Fairbanks/SPS Short Sale Question...
Does anyone have a contact at Fairbanks/Select Portfolio Servicing that is an underwriter/processor for short sales?
I can't seem to get my short sale proposal out of initial review even though they claim they have everything they need. They keep telling me that I have made a very good offer and that the process takes 20-30 business days to review.
Any thoughts or suggestions?
THANKS in advance!
Relax. It's their game. If the application and accompanying, supportive proposal is both comprehensive and compelling... there is nothing more that you can do at this point.
Call them once a week for a status update...
One thing to watch: Instead of taking a hit, they may try to unload the mortgage to another investor in mortgage portfolios.
[addsig]
I have done a short sale through fairbanks. They are very unorganized and take forever but the results were good. Just keep on them. my deal took about 4 months and it was frustrating.
How often did you call them? Is once a week too far apart? I was thinking every 2-3 days.
I have completed short sales and most of them take about two weeks after they receive my completed package and the BPO gets out of review.
This is my 5th one so maybe i've just been lucky before.
If you were overworked and underpaid, working for a slimeball company, would you appreciate or be sympathetic to somebody calling you every couple of days, disrupting your thought process, about an issue that was 'out of your hands...'
Instead of pestering the guy, had you ever thought about sending the guy a thank you letter with a gift certifcate for a lunch.. Nothing fancy, say $20 bucks?
Hello. You mention a short sale package. What typically is included in the package?
Thanks in advance,
Alexander.
Each bank has specific requirements but typically they want their application filled out along with copies of bank statements, paycheck stubs, tax returns, hardship letter, etc.