Comment

Comment by julie dorathy on December 21, 2011 at 2:54pm

any updates on Suntrust?  I submitted a package 63 days ago (but who is counting?) and have had numerous problems.  File put in retention instead of short sale; call back in five days for update; same response 3 times.  Now it seems they have a Single Point of Contact and agents will not be able to speak directly w/ negotiator (if/when one ever gets assigned).  Any feedback from others much appreciated! 

Comment by L. Marvin Bultena on November 8, 2011 at 5:22pm

SunTrust%20Short%20Sale%20Package-STI.pdf

Here is a short sale equity line package received from SunTrust as of 11/08/2011.  Hope this helps. 

Comment by Robert C. Lages, PA CDPE on July 11, 2011 at 10:38am

We have just submitted a short sale package to SunTrust per their instruction, lets see what happens.

Comment by Janet Fuller CDPE, HRC, ABR on June 26, 2011 at 2:50pm

I just got an approval on a 2nd in 40 days--- then it said no cash to them ?  Had to have it corrected

 

Comment by Ernie Dill on June 24, 2011 at 10:06am

Suntrust has actually speeded up recently.  Woohoo.

Comment by Janet Fuller CDPE, HRC, ABR on June 24, 2011 at 10:04am

I have had GREAT success and Great Failure with Suntrust.  I truely believe, it is the luck of the draw.  I had 1 file approved in 22 days, 1 took 7 months and I am on month 2 of a small 2nd mortgage and GMAC approved the first in 10 days!   GMAC Negotiator doesn't understand why Suntrust is taking so long to approve such a small mortgage - this has also been discharged in Bankrupcy.  The BPO came in at 78k for both 1st and 2nd, our offer is 81k CASH --- should be a no brainer.  SunTrust has lost my Trust....they have taken the worst of the worst.

Comment by Ernie Dill on December 22, 2010 at 5:19pm

Mike -  we just got a six-month old file on which nothing was happening at SunTrust moved forward by getting our local Congressman's Office involved. 

 

The two files mentioned in my post were both finally assigned to Negotiators early in the second week in December.  One of them has had a BPO since, and the other not yet.

 

The "Brass" whom I emailed, never even responded, nor had a team member respond.

 

I'll be careful with the "tone" if I do make further contact. 

 

I will observe that their customer service people are very nice and professional.  One can easily tell that they get a great deal of heat, as they're coached to give standard responses.  And they even note your demeanor, when you are "calm" with them.  (Many people must not be?  Who would've thought it?)

 

I will be chary about taking future SunTrust Cases, and if I do, I will warn the Buyers to prepare for a long slog.

 

Coal and ashes in SunTrust's stocking this year!

 

Merry Christmas to everyone else!

Comment by Mike Linkenauger on December 22, 2010 at 2:50pm

Careful over using any contacts over there Ernie!  Let us know what kind of impact that letter had on your deals with them.  Suntrust short sales are certainly difficult, and they have been voted on the list of worse lenders to work short sales with right now!

Comment by Celine M. Johnson,CDPE on October 26, 2010 at 4:20pm

Good job Ernie, I applaude you. Some of these banks are so useless. Case in point, HSBC.....didnt want to submit an short sale package to fannie mae after working on it for a month, tricked me into thinking that all was good and all I needed was a reduction in closing cost which the buyer agreed to, and that he would submit to fannie to postpone the sale. called him thereafter for days , he finally answers day before foreclosure and says he couldnt stop the sale.damn damn damn......

Comment by Ernie Dill on October 26, 2010 at 11:01am

THIS MORNING'S EMAIL TO CEO AND TO 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 #0202193462) I’ll call on a follow up call to a submission, and your representative will acknowledge receipt of all documents. (See Loan #0203148846 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 #0204184550, 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
www.FBShortSales.com
Licensed in the Commonwealth of Virginia

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