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