From a colleague, she asked:

"If anyone has any input working with Fay servicing I would love to hear it! Got a curve ball today from Citi that first was “transferred to Fay servicing” and a refusal to give me any information. Citi stated the borrower would hear from Citi bank  within 14 days…?...Is this a start from zero situation, a deep black hole, a light possibly at the end of the tunnel…any input would be greatly appreciated"

Thought I'd forward her question in case someone has some info to share.

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Pacita,

      The borrower should of received a Good-Bye letter in the mail stating that the loan was being service released which should contain contact information. I'd also recommend calling Citi back and speaking to a manger or supervisor to obtain the contact information. I'd also be doing research on google and contact Fay Servicing and ask them to point me in the right direction to the short sale department.

[email protected]

310-564-6389

www.ishortsalenow.com

Are they out of Chicago? If so, feel free to contact me. I know the president very well, he was my old work associate.

Can you ask your contact who is the president there if 5% commission caps are a negotiating tactic or are they hard up on that similar to HSBC. I just had an intro call with my negotiator there and that is what I was told. Didn't fight too hard as they are still waiting on BPO value. 

Alexander, I may need to contact you in the future if your buddy is still at Fay Servicing. I may take a short sale where they are the servicer.

I don't know if what I am about to say will help since the posted question is about 7 months old.

Same thing happened to us May of 2013.  Citi sold our servicing to Fay (during our bk).  Had no one to pay a mortgage payment to or knew what it was because we had a modification with Citi, in which Fay would not honor.  8 People, ahem, "servicers" later and about 6 months later, finally got an answer on how much to pay.....now we are behind, by ALOT!  Fay would not accept any responsibility either.  3 "budget analysis'" later and they came back with a ridiculous payment to absorb the outstanding balance full knowing we could not afford it because they did our "budget analysis".  This servicing company is a joke! I read the website, they did absolutely nothing to help us, no reasonable modification, no follow-up, 8 people were "transferred" and no one got back to us despite my weekly calls.   Now we are in short sale!!

If you can get away from this company DO IT!!! RUN!!! refinance if you can, they are not helpful at all.

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