Real Estate Blog - BEST AND WORST SHORT SALE LENDERS - a Short Sale Report from ForeclosureRadar.com

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BEST AND WORST SHORT SALE LENDERS - a Short Sale Report from ForeclosureRadar.com

Whether you're taking a new listing or getting ready to write an offer on a new short sale, it may help to set expectations on what you're up against.

ForeclosureRadar posted its take on the best (FIVE STARS) and the worst lenders to work with, according to Mortgage Resolutions Services who provides regular updates. And YOU can add your own rating and comments. Here's their Short Sale Report.

And here's an excerpt

HSBC - Five Stars

Time to Acknowledge	Time to Approve	Commissions	Full Release Available	Comments
over 5 days	60+ days	5%	tough	Comments: 0

1sts - You can usually get someone to talk to. Experiences seem to be uneven - some o.k., many not so o.k. Not fast movers, budget over two months for an approval.

2nds - For some reason HSBC uses Century Credit to collect documents on junior liens - then Century Credit starts calling for file updates. Go figure. Watch out for the HSBC recovery department after a "charge off." Not very nice overall on 2nds. Frequently takes the position that if the homeowner doesn't give a pound of flesh they are going to punish them with a foreclosure.

HOW DO THEY STACK UP?

FIVE STARS

Wells Fargo
Wachovia
First Horizon
HSBC
Litton
Ocwen
Option One
Radian Mortgage Insuance
Saxon
Wilshire

FOUR STARS

Citi Mortgage - 4 stars
Specialized Loan Servicing

THREE STARS

Bank of America - 3.4 stars
Chase - 3.3 stars
American Home Mortgage - 3 stars
Washington Mutual - 3 stars
First Franklin - 3 stars
Countrywide - 3 stars
Greenpoint - 3 stars
Old Republic - 3 stars

TWO STARS (And the worst!)

National City - 2.5
Downey Savings - 2.3

Posted by Pacita Dimacali - e-PRO, SRES, CDPE, MBA East Bay, North CA real estate on 09/27/2009 11:19 PM

Comments (14)

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Originally posted at: Pacita's Quick Bytes of Real Estate: BEST AND WORST SHORT SALE LENDERS - a Short Sale Report from ForeclosureRadar.com

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14 Comments on BEST AND WORST SHORT SALE LENDERS - a Short Sale Report from ForeclosureRadar.com

SEP

Seems our team keeps getting to deal with the 3 star varieties. Have a great week.

SEP

I'll keep this list right by my phone. The ratings are way over due. I hope somebody sent the list to Congress.

Larry ---- I guess everyone's experience is different from the others. My first short sale was with First Franklin, and it went without a hitch. I agree with the rating for Wells Fargo and HSBC. I'd give Bank of America 2 stars, however.

Jim --- I hate not being able to help clients who are in short sale predicaments. But there are situations that no matter how hard you try, it's impossible to get relief. That's what I ran into when dealing with Downey Savings and Washington Mutual.

Hi Pacita: Another great post with valuable information ... thank you. Wells-Wachovia has a preapproved short sale program in place for all World Savings Mortgages. It is streamlined - approval in 3 days or less!!! Some banks are leaders in this market ... and the Five Star list does stack up well! Thanks again for the info.

Kathleen -- appreciate the confirmation about the lenders who do get things done. In addition to short sale approvals, guess we should have info about lenders who act fast on loan modifications. Put Wells Fargo on top of the list, too. Two of my clients were able to get theirs modified with the least amount of trouble.

Pacita - I am literally shocked and amazed that Wells got five stars. While I don't work with a lot of short sales (most of my clients won't even look at short sales), the little experience I have had with them (from the buyers side) is that Wells and BofA or CW (which ever they're both the same to me) are the worst.

Donne --- I guess it all depends on the situation and who you're dealing with. I have my own loan officers from BOA and Wells Fargo, and I don't and haven't had any problems on this side. I've cultivated these folks from the beginning. They know they will continue to get referrals from me as long as they take care of my clients (and me).

I've also listed short sales with Wells Fargo and Wachovia, and they were a lot --- a WORLD --- better than BOA. I closed those deals without trouble, and a lot faster than I thought after getting offers. On BOA, I submitted offers after offers on the same listing ---- April, June, and August --- and when buyers walk away after waiting for a long time, BOA want us to resubmit the entire package each time!

I do not see Carrington Mortgage on the list. This week, I am downgrading Carrington to 1 star.

Melissa --- that bad, eh?

SEP

Pacita - That is an interesting poll... I wonder how they got their data... I would like to add 0 stars for PHH, People's First...

Currently working with Chase on shorting seconds in Southern Calif. Very difficult. Any suggestions on getting them to move a little faster?

Wendy --- they probably poll professional short sale negotiation companies.

Arthur --- someone wrote an email to the CEO of Bank of America. I did the same thing. I didn't hear back from a representative until more than a week later. Another agent wrote the CEO of Wells Fargo, and had someone call her back within 24 hours. Big difference!

OCT

Wells Fargo can respond really fast except I had one short sale negotiator who NEVER responded, once the file got moved response was great. It's funny that Option One has 5 stars they changed their name/got bought out by American Home Mortgage 3 stars.

Julie --- I can truly appreciate that loan negotiatiators are overloaded....but I still don't understand, why, with all the unemployed people, that the banks won't/can't/don't hire some of these people who will be GRATEFUL for the job. Certainly, folks like that may be so thankful to get a job that they won't be as uncaring as some of the loan negotiators we've run into!

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