Here is my email to the Head Honcho at First Horizon. See below for my original email to him in May 2011 and his (too late now) reply earlier this evening.
Sorry for the delay? Seriously? That's all you've got?
I'm sure your timing is no accident, considering the fact that Met Life/First Horizon is getting ready to dump this file on August 16th. As I found out TODAY. When "they" got in touch with me for the first time in 6 months.
So Met Life/First Horizon has been milking servicing fees from MONY/Bank of New York for more than two years, while the value of this property dropped by two-thirds?! And now that those fees are going away, NOW you answer? When it's too late for you to do anything? Nice.
Today when I spoke to your employee, Angela Davis, she says this file belongs to Nationstar as of 8/16/11, but not to bother calling because it will take them 14 business days to upload the file to their system. Then -- what else -- I will have to start the short sale process aaaaaaaaaaaaaaaaallllllllll over again.
Realtor®, CDPE©, Certified HAFA Specialist
From: Scott, Dave
Sent: Thursday, August 11, 2011 6:46 PM
To: Jennie Blackburn
Subject: RE: 0055010409
I have finally been able to give a response to your email. This loan is serviced by Met Life on behalf of First Horizon. I have been assured that they (Met Life) are in contact with you and/or your client. Please contact Shantell Taylor [mailto:email@example.com] with any questions.
Sorry for the delay.
David W. Scott
Executive Vice President
Credit Risk Executive
Commercial Real Estate
First Horizon National Corporation
(901) 523-4020 - office
(901) 523-4645 - fax
From: Jennie Blackburn
Sent: Friday, May 27, 2011 12:46 PM
To: Scott, Dave
Dear Mr. Scott,
I have been trying to complete a short sale transaction on behalf of my clients, Mr. & Mrs. J. McCord, since November 2009. The lack of success was never related to the offer price - we were always in line with your BPO. The problem is and has been First Horizon's loss mitigation department.
Oxford Nordberg was our first negotiator. I was able to speak to him on the phone only one time. He told me he had everything he needed, the BPO was in line with our offer (at that time) of $118,000, and he was submitting the short sale package to the investor for approval. He said to call back in 30-45 days. I did. And did and did and did. I left messages on his voice mail and called the main # numerous times. No one would give me his email address. Finally, someone at the main # told me the package was rejected because Oxford submitted it without the HUD. Immediately, we submitted the HUD and made sure it was received and entered into the system. I was never able to speak to Oxford, but continued to leave messages for him and call the main # to see if he had updated the file with any new information. Each time, I was told it was "in process" or "being reviewed". Weeks passed and suddenly his extension was disconnected. I called the main # and finally discovered that, not only did Oxford Nordberg no longer work for First Horizon; he had been gone for at least 3 weeks. All those people I spoke to at First Horizon, and not one of them ever mentioned he was no longer employed, so I wasted weeks. That was the last straw for the buyer -- she walked away.
Angela Davis was next. I think we had 3 offers with her - two buyers walked away. When the 2nd buyer walked (because it took so long to get an answer), Angela gave us a deadline for substituting a 3rd buyer with the exact same terms. I sent everything but the buyer's proof of funds to Angela via email on 1/31/11 and the proof of funds the next day, 2/1/11 -- I met the deadline. Unfortunately, this was when First Horizon's short sale department closed down due to heavy snow. I couldn't confirm that Angela received it because no one was there for days. When the department re-opened, everyone was playing catch up. I left messages for Angela, asking her to confirm receipt but got no response. Angela finally called, but because she called after 6pm on a Friday night (2/11/11), I did not get the call. She left a message claiming we had missed the deadline and she had closed the file. I emailed her and called her Monday explaining the situation and asking her to re-open the file. Never heard from her.
We started all over again - new paperwork from the sellers, buyers, etc. and submitted the complete package on 3/29/11. We confirmed receipt of the package and were told it was assigned to Angela Davis. I have been calling ever since to get a status on the file. Angela Davis has never returned my calls or emails. I have asked to escalate the file THREE TIMES.
Meanwhile, the borrowers are experiencing physical and emotional turmoil because this has dragged on for two years. Not to mention the fact that the market value of the property has dropped so much that First Horizon's customer, the investor, has lost $20,000 MORE than it would have if First Horizon had handled the short sale properly from the beginning.
Realtor®, CDPE©, Certified HAFA Specialist
why didn't you call this post, "Get Met. It Pays.'?
Seriously, it sucks what they get away with. The politics of being untouchable.
And I can't speak to Florida or the Rocket Docket, but here in beautiful Southern Cali (are they really changing the motto to 'California, the Brown State'),
a trustee's sale just means the borrower has 2 weeks to find a lawyer and a reason to sue and really mess with the bank. :)
p.s. finally got a call from the negotiator with a counter offer of $112k (from 96k). She called at 5:20pm my time and said she had to have an answer and an updated HUD before her shift ended at 6:30pm. Wow, a whole hour and 10 minutes and the Title company was already closed (again, their timing is a little TOOOO convenient), so I couldn't get an updated HUD with the new price. I had to do my own Net Sheet, not my strong suit even when I have plenty of time, and hope I estimated right. The files were being boxed up the next day to be shipped to Nationstar, the new servicer. So, if I didn't get the buyer agreement and HUD before she left, the file would be in a box and untouchable for 14 business days or more.
Yup, I made it on time. Got the approval letter within the hour and HOPEFULLY will close September 16th or before.