Litton and LCS Financial Services
I have a 2nd lien that was originally Bank of America who sent to Litton who sent to LCS Financial Services (type search field to learn more). We have already had our battles with LCS on a particular file, which our last buyer walked due to LCS's demands for more and more cash contributions to close as well as LCS trying to dictate the agents APPROVED 6% commissions from the 1st down to 4%.
I now have a new buyer, who is willing to bring in cash contributions to the 2nd to close and based on what I have experienced and read about LCS, I'm sure they will keep increasing the stakes while lowering the agent's commissions
My thought is to contact either Litton or BofA, the previous servicers to see if they will take the file back in order to complete the short sale and get more money than LCS is going to recover, since they will kill any deal that is reasonable.
Any thoughts or contacts to make this happen?
Marc Litner
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Marc -
How would either of the two PRIOR servicers have any ability to take back the servicing of this loan? The Investor who owns the loan transferred the servicing to another company or in this case probably sold the note to a debt collector (LCS). It's likely neither BofA nor Litton have any control over this loan! Is LCS reducing your commission because there is no other agent involved? That would be very typical of all lenders and especially Debt Collectors. Two agents = 6 or 5 %, One agent = 4%.
It sounds like this debt was unpaid for a very long time. Many investors are selling 2nd notes to Collection companies for pennies on the dollar who then try to collect a minimum of 20% of the UPB.
Also, if your new buyer is willing to bring cash to close - make sure you get that approved by the FIRST with a signature on the HUD before proceeding. The first MUST approve PRIOR to closing or they will refuse the payoff wire if they didn't which then leaves the buyer / new owner in a horrific situation when the lien doesn't get released by the original lienholder.
Best of luck, but i think this one is dead unless you accept their terms.
Thom Colby
Broker,
Newport Beach, CA -
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Permalink Reply by Kaye Walden on
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I just have to tell my experience in the past two days with Litton.......my seller has a second mortgage with them and the first is with Ocwen. We have an approval from Ocwen and Litton wants more money! My seller called them today and told them that her loan with them is intrest only and she has paid them over $30k in intrest and can't believe they want more money! She was so upset and begged them to accept the offer from Ocwen and they said no! How are we going to get back on track when this keeps happening? So there was another good solid ALL cash short sale offer going down the tubes into foreclosure! I hope Litton can sleep at night!
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