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SunTrust

Group for discussing short sales with Suntrust and strategies for getting mortgage short sales approved in a timely manor

Members: 140
Latest Activity: Mar 20, 2014

Suntrust Short Sales - Below is info to help with a short sale with Suntrust and well contact numbers and a Suntrust short sale package.

(800) 634-7928
General info: 800-443-1032
LM Dept: 800-634-7928 option 5 then x 58791
Auth Fax: 804-291-0134
LM Fax: 804-675-7399

Click Here for a Suntrust Short Sale Package

Discussion Forum

Will Suntrust allow a short sale with out any late payments?

Started by Tracy E. Last reply by L. Marvin Bultena Jan 14, 2013. 5 Replies

We currently need to relocate for our jobs, however our house is underwater. Our house is located in Florida.  I am being told that Suntrust will not even consider a short sale unless we are 60 days…Continue

Anyone doing a current short sale with SunTrust?

Started by Fred Shocklie. Last reply by Janet Fuller CDPE, HRC, ABR Jun 20, 2012. 3 Replies

I just took a Suntrust short sale and am wondering if they are still as awful as the previous posts are saying. Anyone have any suggestions or contact information,.The homeowner had to call and give…Continue

Suntrust

Started by Sara Pichelmann. Last reply by Ken Morin Feb 27, 2012. 22 Replies

Has anyone have advise how to get Suntrust to move along faster. They took so long the buyer has walked and they want to start all over??? rather not.....

Sun Trust "single point of contact"

Started by Maggie Hood. Last reply by Ken Morin Feb 27, 2012. 1 Reply

does anyone have any recent experience with Sun Trust?  I feel like I'm stuck in the ...."  It's in Review...." maze designed to make us think someone is actually looking at the file.  I have a very…Continue

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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
Comment by Angela Alfe on October 4, 2010 at 8:37pm
Dan,

We've had good results with SunTrust. They have a very low tolerance for BS and waste of time. Send in a full, complete package and get everything to them when they ask for it, and you will find that your file goes through smoothly. That was our experience.

Good luck!!
Comment by Angela Alfe on October 4, 2010 at 8:36pm
Clay, FNMA (Fannie Mae) has a new policy that they WILL NOT stop a foreclosure proceeding for a short sale. So, even if the request was sent, Fannie Mae would have ignored it. Sorry to hear you lost one to FC, we did last month. Definitely no good.
Comment by Dan Hawkins CRS SFR CSSG CDPE on July 30, 2010 at 6:18pm
Anybody had any good experiences with Suntrust? Got one coming up, give some good news!
Comment by Clay Kime on July 20, 2010 at 8:49pm
SunTrust, SunTrust, SunTrust, how wicked are thy ways.

After nearly a 15-month odyssey of rediculous delays, excuses and failed "acceptance of SunTrust's own counter offers" my oldest and thickest file went to "death-by-foreclosure" (DBF) last Friday.

An all-but-done deal, awaiting only MI Company agreement on the cash contribution, was stabbed in the heart at the last minute. In the end it became obvious that the negotiator was nothing more than a perveracator of truth. The investor was Fannie Mae. He claimed (in a phone call at 6:20 a.m. on the date of sale) that Fannie Mae had declined the postponement and that it would go to auction in less than 4-hours. When I tried to question him on what happened, - he "hung-up" - how rude!

Being a follow-through kind of guy, I calle Fannie Mae to inquire about how this could happen, especially with the emphasis on short sales vs. foreclosure. The investigator called back yesterday and reported that the file showed "NO REQUEST FROM SunTrust TO POSTPONE THE SALE!" OK my face turned redder than it normally is (rellay livid!). "I knew it" bounced back and forth in my mind. "The negotiator forgot, procrastonated, or whatever . . . and didn't do his job - harming everyone. Maybe a wrong conclusion, but the only one that made sense to be on the facts presented.

Lives are being ruined and investors are being short-changed by insensitive, incompetent servicers.

It has got to stop.
 

Members (140)

 
 
 

Discussion Forum

Anyone doing a current short sale with SunTrust?

Started by Fred Shocklie. Last reply by Janet Fuller CDPE, HRC, ABR Jun 20, 2012. 3 Replies

Suntrust

Started by Sara Pichelmann. Last reply by Ken Morin Feb 27, 2012. 22 Replies

Sun Trust "single point of contact"

Started by Maggie Hood. Last reply by Ken Morin Feb 27, 2012. 1 Reply

Suntrust Troubles

Started by Ethan Gregory. Last reply by Amy Alvarez Nov 4, 2010. 2 Replies

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