Suntrust holds both 1st and 2nd - does that help or hurt?
This week we finally have an accepted offer and... my seller clients were notified that foreclosure proceedings have been started. In Georgia we are a non-judicial foreclosure state, so literally after advertising for 4 weeks, the home will be sold on the courthouse steps 1st Tuesday in April - unless we get the short sale and foreclosure departments to cooperate.
Does it expedite the negotiations to have Suntrust holding both the 1st and 2nd mortgages?
Replies to This Discussion
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Permalink Reply by Peggy James on
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Hi Jeanne,
You asked when SunTrust holds both the 1st and 2nd -does that help? It seems to me, it is worse. I am having the exact same issues as you with SunTrust. My file has been escalated twice to a supervisor and nothing! Now my client has received a letter from Samuel Whites office ( attorney). It state that SunTrust has recommended this file for foreclosure and at this point payment in full is needed.
The distresded homeowner is a widow by tradegy.That said she has done everything that has been asked of her. We supplied a above market ratified contract to SunTrust and requested short sale approval on Dec 7th, 2009! We have a backup ratified contract as well on hold.SunTrust has ignored the short sale approval request. It appears SunTrust may have a bigger incentive to foreclose on homes in Virginia since the porcess is so fast. In my opinion by ignoring consumer requests for short sale approval and stauling the process SunTrust is putting homeowners in harms way. Credit is now damaged and homeowners may be foreced into foreclosure. This all could have been avoided it SunTrust has just handled the request for short sale approval. -
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Permalink Reply by Jeanne Dufort on
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Peggy - that is very discouraging! My process is just starting, and the customer service reps have assured me that the foreclosure and ss departments work very closely to avoid foreclosures when there is a chance to sell the property. Hmmmmm. Georgia is a non-judicial foreclosure state, and the home is set to sell on the courthouse steps on April 6 unless the SS people stop it.
Do you have just one negotiator dealing with both loans? How long did it take to get from "processor" to "negotiator"? -
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Permalink Reply by Matt Newman on
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I have several with SunTrust right now, just keep calling. They will postpone the sale date the week before the sale for up to 60-days. I have one file they have listed for foreclosure twice. They are taking 6 months or longer. The files seem to get stuck in set-up for 2 or 3 months before they even order the BPO.
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Permalink Reply by Missy Caulk on
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Ugh I just submitted a complete file on Monday. SunTrust has both loans.
Excellent offer only 5K under asking price.
I was going to give them until Friday to call and see if they have uploaded the documents. -
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couple of updates. On 4/1, they postponed the foreclosure until June. Also on 4/1 they sent a BPO agent out, with request to report her findings by 4/2. They have also requested updated financials from my sellers. So maybe thats progress.
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Does it expedite the negotiations to have Suntrust holding both the 1st and 2nd mortgages?
Think this slows it down. -
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Permalink Reply by cat gellatly on
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And where are you after one month. We submitted a file with the same scenario and after 2 months were are nowhere.They have not even done a BPO yet.
Jeanne Dufort said:couple of updates. On 4/1, they postponed the foreclosure until June. Also on 4/1 they sent a BPO agent out, with request to report her findings by 4/2. They have also requested updated financials from my sellers. So maybe thats progress. -
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Funny you ask. Wed they told me it was still in processing. Then yesterday, I was told that the file was assigned to negotiator Kathy Bagby on April 1st, but that she had not yet made any notes on the file. Also, the foreclosure is once again on the calendar, this time for June 1. So after I pressed a bit, the cs rep agreed to "escalate" - which she described as a file note to the negotiator that had to be responded to within 24-72 hours. So,,, now we enter a new stage. We shall see.
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Ha I was given the same name yesterday and the same comments.
Jeanne Dufort said:Funny you ask. Wed they told me it was still in processing. Then yesterday, I was told that the file was assigned to negotiator Kathy Bagby on April 1st, but that she had not yet made any notes on the file. Also, the foreclosure is once again on the calendar, this time for June 1. So after I pressed a bit, the cs rep agreed to "escalate" - which she described as a file note to the negotiator that had to be responded to within 24-72 hours. So,,, now we enter a new stage. We shall see. -
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Missy
I tried to email her using [email protected], plus versions including kathleen and katherine - but all bounced. Have you found an email for her that works?
Jeanne -
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No I haven't tried, not given an email just a name.
Jeanne Dufort said:Missy
I tried to email her using [email protected], plus versions including kathleen and katherine - but all bounced. Have you found an email for her that works?
Jeanne -
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Missy
today I was told that Kathy Bagby is not a negotiator, she is a setup coordinator, and it should take at least 2 weeks for a response to the escalation.
Jeanne -
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