Need Washington Mutual Short Sale Help
We can not seem to get through Washington Mutual's foreclosure dept. We have faxed Authorizations to Release info to 3 different people with each one having no record of the previous fax. We were told 3 weeks ago that a short sale pkg was being sent to us (they say it can not be faxed). The agents today show no record of that being mailed and have no record of the fax that was just sent 2 hrs ago. Each time we are being told that everything will be entered into the system. Their phone system does not allow for direct extensions to be given out so we can not get the person previously spoken to. Please help if you have any names, phone #s or anything else that will help us break through the barrier that seems to be in front of us. Thanks!
There are different locations for the servicing of different loans. For example, if the loan is an FHA insured, it'll be serviced in one location. An investor portfolio loan may be serviced by WAMU in a different state.
A contact I had for one short sale might not be of much help on the next one. I suggest that your FAX cover letter include all applicable contact info, and reference the loan #, and the Letter of Authorization.
Washington Mutual is the WORST! Don't trust those bastards a tiny bit. They gave me a payoff letter, and the title company held my money in escrow after closing to insure itself against errors from WaMU. Well, after they sent in payoff, 2nd day WaMu tells them that they're owed $6200 more because they sent in second installement of taxes for '02(which was NOT held in escrow, they did it voluntarily, so to speak). Anyway, guess whose pocket that $6200 came out of? MINE. I'm so mad at those bastards...
No, they are not the worst... your experience notwithstanding. There is little difference from one institutional mortgage loan servicer to the next. If you are lucky, you get an experienced rep. If not, you have to lead them by the hand and hope all works out.
Short Sale Pro,
Any "insider" tips on Ocwen? We've not had much success with them...I feel like they are different then the other mortgage institutions. Any help or hope you could post would be greatly appreciated.
Anyone else care to comment? Thanks!
Again, much depends upon the quality and strength of your Proposal. If it doesn't measure up, you shouldn't waste your time with OCWEN, or any other lender.
If your potential short sale candidate meets prequalification criteria... then you shouldn't have too many problems with OCWEN, or anyone else. I suppose the key is to learn how to prequalify your candidates... learn to make your Proposal as compelling as possible... and have an acquisition machine in place.
OCWEN is as interested in loss mitigation as anyone else.
Sometimes, however, there are loans that they (or anyone else) just won't consider for short. This is something that you should learn when you first speak with the mortgagee.
Thanks Short Sale Pro! Here's the info on one of our Ocwen properties:
Homeowner owes: $152,000-the Ocwen rep did send me a payoff after our first (and only so far) conversation.
The home needs about $30,000 worth of repairs, active water damage with black mold along with a host of other items.
After repairs the home may sell for $160,000. Local market "as is" value on the home $90,000-95,000.
On first phone call to the designated Ocwen rep.he informed me that Ocwen was sure of their position in the upcoming auction and there was no need for me to submit a ss package and would not release his fax or address. Basically, he said if we wanted the property we needed to buy it for payoff (I think I posted this before)from the homeowners..end of story. I was going to push forward but what do you think? Maybe this is one of those loans they absolutely will not short. My substantiating facts will be 3 other equivalent properties on the same street where the local investors did not bid beyond $100,000 at the auction...all went back to the bank.
Comments??Thanks. By the way, the homeowners are acquaintances so we want to do all we can for them but at the same time not waste alot of energy if it's futile.
Try your S/S approach again as the T/S approaches. As S/S pro suggests, making a compelling case for the s/s is the most important detail in getting it accomplished. There are plenty of reasons why a lender does NOT want a property back. Up to you to address them