I am noticing a theme with several different lenders moving files to auction/foreclosure after an offer is denied. Valuations are coming in higher then buyers are willing to pay. Anyone seeing the same? Any professional solutions?
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Hello,
Yes, there are a lot of investors that they will rather do a DIL or foreclose on the property. I noticed specifically with Selene Finance, Rushmore and Caliber home loans. In fact, some of them are suing the "as repaired value" instead of the market value for their counter offers. I have filed complaints with the CFPB against all of them without any results.
IF the devil was a company it would be called Selene Financial.
Valuation disputes have required very detailed documentation. Similar to what we did 7 years ago but a little more in-debt (Comps, contractor estimates, with license numbers, photos time and date stamped, feedback, price reduction history.) All of this just to get an interior BPO. I think it's getting to the point where sellers will have to strongly consider filing bankruptcy to protect their wages. I'd love to mastermind on how to help sellers with legitimate hardships avoid foreclsoure. With the banks moving so quickly to foreclosure. Great advice on the CFPB, I've pursued that in other instances and found the very mention of the the CFPB to get things moving.
Yes - I have one where the lender called and said the Seller didn't have a hardship. I had him write a more elaborate hardship letter & resent it again with the package explaining what I was doing and why. It's over 1 month of leaving messages, emailing to a customer service email address (they responding saying they don't have my authorization that I've sent 8 times) and being put into "Ms. Sega's" voice mail - no response back. Now client received notice of sheriff sale 11/5/17! Can they just not respond to people? This file is with Home Point Financial. Any suggestions what to do now?
File a complaint with the Consumer Financial Protection Bureau. They allow you to upload documents, so have all supporting documentation ready to attach when you do it. Then, after you have your case number, you'll get it immediately after submitting, call the lender AND fax them and let them know that their refusal to cooperate is hurting your client financially and you have filed a complaint with CFPB. Include the case number and all supporting documentation (short sale package) in the fax. I have had several short sales take a complete 180 degree turn after getting the CFPB involved. Lenders tend to cooperate once they know the CFPB is investigating.
Values at times come higher than what people are willing to pay. This is when you attempt a value dispute and hopefully it pans out.