We've had a lot of success these past 2 years with the banks and only had to "escalate" a handful of times.  It's pretty rare.

It's so rare, that I'm asking for your help on specific Suntrust Policies on how to:
  • Escalate or change negotiators (We've had 3 files with one person in particular and 1 got foreclosed on, one got declined and she told us 2 days before the date!)
  • Challenge the BPO
Thanks so much for those that participate!

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This is today's email to the CEO and the VP:

Dear Mr. Edmunds and Mr. Deberry,

I just got off the phone with Suntrust after spending 47 minutes attempting to get status (WITH ABSOLUTELY NO RESULT!) of a short sale submission faxed into your institution on October 5th. This is being sent to you on October 26th.

I’m the Coordinator for short sales in a 50-agent office in Fredericksburg. I have personally closed over 60 short sales in the last two years, and I am a short sale specialist. I manage five different senior agent teams doing short sales. I have worked with all the major lenders and servicers who have mortgages outstanding in this area. So I am qualified to share with you what I say next:

YOUR INSTITUTION IS BY FAR THE LEAST EFFICIENT IN DEALING WITH SHORT SALES OF ALL THE LENDERS WITH WHOM I AM PRESENTLY WORKING!

It is common for it to take you folks two weeks just to “link” a short sale package to the pertinent loans. (See loan #XXXXXXXXXXX) I’ll call on a follow up call to a submission, and your representative will acknowledge receipt of all documents. (See Loan #XXXXXXXX as of 10/13/10.) I’ll call two weeks later, and be told (this morning!) that my third party authorization is not showing in the system! That representative will transfer me to the LM call center. They’ll tell me that the file is in “Set Up.” (It was submitted 10/5/10 for crying out loud!) And then when that representative attempts to functionalize the file and make some progress, her system goes down, and she can do nothing. She couldn’t even transfer me to anyone else whose system access was working. She did offer to call me back. She must be working with multiple systems, because when I asked her to look into Loan #XXXXXXXX, she was able to tell me that it was “Active” and that Processor Betty Barlow had had it for a week. It doesn’t take me a week to ascertain that all documents are present, and to order a BPO. Why does it take you so long?

Gentlemen, we’re all in this together. Your institution has a responsibility to mitigate its losses and I’m certain that you folks are making heroic efforts in that regard. Would you kindly take this as constructive criticism, and make some heroic efforts to add some efficiencies to servicing and completing your short sales?

Respectfully,

Ernie


Ernie Dill
Short Sales Coordinator
RE/MAX Bravo
10401 Courthouse Road
Spotsylvania, VA 22553
Cell (540) 841-1825
eFax (540) 301-0222
EMDill@Gmail.com
Licensed in the Commonwealth of Virginia
I also have a short sale going with Suntrust. I've been in it since Feb with a change of buyers in May. Throughout that time I was told time and time again..'it's with the investor', which of course they wouldn't tell me who the investor was. I finally got aggrevated enough about 1.5 weeks ago... I was on a tear so I started just searching the internet. I found this site. I then found Theresa Young-Rock who said in this thread she had my negotiators information and googled her, found her information via Active Rain and emailed her. Being my impatient little self that day, I called her and left a message.
While waiting to see if she would reply, I googled him...found him on one of the other social services and saw he didn't have any contacts...figured that wasn't going to work.
I found a way into Suntrust which I will share once I know it works. So far, I've gone from never never land to an appraiser at the house within a week, so I think the contact I found is working. There was a lull of 4 days so I contacted her again and bamm...another call from the negotiator.. my file went from bottom to top in a week.
Also, I did find out who the investor is..it's Fannie. When I called them they told me that there is nothing they can do without the file being sent from the servicer, that was a dead end.
BUT...I did attend our mls committee meeting and there was talk there of a program in conjunction with Fannie Mae that gets past all of that and will allow you to work with them directly if the servicer is NOT doing their job.
As soon as I have all the information on it I will be back here to let you all know about that program as well as the contact I found.
I don't want to put it out here until I know it worked.
And thank you sooo much to Theresa encouraging me to join the group and assisting me when she certainly didn't have to. :)

I'll be back with follow up info.

Enjoy...
Cyd
Ok kids.. heard from my negotiator today, appraisal in, file going to investor today which is Fannie Mae and it's going with a positive recommendations since the offer is 90% of the appraised value.

As promised, I would be happy to let any member know how I did this. Just email me or contact me via phone, fb, whatever.

Enjoy!
WOOOOOOOOHOOOOOOOOOOOOOOO. Letter just came in, praise the lord.
I can now take it to court with me on 12/8/10 if we don't get notice that they have put off the final summary for foreclosure, lol. Anyway, we're done. It's about $225 short but that is because of the title company.
Anyway... YAY!!! YAY!!! Sorry, just a little THRILLED.
Enjoy!

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