Comment

Comment by Wendy Rulnick on December 9, 2009 at 2:26am

Mori - Yeah, when they told me to re-fax the LOA with a secret password, I was speechless for a moment!! Stephanie - I have just started on my Carrington short... My area is so down and the property so unusual, I am hoping for a fair shake here!

Comment by Stephanie Lim on December 9, 2009 at 1:50am

Except when they blow the secret password off and decide it's irrelevent then just want the account number and the SS# again. They got tired of the password game with us...and just went for the "good stuff" at some point.

Wendy--how are yours coming? I've heard from several people who had the same turnout as me...the demand for $15k or so over appraised price...but refusal to even put that in writing because they were not going to be bound by it because they might change their mind...sorry..."that would require investor approval" while the ridiculous over appraisal price demand didn't require investor approval.

Comment by Mori Langshaw Sr on December 8, 2009 at 4:04pm

Wendy you put this in the wrong group I think because this CANNOT be the policy. This goes under Short Sale Humor...Where are the moderators when you need them...;-)

Comment by Wendy Rulnick on December 8, 2009 at 1:37pm

I just found out Carrington's interesting policy. When you send in your Letter of Authorization, write your secret PASSWORD on it!! That is the only way they will talk to you:) Don't try to guess mine!

Comment by Stephanie Lim on November 18, 2009 at 8:46am

No. Unfortunately it never closed and as a result the seller ended up in bankruptcy. I blogged on this a couple of months ago and since have heard from multiple people about that $15k more line. I haven't heard from anyone who has actually had one close with Carrington. I worked it, refusing to give up, until the sellers filed. I also managed to keep the buyer hanging in there until the bitter end. If you haven't yet, read the article I posted below. Very enlightening.

Comment by Christine Castillo on November 18, 2009 at 8:41am

Stephanie, were you able to close the short sale? I am in the same boat right now. I've been working with CMS for over a year, and they declined the first offer which was $10,000 less than BPO. Now we have an offer that's $5,000 over BPO but they are still asking for $15,000 more than BPO because of all the unpaid taxes & HOA fees.

I've sent a copy of the appraisal supporting the offer and comps that show all REO properties selling for less than our current offer but they still won't budge.

The negotiator said that they are willing to let this property become an REO because -- "their due diligence shows they will net more with the property being sold as an REO than a short sale." What planet are they on????

Comment by Stephanie Lim on August 25, 2009 at 3:28am

Must read if dealing with Carrington: http://www.forbes.com/2009/08/22/carrington-capital-mortgages-busin...

Comment by Stephanie Lim on August 20, 2009 at 6:27am

Found out a few minutes ago that the loan has been sold off in a pool as a security. The "customer advocate" (ha ha don't believe it!!!) told the homeowner who the investor was finally. I'm trying to get the series number so I can look up the 8k that was filed with the SEC to see what the parameters are for loss mitigation. Carrington is saying that they are not going to change their minds because the "investor" has said they can't take below a certain amount...

Comment by Wendy Rulnick on August 20, 2009 at 2:14am

Stephanie - That is insane! Duhhh How can buyer get a loan for more than FAIR MARKET VALUE!???

Comment by Stephanie Lim on August 5, 2009 at 2:00am

I am currently working on a short sale with CMS.

CMS tells the homeowner in the loss mitigation package letter that a decision will be reached in under 45 business days. (Not true)

Timeline:
5/29/09 Submission of complete loss mit package and contract to CMS. No information missing.

6/12/09 Assigned a negotiator. We were told she should have an answer in two weeks.

6/29/09 We were told that the files were no longer being worked on by the negotiators in that location. All of the short sale files were being moved out to their location in California.

07/01-09 After being given a hard time by a customer service rep for calling customer service daily we demanded a supervisor. Supervisor Sheila Wallace 371-712-5437 (not a sympathetic ear). She confirmed that the file was being sent to California. She said no one should have told us we'd have an answer in two weeks. Everything is complete on the file. We are in the final stages. An analysis has been done and we are waiting for the negotiator to do a write up on their opinion. It should be assigned to a new negotiator by 7/7/9. Took 30 minutes of asking questions to get this detail. She told us she didn't care if the buyer stuck around or not that they have a lot of files on process and gave us a sob story about how many files each negotiator has.

07/08/09 Firstf found out negotiator's name and got to speak to our new negotiator. He said he had boxes and boxes of files that were shipped and reassigned to him and he didn't know if ours would be pulled out first, or last. He said to call him back in a week.

08/04/09 Negotiator finally answered the phone when we called him directly. He said he would pull out the file and call back. He called back and said that the BPO came in at $250k so the investor is going to want to net no less than $255k. (Huh???????) We called him back and told him that the buyer's appraisal we had already sent him came in at $240k. The market won't bear the type of price he suggested and to please submit it to the investor as it is.

So we are over two months in at this point. The buyer says they are walking at any moment and the negotiator is asking to NET 5k over the BPO and 15k over the buyer's appraisal???

Oooooh isn't this fun??? I guess I'm going to refax the buyer's appraisal to him today. We've had no luck getting his e-mail address but I might start guessing. They are guarding it heavily.

• ‹ Previous
• 1
• …
• 4
• 5
• 6
• 7
• Next ›
• Page