Provident Funding

Hi I am also trying to do a short sale on my house, the loan is with providient funding. My house has been listed for sale, any advise to get the short sale done is appreciated.

I am very frustrated with this bank.  We had an offer on a house, the BPO was done.  The negotiator told me he needed an offer at $110,000 to make the short sale work so the house would not go to foreclosure.  We did as he asked.  Then the negotiatior asked if my client could do a cash contribution of $5,000 or $15,000 interest free note for 15 years.  Of course my client said they could not.  So after trying to negotiate, the bank said absolutely not, they changed the terms to $25,000 interest free note for 15 yrs.  They will accept nothing less and rather go to foreclosure next month and lose more money.  The seller made as many improvements to the house in order for it to sell quickly and look good.  Now, they will be lucky if they get $90,000 for it in foreclosure which is scheduled in two weeks.  I do not understand this bank.  Good luck to you.  They said it was not the bank, it was the MI insurance who wanted the note.

I am very frustrated with this bank.  We had an offer on a house, the BPO was done.  The negotiator told me he needed an offer at $110,000 to make the short sale work so the house would not go to foreclosure.  We did as he asked.  Then the negotiatior asked if my client could do a cash contribution of $5,000 or $15,000 interest free note for 15 years.  Of course my client said they could not.  So after trying to negotiate, the bank said absolutely not, they changed the terms to $25,000 interest free note for 15 yrs.  They will accept nothing less and rather go to foreclosure next month and lose more money.  The seller made as many improvements to the house in order for it to sell quickly and look good.  Now, they will be lucky if they get $90,000 for it in foreclosure which is scheduled in two weeks.  I do not understand this bank.  Good luck to you.  They said it was not the bank, it was the MI insurance who wanted the note.

GOOD LUCK!!!! I have been negotiating a SS with Provident since June.  1 loan, purchase money.  Finally got an approval after having to settle with the MI company BUT Provident absolutely refuses to add deficiency release language.  Even though it is a Freddie loan...Freddie will routinely add the release just as business practice but PF willnot change anyting and are forcing my client into foreclosure as he doesnt want to do the SS and then find himself fighting a law suit in 5 years....They are the absolute worst

We are negotiating a short sale for a client who has a first with Provident. They  have had the package since the third week of November and we have a sale date of 12/22/10 - The file has been assigned since 11/24/10 but the negotiator will not respond to me - they claim they won't push a sale date off without approval but nothing seems to be happening with the file.

Does anyone have any experience with sale dates and any contacts for escalation?

Thanks for advising.

Jeanne Johnson

Watch Out!  Provident Funding is stating that their legal dept refuses to waive any deficiencies on any short sales regardless if the short sale is occurring in an anti deficiency state.   If you are attempting a short sale with Provident in an anti deficiency state, it may be more beneficial for the borrower to foreclose.  You may want to not pursue Provident short sales... or at a minimum, refer them to another agent.