Does anyone have experience with PHH.  It seems everywhere I read, it says they are very difficult to work with.  I am listing one Tuesday and would like to have the  package ready along with some honest advice for the sellers.

Thanks

Jon Baker

 

Realty Professionals of Texas

jbaker1633@yahoo.com

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Jon, I have one into PHH that we've been working on since September. It is a good offer, the seller's were transferred for a job-so a good hardship. They don't qualify for HAMP, but PHH has put them in the HAMP program twice! The seller's declined HAMP initially, but PHH is clueless. We've asked for escalation 3 different times. But on a good note, no payments have been made for 13 months and no trustee sale is scheduled yet.  You just have to stay on them and keep current on all pay stubs and bank statements. Good luck!

Thanks Tammy.

 

Has anyone closed one of these bad boys??

Still working on the same one since September! They are really slow motion.

 

That is not good news:(
I just got approval on the PHH short sale for a June 30 close.  We got the offer in the middle of April, so I am pretty happy with their work on this one.   
Hello Jon! Can you tell me if PHH paid the State Transfer Tax? I am getting a 3rd party negotiating company telling me that the buyer must pay the 2% transfer tax and this is standard on all of the listings they work with....I think it is a way they are making more money on the deal or having more money for the seller to negotiate with.  Either way, My buyer should not pay for something that the Bank will pay.
Way to go!
I am working with them now!  I have submitted my complete package and finally received an offer.  They ordered 2 BPO's and of course went with the higher one.  I am trying to convince them that the property is not worth the BPO price and the market is declining.  They are stuck and keep pushing for the BPO price.  Then they won't give me an approved sale price.  they say once they get their BPO price and submit it to the investors they won't know if the will accept the BPO price or want more money for it.

Chris,

Is it a Fanny Mae or Freddie Loan? They may have additional guidelines that they are skirting if it is.

I have recently run into that situation with Flagstar.

Yes its a Fanny Mae loan.

Does anyone know if PHH pays the 1% State Transfer Tax?  I am not aware of any Banks who do not pay this but I am being told my one of these so called 3rd Party negotiators (who is just another agent in the Listing agents office) That my buyer must pay 2% Transfer tax PLUS 1% of the purchase price to her for helping the seller negotiate the short sale.  So, when I make the offer I want to call their bluff if I can.

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