New to LBPS, not to Short Sales
Hi there! I just joined this group and I have to admit I do not know what to expect from LBPS.
I have three recent experiences with LBPS. I represented a buyer who wrote an offer on a property whose mortgage was held by a small bank back in January. Sometime in May, the servicing of the loan was transferred to LBPS. In the transfer, LBPS lost the property to foreclosure sale but rescinded the sale and went on with the short sale processing.
Incidentally, the negotiator at LBPS was/is Ben Lahmers.
They issued a short sale approval on June 25 which required that we close by July 2. That letter didn't ask for a required net, just said please use the same figures on the estimated HUD. Too bad we had NO chance of closing by July 2, especially when I as the buyer's agent didn't even receive the notice until July 2.
Unfortunately the property had fallen into significant disrepair and my buyers wished to reduce their purchase price. It took 5 weeks for LBPS to generate a new approval letter. This time, the approval letter stated both the approved purchase price and a net proceeds which was absolutely impossible to meet, even after covering only commission, transfer tax, and title insurance.
So I felt very lucky to find out that two already-ready-for-approval short sales that I am processing on the listing side, one with Chase and one with Aurora, have been transferred to LBPS.
I cannot get through on the phone to LBPS, and I have heard other agents in my office sit on hold for two hours waiting for their assigned negotiator. One of my sellers was told that the 3rd Party Authorization has to be notarized, and the other was sent a letter asking that they log in to lbps.com to complete the hardship & financials.
All three of the above loans were Fannie Mae loans. I'm wondering if LBPS was awarded servicing on all non-BofA FNMA loans in default?
And wondering if anyone has had success with this servicer yet.
Replies to This Discussion
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Permalink Reply by Aneetra Isis Sherrell on
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I just received my first one yesterday after doing short sales for 5 years and had never heard of them. My client said they were with Chase and just got transferred to them. I tried searching their website but they are fairly knew and everything says call them. I will post again when I get further in the process to let you know how it's going!
Aneetra Isis Sherrell, SFR
SRT Realty
Atlanta, GA -
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Permalink Reply by Lisa Marie Berry on
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I have been working with LBPS since May and it has been a struggle, I keep being told that we are making progress, however we still don't have our short sale approval. From the beginning we were given approx. time frames and none of them have been accurate. I have waited up to an hour hold times and had to hang up and try again the following day or later in the evening. I would be hard pressed to take another short sale with these folks. I am trying to stay optimistic. I will keep you posted on the outcome.
LBPS PHONE 866-570-5277 FAX 877-649-0743 -
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Permalink Reply by Cici Glaser on
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I'm sitting here waiting for someone at LBPS to reply; have been waiting for at least an hour. I tried for about an hour this morning and yesterday also - no one has responded. And I'm sick and tired of the music they play. What a mess.
The negotiators I initially spoke with were great; this is a huge disappointment.Anyone know of any other way of contacting them?
Cici Glaser
RE/MAX Gold
Sacramento, CA -
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Hi Cici! I have a name of a supervisor Ben Lahmers with LBPS that has helped me his number is 503-372-8142 X 7382 in the short sale dept. also, John Peterson in the same dept. was very helpful. I began this short sale 5/1/10 and I do not have an approval yet, I call at least every other day. To me a very painful process!
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Permalink Reply by Anthony Pigati on
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Thank you Lisa for the post the short sale I had submitted to Aurora the bigining of this month just got transfered to IBM. I contacted IBM and they were really helpful and proactive. I hope the rest of the process goes as smooth as the beginning.
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Good Luck! I hope yours goes quicker than mine:)
Anthony Pigati said:Thank you Lisa for the post the short sale I had submitted to Aurora the bigining of this month just got transfered to IBM. I contacted IBM and they were really helpful and proactive. I hope the rest of the process goes as smooth as the beginning. -
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Permalink Reply by Kris Lindahl on
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I currently have 3 going with IBM. All 3 of these were originally Chase loans. I have had 0 success with IBM. They make you wait on hold for hours. They have to hold your short sale packet for a month when it gets transferred over. Does anyone have a contact number that might help escalate these files? Please help!
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Just got done talking to Jay. He is very friendly and extremely helpful. He made it seem like my files are back on track. Stay Tuned!
Kris Lindahl said:I currently have 3 going with IBM. All 3 of these were originally Chase loans. I have had 0 success with IBM. They make you wait on hold for hours. They have to hold your short sale packet for a month when it gets transferred over. Does anyone have a contact number that might help escalate these files? Please help! -
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Permalink Reply by Kelli Grant on
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Any other LBPS updates with short sales? I am representing a buyer in a transaction in AZ in which I just found out that the loan was Chase and is now at LBPS. My buyers were going to rent the property until it closes...I have concerns knowing this and would appreciate any outcomes from the stories discussed!
Thanks,
Kelli Grant
Platinum Premier Realty
www.PhoenixHomesForLife.com -
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