I just found out the Bank of America service transferred the 2nd mortgage on a short sale I am working, to Real Time Resolutions. I thought they were just a collection agency, but I guess they are also servicing. Has anyone had any experience with them that could provide me with some insight. What I am finding so far doesn't make me very optimistic:(
From my experience, having closed numerous short sales with RTR, they many times they come back requesting extremely high payoffs. They often come back requesting upwards of 15-25% of their unpaid balance which throws curve balls in transactions. It's important to be prepared and have parties aware that contributions MAY be needed. Depending on the 1st lien investors guidelines and other factors, it is possible to escalate to upper management and have them accept a lower payoff, but they generally play extreme hardball and without pushing the right buttons, they often won't budge.
If you have any questions feel free to reach out to me as my door is always open.
Thanks so much for the advice, and your contact info. I may need to call you for more advice on this one.
Anytime and please feel free to reach out to me if needed as my door is always open.