Select Portfolio Servicing / SPS
Are you in default or on your way to foreclosure and have a loan or loans with Select Portfolio Servicing / SPS? If so, contact us today! We have successfully negotiated multiple Short Sales with SPS, with the owners being released from any further deficiencies.
If you have any loans with Select Portfolio Servicing / SPS and are considering foreclosure or short sale, contact our team today to discuss your options and find out if a short sale may be right for you.
San Diego Short Sale Experts / San Diego Short Sale Experts
If I could give just one tip for completing a short sale, this would be it... It's ALL in the package!!! Make sure, make sure, make sure you send the complete package the first time. Find out if the bank has additional disclosure, if so, include them! Look at the package from an outside party's perspective... If you were receiving these 80, 90, 100 pages at once, would you be able to make sense of them? Are they clear? Organized? Current? And if the negotiator/bank does need something... Get it QUICKLY! In return, they'll be quick.
I can't tell you how many times we have had a negotiator tell us that the reason our file is getting worked on so quickly is because it's clean...
"I'm getting this one done quickly because it's so clean... Normally this would take another 2-3 weeks" GMAC
"Wow, you must have sent a REALLY clean package... The files normally take 2-3 weeks to be assigned and have the BPO ordered" Chase representative on our file that had been submitted just 4 business days earlier and was already assigned with a BPO ordered.
"Yours was so clean/complete, I moved it to the front of my stack" Wells approval in 3 weeks
It goes on and on... We even have negotiators that we can send our packages to directly now because they know they're complete, and we get them closed.
Those extra 30 minutes you can spend preparing your package can save you weeks down the road.
Good Luck!
Glen
San Diego Short Sale Experts / San Diego Short Sale Experts
San Diego Short Sale Experts Blog - www.SDShortSaleExpertsBlog.com
Has anyone else had to complete a short sale with ING Direct recently? If so, what was your experience like? We are in the process of closing one that just about took an act of congress in order to get the approval on. The negotiator on the file was a nightmare... Rude, arrogant and clueless (a dangerous combination). He was almost impossible to get a hold of and when we did, his story changed every time. After getting nowhere with him after the continuous lies of "the file has be submitted", "we should have approval next week" (when in reality it turns out he had lost it), we went to his supervisor. He was pretty much the same as our negotiator but knew just a little more... The only good thing about going to him was we found out that the file had been lost.
After a couple months of the run around, reaching a dead end and finding out we were no further ahead, we took the next step... Emailing the CEO, CFO and all board members. The email was lengthily and explained how poorly staffed their department was and how much money it was costing them. It then finished with the details of our transaction and our short sale package was attached. Needless to say, we received phone calls AND emails from our negotiator's supervisor within minutes wanting to help.
We weren't able to get that offer approved because the price was too low based off of their BPO (that was too high), but after a little more fighting and another email to the CEO we were able to find out the number that would make the deal work. We had a new offer within a couple of days and an approval within the week.
These shorts sales often feel like a never ending battle... But if you're willing to fight for it, you can get them closed!
Glen
San Diego Short Sale Experts / San Diego Short Sale Experts
San Diego Short Sale Experts Blog - www.SDShortSaleExpertsBlog.com
To say the least, this has been quite a year... All of the turmoil in the market almost guarantees a new challenge or problem to overcome almost daily, and has created a market only the strongest will survive.
This year, we have had multiple deals fall out for various reasons. A few have been for financing, and they have all been at various stages of the transaction.
A couple have been at the very beginning, because the program is no longer available when the short sale approval is received... To right at doc's when the verification of employment reveals that the borrower is "contracted" not "employed", which didn't matter back in the stated income days. And of course there have been the deals that have fallen out for low owner occupancies and litigation being filed by the HOA.
Then there has been good old MOLD that turned up during a physical inspection, one week prior to close. (The walls have since been ripped out, all the remediation work has been completed and 3 weeks later, we still might be closing that one!)
And there are the buyers that just don't seem to be serious buyers... We work our a**es off, getting the short sale approvals, keeping the agent and their buyers informed weekly, only to find out that the buyers have "changed their mind" when we receive the approval. I could understand a little more if it was taking us 2, 3, 4 months to get the approvals, but the last THREE have been on deals that we have had first AND second lien holder approvals in UNDER a month!! It's frustrating to say the least.
But just when we thought we were facing it all, or it couldn't get any more difficult, last week rolled around. On another short sale transaction that had been a challenge, we were finally getting close. We had the approvals from the first and second, but the second (CHASE) wouldn't release the lien without retaining their rights to pursue a deficiency after close. On the previous Friday, we finally resolved the issue and they would release their rights to pursue a deficiency judgment after the close. Monday rolled around and we spent all day trying to get in touch with our client to no avail.
Tuesday came around and still no luck... Just as we were discussing the file and how to proceed since we couldn't get in touch with our seller, another agent anxiously came up to us and broke the news...
"Did you see the news this morning?!?!" she asked...
"No, why?"
"****** (our client) was arrested for MURDER!!" she exclaimed
You can only imagine our shock. It turned out that he was arrested Monday (explained why we couldn't get a hold of him) for Murder charges on a 14 year old cold case!
Trying to explain to the buyer's agent that our deal may be falling out was a real interesting conversation to say the least. Since that point, we have been scrambling trying to keep this together. We have been in contact with family, have had a specific power of attorney drawn up that is in the process of being notarized from jail and we still might get this one through!
This market is crazy right now and it unbelievable the amount of work it's taking to get a deal through and the number of problems we're faced with. I continue to wonder what next! But the great news is the business is out there and there's a lot of it if we're willing to work for it.
I'd love to hear everyone else's battles that they're facing right now! I know we're not in it alone, but some days you just wonder if anything's going to go right!
San Diego Short Sale Experts Blog - www.SDShortSaleExpertsBlog.com
While I'm sitting here on hold with GMAC, I wanted to post their current contact info for everyone. Our last approval with them went really smoothly and we were able to get it in about 3 weeks.
Again, one of the most important things with any bank is sending the COMPLETE short sale package the first time.
Good Luck!
GMAC Loss Mitigation
(800) 799-9250 extension 8743235
(866) 506-4890 fax for both authorization and short sale package
San Diego Short Sale Experts / San Diego Short Sale Experts
San Diego Short Sale Experts Blog - www.SDShortSaleExpertsBlog.com
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