Has anyone had the experience of closing a short sale for a borrower of Litton's when there is a bankruptcy? My clients are making regular payments toward their bankruptcy (which did NOT include the house), and were not behind on their mortgage, when they were relocated to another city. The comps in their neighborhood would not support anywhere near the sales price they needed to sell - not enough equity to cover closing costs. We listed knowing it would be a short sale, and were prepared (having called Litton first to find out everything they'd need to process the offer, once received). We were told it would take 30-45 days.
Bryce, VanderLinden and Wernick (an outside firm, to whom Litton outsources some of the work in preparing the short sale packets for borrowers in bankruptcy) have changed their mind on what they need and how long it will take repeatedly in this process.
143 days later, still no response, and calling Litton's Loss Mitigation department for help has been an exercise in torture. I've had reps play games with me, really, and I've heard too many flat-out lies to think it's little errors of incompetence. I take copious notes during each call, names/dates/and sometimes even the time of day. I can read back to them exactly what they told me on any given day, and it does not matter: they will actually lie to me and claim that they "would never have said" whatever they've changed from day to day.
So, how is it that everyone else has such amazing, speedy service? Is it the bankruptcy that makes my experience so different? What recourse do I have? IS there an authority within their organization, or am I supposed to lie down and let the bank foreclose?
These clients did not miss a payment until after I had an offer. They could not afford rent plus the mortgage, as most people cannot. Unlike many people these days, at least they have an income at this point. This is a hard, hard time.