Homeq has 3 people in their loss mitigation department that handle everything from start to finish. They seem to be overworked, underpaid, and very unpleasant to deal with.
I am dealing with them right now on 3 very upside loans. The properties are valued at $30k or so and they owe approx 80k on each of them.
Obviously there was something wrong with the $66k apprasials that were done a few years back. Property values have gone down, but not this significant.
I really do think that the squeaky wheel here gets the grease. I've held off on calling them because I haven't been able to find a buyer to double-close to. I've been sitting here for 2 months without even a call. When I find a buyer, i'll call and push the short sale but I have no need to now.
Either way this is my most unpleasant short sale dealing bank.
I had a deal worked out with them on a home valued at 300K, 277k was owed and they were willing to accept 240k. The problem was, they wanted 10k wired in good faith on the deal that day, and they didn't send me the approval till 2pm!! I couldn't believe it and they didn't understand why i couldn't get the wire to them??? They pretty much ruined my deal. Any advice??
Who is Home Eq? Who is they?
Home Equity?
Home Eq Servicing. They do alot of 80/20 combo loans for first time home buyers. They also do 2nd's aswell. They can be difficult at times.
Homeq has 3 people in their loss mitigation department that handle everything from start to finish. They seem to be overworked, underpaid, and very unpleasant to deal with.
I am dealing with them right now on 3 very upside loans. The properties are valued at $30k or so and they owe approx 80k on each of them.
Obviously there was something wrong with the $66k apprasials that were done a few years back. Property values have gone down, but not this significant.
I really do think that the squeaky wheel here gets the grease. I've held off on calling them because I haven't been able to find a buyer to double-close to. I've been sitting here for 2 months without even a call. When I find a buyer, i'll call and push the short sale but I have no need to now.
Either way this is my most unpleasant short sale dealing bank.
I had a deal worked out with them on a home valued at 300K, 277k was owed and they were willing to accept 240k. The problem was, they wanted 10k wired in good faith on the deal that day, and they didn't send me the approval till 2pm!! I couldn't believe it and they didn't understand why i couldn't get the wire to them??? They pretty much ruined my deal. Any advice??
Insist that the funds be held in escrow. That's my only thoughts. I wouldn't write them $10 grand unless I was willing to lose it.
My thoughts exactly!!! Thanks.