LBPS is a horror to deal with
I am a disabled widow living in Boise (foreclosure city) my brother in law is in the process of buying the house next door to me. The house is a short sale by LBPS. His offer was made in July and accepted in October. The appraisal came back 8k less than the offer so back to the table. The seller is having to make up the difference and again approval from LBPS was sent in November.
In the interim, because the house was vacant and unknown to the owner/seller, LBPS locked up the house and winterized it in October. The house is not to be foreclosed on until Feb 2011. Unreal!!
We have been maintaining this house all summer and into December. Mowing, watering and now shoveling.
LBPS promises every friday that they will have the closing papers and every friday comes and goes with nothing from them. Our purchase interest rate has gone up 1% and we will loose homeowners exemption at the end of this year. All of the tax credits that go with the upgrading that need to be done to the house will be lost.
I don't know who to complain too, where to go. If it wasn't for the convenience of my brother buying the house next door to me, he would have bought another house long ago.
The negotiator has been very helpful (at least to our face) but he can't seem to get us the paperwork to close. I am thinking they would simply rather foreclose on the house even though they have a buyer in hand.
These people have no clue what they are doing. Good luck getting anything done with them.
If anyone has any suggestions, I am happy to listen.
Replies to This Discussion
-
Permalink Reply by Wendy Rulnick on
-
Wendy - On your points. 1. The offer being presented to the seller in July and "accepted" by the seller in October seems like a long time. It does not seem to relate to LBPS, though, just to your negotiations with the homeowner. 2. "Approval" being sent in November from LBPS means you should have a closing date set. Are you saying you did not get a "written" approval? 3. What is meant by the "closing papers"? not being sent? Do you mean this really was not approved? If the approval was given (in writing), there are no further closing papers. By what I am reading, the person who is relaying information to you is not being specific. If you can elaborate, others can jump in and help you better.
-
-
Permalink Reply by Wendy Draper on
-
The offer was written up and accepted by the seller July 6th submitted to LBPS same day. The offer was for 155k. Mid October LBPS accepted the 155k with a written approval with closing date before Dec 8. Appraisal was done that week (Oct 16) and came in at 147K and sent back to LBPS to ask to lower the price. They refused and asked the owner to pay the difference of 8k. Owner said he will pay 4k. The negotiator sent it back to investors and to be rewritten at sales price of 147K with owner paying 4K. It was approved.
Now it looks at though LBPS put mortgage insurance on the property without the owner’s knowledge. MI Company wants 5k in fees. Realtor ordered a copy of the deed and it states that MI can be placed on loan if the mortgage company feels the loan is in jeopardy. The seller has agreed to the 5 k note to avoid foreclosure on his credit.
So far we have an email approval from the negotiator and he states he can not get the paperwork from the “investor” for closing.
This has been sitting at the closing office for 2 months waiting.
This is a copy of the email from the negotiator to the realtor. I am not disclosing his name because I think he is really trying.
2 weeks ago:
Approved again, Hopefully can get docs out by Fri. I will work this before I leave. I am off tomorrow.
Last week:
I have sent a rush last night, this morning and 3 hours ago. On the last one, my team lead came by and tacked my request to my forehead and then he just walked away. Suffice it to say that your fire is one of the hottest and brightest burning in what appears to be a landscape strewn with blazes. I am on top of it. Which makes it even more depressing.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons