Plot thickens - United Guaranty appears,,,
Yesterday I was contacted by a woman from United Guaranty - they have paid out a claim on the 2nd for my ST short sale, and have asked me to submit docs so that they can approve their portion of the short sale.
It took three calls to ST to confirm that indeed, the claim was paid on 5/4 - first operator said the 2nd was still active in their system - so now I'm working on a fresh packet.
Meantime, Joe Irvin, negotiator, is still dealing with other files in his inbox - and the lovely operator has reminded me that they cannot request escalation until 60 days of non-action by Joe.
What kind of company can make rules like that with a straight face? Can you imagine that policy discussion?
Any pitfalls with United Guaranty to be on the lookout for?
Replies to This Discussion
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Permalink Reply by Lorisa McKelvey on
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I have one that the 1st and 2nd are with ST but then the sellers started receiving an invoice from United Guaranty. The 1st seems to be close to approval but I was told there was insurance (i'm assuming that is united guaranty) on the 2nd and they had to submit for a claim on the 2nd and won't issue the 1st approval until they receive a response. It's been a month. I called ST yesterday and asked what the situation was with the 2nd because they insist they are handling both approvals so why is United Guaranty now sending a statement to the sellers? They said they will still be handling the short sale on the 2nd and said I didn't need to contact United Guaranty about the short sale.
I'm lost but reading this makes me inclined to think I should submit a package to United Guaranty? -
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Permalink Reply by Jeanne Dufort on
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It sounds like our situations are different - in my case, United Guaranty has paid out the claim, so is now entitled to collect proceeds from the payoff. In your case, it sounds like they have not yet paid out.
I would not submit to United Guaranty until you can confirm that payout has been made.
Note that the first ST operator I spoke with insisted they still had the 2nd. But another operator on the same day confirmed the payoff date.
Who is your negotiator?
Lorisa McKelvey said:I have one that the 1st and 2nd are with ST but then the sellers started receiving an invoice from United Guaranty. The 1st seems to be close to approval but I was told there was insurance (i'm assuming that is united guaranty) on the 2nd and they had to submit for a claim on the 2nd and won't issue the 1st approval until they receive a response. It's been a month. I called ST yesterday and asked what the situation was with the 2nd because they insist they are handling both approvals so why is United Guaranty now sending a statement to the sellers? They said they will still be handling the short sale on the 2nd and said I didn't need to contact United Guaranty about the short sale.
I'm lost but reading this makes me inclined to think I should submit a package to United Guaranty? -
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So now United Guaranty wants to negotiate my commission! My initial response is that the comission is a matter of contract, and that my broker generally will not negotiate that.
Other suggestions? -
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Today I have in hand an approval from United Guaranty - 10% of the 2nd mortgage amount, with no note for my sellers to sign. Just about 3 weeks from start to finish with them - now if I can just get SunTrust to respond to the 1st...
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