishortsalenow.com

    www.ishortsalenow.com

    310-564-6389

  • ALLAN ARTHUR August 2, 2013 at 9:53am

    Cool!! thank you!

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