We’ve talked a lot about the Bank of America Short Sale process over the years, but they continue to be slowing improving their processes, almost to the point of being the preferred lender to do a short sale with. Unfortunately, that distinction won’t help them a ton but will help home owners get over their fear of the short sale process. They recently made a few changes to their process.
One of the biggest problems with short sales is that the home buyer tends to get antsy and decides to buy something different. This usually causes the short sale “processor” to have to start over.
Select Portolio Servicing Short Sales are amazing for those that are interested in not missing a payment and having their short sale approved. This company was agile enough to follow the guidelines and let us manuever to maximize their GAIN too. What most people don’t get is this is a real battle with the bank as you (the short sale client) try to mitigate your loss you are increasing theirs!
SPS understood the net to the seller and the net to bank and followed HAFA to the “t.” This isn’t much help to you if you have another servicer, but if you have SPS we want to help you!
For all of 2009 we were proclaiming Wells Fargo and Citi to be the best in terms of short sale negotiation time. However, EMC Mortgage has been by far the easiest most rational bank to deal with. They have recently joined with Chase and even Chase’s files are moving faster. EMC is now our preferred lender of choice to deal with. Of course we don’t get to choose who to help and we don’t pick and choose. EMC files move faster and seem less incumbered than other lenders.
We recently heard from a Suntrust Negotiator that you must be behind on payments in order to qualify for a short sale. In addition, the suntrust negotiator put me on hold to double check and I had to listen to Suntrust hold music that stated the exact opposite. This is just one of the many frustrating examples of dealing with short sales.
If you or someone one you know that is facing foreclosure, please don’t let it happen, help us help you avoid foreclosure.