Carmen's Blog

Washington Mutual is just awful!!!!!

Carmen A. Jones (South Florida's Choice Realty) — Tue, 19 May 2009 09:25:17 -0500

When oh when will JP Morgan Chase REALLY take over Washington Mutual? I mean really take over. I'm at my wits end with the short sale department of Wamu. Completely incompetent, unorganized, losing files in transit, faxes never working, hang ups after being on hold for 20-30 mintues, it is getting more and more ridiculous every day. One of my files has been open since February 12, 2009... after 3 months, a negotiator calls to tell me to re-fax the complete package because they lost it in transit to the negotiator. The funniest part of these deal is that when the short sale package was originally sent, they looked at everything, including the contract and decided it was a loan modification. It took them two months to take it out of the loan modification status and put it in the short sale department. And not only that, but instead of ordering a BPO, the changed the locks on the property and they had not even been served with foreclosure summons. They say that according to the note signed, they have the right to "secure" the premises, change the locks if the borrower is 90 days past due. They literally locked me out of my own listings.. (luckily they put the new key in my lock box)). What the hell is happening at Wamu? My other deal is in limbo because they literally don't know how to accept the $20,000.00 settlement offer we sent them along with a Bankruptcy Order of Sale.. because since it's in Bankruptcy status, they wont talk to me. The Bankruptcy court ORDERED THE SALE!!!!!!!! But they wont send us the approval until the Bankruptcy has been discharged. Do you know how long it takes for a Bankruptcy Chapter 13 takes to be discharged? 4 Years!!!!! They wont even get advice from their legal department to see what can be done. Sale Date June 24th after a year of nonsense with Wamu.

Washington Mutual is terrible! Just Terrible!

Washington Mutual - What a Mess in their Short Sale Department!

Carmen A. Jones (South Florida's Choice Realty) — Mon, 22 Dec 2008 14:09:24 -0600

Update on Scenarios!!! 3/26/2009

Scenario 1... WAMU sold the REO for $250,000.00 on February 23, 2009. I had a cash offer of $300,000.00. Enough said.

Scenario 2... Now almost in April and the short sale package was sent to the same person 4 times already. The buyer has already backed out but I wont say anything to Wamu until they find the package.

Scenario 3... One year and 2 months and can you believe that today we speak to another supervisor and he wanted us to fax him the short sale pakage AGAIN!!!! hahahahahahahha!!!! They are absolutely unbelievable!!!! It's almost hilarious!!!! Sale date scheduled for June 29, 2009... Short sale in their hands since February 2008, not 2009.. 2008! We offered them $20,000.00. (2nd Lien). Very generous. Property is worth $220K.. 1st is owed $217,000.00, second is owed $164,000.00. Wamu has absolutely no clue what they are doing and I can't wait til Chase takes over and fires every last person at Washington Mutual!

Washington Mutual

I have to say today that Washington Mutual has the worst short sale department in history. Sorry Litton, you lost that title long time ago with me when you got most of my my files approved and closed and are doing great by me.

Thank Goodness Wamu has been taken over by JP Morgan Chase because they are much easier to work with (strict, but they know what they are doing). I feel sorry for Chase if they keep the same Wamu employees that work in the short sale department. What a Horrible mess!

I have three scenarios with Wamu and and Wamu Equity.

Scenario 1:

Short Sale offer $300,000 Condo at Mystic Pointe in Aventura, Fl. Cash in May 2008. Highest sale in the building in the last year (not even 3 months) has been no more than $355,000.00. Their BPO and Counter offer came in at $468,000.00. I almost fell out of my chair. I called, emailed and faxed them all the comps and asked how they came up with that figure, and they tell me, we're not going back and forth with you on the counter offer, take it or leave it. I tried and tried and tried to get thru to the negotiator about the inaccurate BPO, to order a new one, to look at my comps, etc. etc., and she kept saying the same. I couldn't get thru to them at all. Then they they said they were looking at my comps, and they based their decision on my comps and that this is what the investor is approving. Buyer withdrew. Property foreclosed on November 24th 2008. Update: Got a call from the new listing agent to ask us to take listing off the market, that JP Morgan took the property back. They re-lists the unit for $249,000 as an REO! Enough said! By the way I emailed the negotiator, the REO listing, the history and the counter offer she sent me originally. Let's see what they say.

Scenario 2:

Short Sale offer Cash $300,000 at Brickel on the River sent November 21, 2008. Foreclosure Sale date set for January 7, 2008. I spoke to so many operators, so many people, was given so many different numbers that I didn't even know what to do anymore. I was on the phone for almost 1 hour. Finally someone gave me a new fax, new number and her Employee ID Number to send offer. She sounded helpful and said if this is a cash offer they can postpone the foreclosure. Waiting to hear back. I doubt they will postpone it.. too close to the holidays. But I'm keeping my fingers crossed. Update: She's called me back.. on the phone now with Siobhan. I'm so hopeful. Nice girl!

Scenario 3:

Old offer $205,000.00 on Turnberry on the Green unit, Cash Offer. Complete package sent. Months and months, no return call, please fax to this number or that number. No Bpo ordered.. oops, try calling in 5 days if no one has called you to schedule BPO., called hundreds of times, nothing. Finally get a negotiator, rejected the offer Buyer withdrew. Finally, owner files for Bankruptcy Chap 13. I get a new offer $220,000.00 Cash. I get the Bankruptcy court to give us an order to allow the sale. They ask me to fax it. I do. They have it but want an original. I fed ex an original order to them in Jacksonville. Negotiator says she never got it, although we have Fed Ex signature that it was received. I called again, same run around, same people, negotiator wonttalk to me because it's in Bankruptcy department, Bankruptcy department transfers me to Recovery. I spoke to a Tanisha, she started to help and then when I get transferred back to her again, she said she never spoke to me. I asked if there was another Tanisha in that department and she said no. Tanisha, Shawntay, Gerald, Dave.. on an on.. I kept explaining that I was being transferred to this department or that department. I finally asked if I can record the call, and she said no and hung up. I called again and asked for last name and she says she can't for security reasons. I asked for Employee ID number, she hung up again. Have called every day; transferred from Loss Mit to Bankruptcy, Bankruptcy to Recovery, Recovery to Bankruptcy, Bankruptcy to Loss Mit!!! Can you imagine? I was actually in tears when they finally put a supervisor on the phone.. first words out of his mouth, are you recording this call? I said no. I was even nice the whole time, I just needed to get through to someone.. anyone and I'm sure he can actually hear my voice all choked up trying to be nice and explain myself. He, in a horrible tone, says it will take 30 days to process this file. You're going to have to wait.

They have everything they need since February. Now tell me. What is a person suppose to do in this case?

They treated me like an animal. They treated me like a dog. They have employees that act like they just graduated out of High school or just don't want to work. It is absolutely disgusting how these types of employees have turned a name like Washington Mutual into a joke! I have everything documented. Dates, times, names... we need to get a congressman involved. The co-op agent agent even wants to get the news involved. We should all get together put together all the nightmare files we've had and show the government that they don't and never deserved a bail out. They need a good, swift kick in the pants. That's all I can say for now.

Carmen A. Jones, REOS and Short Sale Specialist

LCS Financial.. a collection agency that will kill a short sale

Carmen A. Jones (South Florida's Choice Realty) — Wed, 08 Oct 2008 14:05:19 -0500

If you have a 2nd lienholder who gave their file to LCS Financial... give up now. I'll explain.

I sent a short sale package to LCS financial after I was told that Ocwen gave them the file Good package.. good offer..market value, not less.. all comps under $260,000... our offer $275,000.00 cash deal.

There response.. no.. sorry.. Valerie Arents response. and I'll quote just a few words from the fax.. and see if you can read between the lines.

"Got your package, however the $3K is denied. There is a lien and note and BOTH will need to be satisfied, we are not doing partial releases. That being said, the debtor, buyer, etc, will have to come up with a sum to do that to get this deal done. $36,768.00 (of $80,000.00 loan at 11.45% interest.")

"Be advised no short sale will be considered where a non lien holder is making more money off OUR property than a lien holder, so check your figures."

This is how this person started negotiations. My offer was for $3,000, especially since Litton Loan usually will accept $1,000 to 2nd lien holder to release the mortgage, so I thought I was aiming high. The 1st lien holder is owed $357,000.00. Imagine that.

Now.. non lien holders.. let's see.. on my HUD-1 the only non lien holders with the exception of the buyer, the attorney and the title agent... are.. you guessed it.. Realtors!!!

Obviously a collection agency has no idea how to negotiate a short sale that will benefit them. If this property goes to foreclosure there will be nothing left for this lien holder. How smart is that? They actually used these words... "The mistake being made is minimal amounts are being offered for lien release just to get the deal to close with no benefit to the seller who will be SUED for the funds later"... umm duuhhhhh!! That's what a short sale is Ms. Arent. Where have you been that last two years? Why blame the owner if his property values dropped from almost $400,00 to $250,000.00 and they were charging them 11.45% interest!!! How do you expect him to bring $36,000 to the table to pay a this bill when he lost his job, wife and is now losing his home.

Jeez.. what a waste. When it goes to foreclosure because of their lack of cooperation and they get nada, zero, zilch... I will fax her details of the auction sale just to show her how good $3,000 would have looked in their books instead of $0.00.. or Charged off.

Goog Luck Mrs. Arent.. and thank you for such an enjoyable exchange.

Carmen A Jones. 10/8/08

Litton Loan - is proving me wrong!! Goodie for me!! Updated July 25, 2008

Carmen A. Jones (South Florida's Choice Realty) — Thu, 29 May 2008 08:55:49 -0500

Update! July 25, 2008 - Thanks P.T. and V.R. @ Litton Loan!!!!! Keep up the good work in your new Short Sale department!

Short Sale Approval for The Hemispheres in Hollywood, Fl. $155K
Short Sale Approval Turnberry on the Green $275K
Short Sale approval Pending receipt of written approval $160K ... but still trying to negotiate with HSBC 2nd who want to settle for $11k instead of approve short sale for $1k.

Update!!!! July 10, 2008

I am happy to say that there is a new Short Sale Department at Litton Loan headed by a wonderful new manager who saw our blogs and is determined to make things right and has promised to help me with the three short sales I currently have with them. I am so excited!!!!! As soon as I am able to get these file closed.. I will update you all! Cross your fingers!

Thanks Litton Loan!!!!

Carmen

I was finally faxed a Short Sale Approval for the file that I have been processing with Litton Loan since Janaury 4th. A short Sale APPROVAL... what a joke! There was no Approval... but a full blown counter offer. Loan Balance as of today $153,000... they want to net $141,900.00. A discount of $11,000.00. The property is worth $95,000 since property values dropped 50% since February. They accepted the price of $160,000, but elimated ALL seller closing costs, including commissions to two agents, legal fees, delinquent taxes, delinquent condo maintenance fees, 2nd Mortgage.. hahahhaa.. Almost ludicrous! I asked that they do a 2nd Opinion BPO since the one they have is over 4 months old. And mind you, I have no idea what the BPO was for but could not have been for more than $150,000 since there was only one sale in the last year. Recent sales are in the $60,'s. Ridiculous!

Tips on Short Sale Processing

Carmen A. Jones (South Florida's Choice Realty) — Fri, 16 May 2008 09:25:17 -0500

Every lender is different and I am learning as I go. I have been processing short sales for Realtors since December. I am a Broker for 9 years. I have over 20 files and these are some things I have learned so far:

Put loan number on every single document you send. I purchased a 10 Number Ink Stamp that I can use to stamp the loan number on everything.
Always meet with the Realtor doing the BPO. Provide them with Comps, show them needed repairs and estimates to do repairs, tell them as much detail about the property as you can.
Send your Authorization seperately and also include one in the package. Call and confirm receipt of the Authorization. Some lenders have different fax numbers for both the short sale offer and the authorization. I had a file that I had to send the Authorization 11 times before they finally put it in the system, even while the short sale file was being processed, they couldn't talk to me until the Authorization was viewable by anyone who answered the phone.
Request a Payoff statement for every loan before you send the package.
Check for Delinquent taxes (Miami) at http://gisims2.miamidade.gov/myhome/propmap.asp and for Broward http://bcegov.co.broward.fl.us/revenue/nameform.asp. Those figures should be added to HUD-1.
You can also check for liens (Miami) at http://www.miami-dadeclerk.com/public-records/default.asp
You can check for code violations and open Permits at http://www.miami-dadeclerk.com/cef/default.asp
Ask your negotiator for their email. Much better response and updates via email.
Countrywide needs the Borrower/Seller to call and give them their Personal financial statement via phone before they even look at the short sale file.
BAC Florida Bank will not do a short sales on Rental Properties or Corporate Owned Properties.
Countrywide has a New short sale support line. The number is 1-866-880-1232 and the fax to that department is 888-491-4947.
Washington Mutual staff are very friendly, very helpful and are really trying to help the homeowners get the short sale approved. The time frame is still long but at least they call you back and give you updates.
HomeEq, also, very friendly and professional. I got one approved right over the phone and the approval faxed the next day. 60 day processing time.
GMAC is also very quick to respond initially but their turnaround time is very long 60-75 days minimum. They order the BPO the day after they receive the offer, assign a negotiator right away and tell you exactly what they want on the HUD-1. They don't like to pay mititgation fees, processing fees, or even courier fees and the commission can't be more than 5%.
Some lenders WILL negotiate with you; others will say TOO LOW, send a new offer (Litton).
Be friendly! Always be friendly and professional no matter how frustrated you are. Smile while you're talking to any representative. It really helps.
Take back-up offers. Send only one contract to bank but continue to accept back-up offers until it closes.

More Tips:

Updated 08/26/08

Lenders don't care if it's a cash offer or subject to mortgage. It makes no diference to them. Yes it will close sooner but it doesn't matter. They are still being shorted.
The hardship letter has to be as detailed as possible to induce sympathy. Make sure the borrower is honest about their situation, no matter how personal, ask for details. My husband left me for another woman, I lost my job, I had a car accident... etc., etc. . Give them lost of details. It is the most important element of a short sale in the lenders eyes; that and the BPO. You must also understand that your bank statements are reviewed to see the borrowers spending habits. If the hardship letter is claiming extreme financial hardship but the bank statements show overspending, or shopping sprees, or bahama cruises then you will look like a liar and they will deny your short sale.
If you're in Florida and the condominium association has placed a lien on the property for past due maintenance fees and attorney's fees, obtain the Claim of lien from County records or the Title company as soon as possible. Send with Package. Add two to three more months of maintenance fees to the total figures on the HUD or else you will get an approval for the original amount on HUD and not the updated figure.
Add a follow-up sheet to each file. Each time you call write down who you spoke to and what time and the results. You should even put how long you have been on hold as well.
Insist that the Buyer use the title company of Sellers choice. Due to the complexity of short sale transaction, it's best that both the seller and buyer use the same Title agent

Carmen

Litton Loan Servicing LLP - A Short Sale Nightmare!

Carmen A. Jones (South Florida's Choice Realty) — Tue, 13 May 2008 09:25:30 -0500

UPDATE!!!! JUNE 6, 2009

LITTON LOANS SHORT SALE DEPARTMENT IS SPECTACULAR NOW! I JUST WANTED PEOPLE TO KNOW THAT. MY ORIGINAL COMMENTS ARE OVER A YEAR OLD AND THEY CHANGED THEIR DEPARTMENT DRASTICALLY SINCE THEN. HAVE NO COMPLAINTS AT ALL! Carmen

I just needed to vent this morning about the worst short sale/Loss mititgation department in history! LITTON LOAN SERVICING LLP.

I have sent Litton Loan 3 Short Sale files. One is over 145 days old, the other is over 90 days old and a brand new one I just sent a week ago.

The first loan has been nothing but a nightmare. No calls returned and I only get voice mail all the time. I noticed that each loan number I punch in just goes directly to whoever the file has been assigned to and all I get is there voice mail. As of today, It is still being processed and supposedly in the hands of the Investor for approval. 4 months!!!! The contract expires May 14th, tomorrow and the buyers are backing out! I bet the approval will come in the day after tomorrow when the buyer is gone!

The second I was told is too low. That's it. Too low! They never ordered BPO. No sales in the subdivision in a year and a half and that one was for $287K.. Our Offer $275K!.. They asked for the Authorization 10 times. Every time I called, they could not talk to me because they cannot see the authorization on file! Ridiculous! The only helpful person was someone named Myreen, (who saw the frustrating in my fax) who is in a totally different department that went out of her way to confirm that they received the short sale offer and the authorization and it was hand delivered to the Loss Mitigation Department!

The third, Faxed on April 28th, I called the 1st, and all they say is Too Low and to send new package! No negotiating, no bargaining, no talking to anyone!

Ridiculous and Frustrating! They don't know what they are doing there. No protocol, no procedures, nothing! Just inexperienced idiots! I'm not wasting one more minute on any of these files! It's useless!

Ugghhhhh!!!!

Update:

Imagine this.. July 2nd and still no Short Sale Approval on my first file with Litton Loan. I got the buyers to extend the contract until July 15th, (mind you this offer was sent to Litton Loan back in January), and they still won't budge. It took the negotiator 5 months to even speak to me and when he did he told me make changes to the HUD and re-fax; that was 3 weeks ago and still no response. I am netting them $136,000 and they insist they want $142K... when the borrower only owes $153,000. New comps of $69k and $72K closed this month. They will not order a second opinion BPO even though the file is 6 months old. They are ridiculous. And even worse.. the 2nd lienholder HSBC wants to Settle for $11,000 out of a $41,000 loan instead of Approving the short sale at $2,500 which is what Litton loan is offering them, not one penny more. What a joke!

On my other file, well lets just say they are playing games now. We sent the offer and the said it was too low, the buyer went up $10K. When we sent it they said it was close but not close enough.. we increased it another $10K and guess what? They repeat the same words.. You're close but not close enough, send another offer. One unit closed this month for $138,900 (not even a foreclosure or short sale), another pending for $155K.. Our offer is $150K. Buyer will not go up anymore and Litton wont say what they want. It feels like such a waste of time an energy!

The 3rd file is suffering the same fate as the other two. I sent them 5 comps showing closed sales for the month of June and they are all under $275K. Our offer is for $275,000. They want market value but are ignoring the fact that the values continue to drop in the building and wont do another BPO even though the file is 3 months old. The buyer will not go up and is considering making an offer on another unit priced at $225K. He's giving me another 30 days but Litton wont budge.

Why Litton Loan would want any of these properties, is beyond me! It makes absolutely no financial sense to nit pick over $2-3K diference in negotiations when it will cost them 20 times that in a foreclosure proceedings, property upkeep, condo maintenance fees, taxes, insurance, etc. Makes no sense at all.

Frustrating!