HFC And Short Sales
Does anyone have any experience dealing with Houshold Finance Co in negotiating a short sale? I have a third morgage with them (the first and second are with another company)
Does anyone have any experience dealing with Houshold Finance Co in negotiating a short sale? I have a third morgage with them (the first and second are with another company)
Assuming that you are the Homeowner/Mortgagor, you'll have work closely with your real estate broker to devise a compelling and factual short sale proposal.
HFC is no different than any other lender faced with having to decide if it's in it's best financial interest to accept less than it's due.
I have had dealings only once with HFC on a second. They were the most difficult lender I have come across. But that was last year. Hopefully things have changed.
If they have done an appraisal on your place you need to know what it came in at. The one I worked on showed it was worth about $80k more then market so they felt no motivation (appraiser did a drive by and took comps from farther away- our market can flucuate greatly within a mile) And they weren't willing to have it redone. I even sent them a BPO.
Good luck!
I’m closing on a short sale with HFC next week. Finally!! They have been very difficult to work with to say the least!
The case has changed agents twice. When it changed agents several important pieces of the short sale packet mysteriously disappeared and we basically had to start over from scratch. There have been times when they've told me they would get back with me the next day, only to find out they're out of the office. Each agent has had at least 1 week out of the office in the last two months. I got in touch with the manager, who refused to talk with me and told me my only option was to work with his agents. He wouldn't get involved until they presented the case to him. (Not to mention he was very rude, but that's my own personal perception!)
The only redeeming factor was that they appeared so disorganized that they weren't able to meet the original Trustee Sale date of 10/04/03, so they had to push it back to 10/20/03, which bought me more time.
Good Luck!
Thank you all for your replies.