LBPS yikes wait --- check for update on bottom, things are looking up

Real Estate Agent with Equity Oregon 200604036

I recently got to start calling LBPS for a short sale.  Everytime I called I waited on hold for about 30 minutes.  Then every person I talked to gave me a different answer.  We had an offer in, but we got foreclosed on.  OH and we had all the financial documents from the seller they had requested.  Why... well they said since the BPO hadn't been done they couldn't postpone the sale, even though I had been told if I got an offer in they would postpone the sale.  I asked why the bpo hadn't been ordered but got different answers.  What a mess.   I think they have one of those big spinning wheels they spin and give us an answer on where the spinner lands.

Update - I called again after the "sale date" and they had post poned the sale, dispite what they told me.  Then without telling me they had a bpo done.  The BPO came in higher than the sale price 3 years ago.   How was that possible.  I am trying to work with them.  I don't know who did the bpo or where they were from, but they couldn't have been a local agent.  I sent my own comps to them and they said they are going to look  in to it and call back

Here is the 3rd party number.  888-917-6004 10am-7pm eastern time

Update - Ok, so now that I have my negotiator,things are looking up.  I was able to dispute the bpo and they reviewed my comps.  Also, he responds in a timely matter and we have approval and are moving towards close.  

One tip- I didn't get the negoiators name until the owner and I called together. 

Comments (1)

Mellany G

I have been at this since September 2009!  First with Chase bank and finally got a modification in August of 2010.  We went through the trial program and they sold our loan to LBPS aka the BLACK HOLE.

In December 2010 we start the paper work again for their modification and it came back $48 less than my original monthly mortgage payment!  Short sale begins.  We get a buyer with the $60k for the 20% down everything was going ok.  Mortgage insurance wants some kind of restitution from us. LBPS shoots it down saying that it is against the new law that passed on Jan 1, 2011 SB931.  Now we have no buyer and LBPS still doesn't know what they are doing. Everytime I call i get a different answer.  I sent an email to the negotiator and was told that I was unauthorized to email him!

Come September it will be 2 years working on this!  LBPS needs to get their process organized!


May 18, 2011 11:46 AM