I am helping my client short sale their house.  You will not believe this.  We had done FOUR BPOs and it has been more than 11 months.  The servicing company still hasn't issued us the short sale approval letter.  It is Specialized Loan Servicing.

We sent everything the servicing company asked.  I called every week.  I got the same answer every week - the file is currently under mortgage insurance review.  After 3 months, the appraisal report is past so we did another appraisal.  We have done 4 appraisal already.   I asked to speak to their supervisor.  I was lucky the first time, I spoke with the supervisor.  She told me the mortgage insurance has approved but the borrower didn't perform so now it needs the mortgage insurance extension the approval again.  I told her I never received the short sale approval letter.  I asked her name and extension number to follow up.  When I called again the customer service transfer me to a voice message, i left a message.  No one called me back.  I tried to speak with different supervisor, they told me they are not available.  They transfer me to voice message.  I left messages, no one called me back. Every time I call I got different answers.  80% of the answers are the file is under mortgage insurance review.  I asked how long does the mortgage insurance company needs to review a file.  They all told me no specific number of month they can tell me.  I checked already the loan is not Freddie Mac or Fannie Mae.  

I sent in request to know who is the behind investor.  They sent me a letter they fully represent the investor hence they can't tell me who is the investor.  I asked to speak with their supervisor.  They transfer me to voice message, I left messages.  Of course, no one called me back.  

I know there are some monkey business going on with the servicing company.  I don't know if it is true the mortgage insurance company has approved it but the servicing company wants to make more money so keep delay this file.

It is owner's primary residence.  I really hope we can finish this transaction before the end of this year so they don't need to pay tax. 

I would really appreciate it if anyone could guide me what to do.  Today, I just went to Consumer Financial Protection Bureau filed a complain.  But, I don't think they can help me with this too.  

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         I am sorry to hear what is going on with your transaction. We work SLS on a daily basis and they can be a very difficult lender. We can SLS on a daily basis and request to speak to supervisors and will not take no for an answer. We actually have a contact at SLS who seems to be one of the only helpful representatives that work there. It's hard to advise you exactly what to do as I am on the outside and not involved. Dealing with SLS is a full time job and we know how tedious and tiresome they can be to work with.




Hi Kendra,

I feel your pain.. I had one that was transferred in the middle of a short sale process everything was in after 4 months, then never heard and after several emails and calls, then the file was transferred to a new lender Ocwen! Took forever, and finally received a call from the negotiator at the bank to tell me that they are waiting on PMI approval.. that short sale was the longest I worked took a year to close and it was the PMI company that held it up.. was worth it though.. they were old clients .. I wish you the best and wish I had an answer except to be persistent and hang in there.. Laurie


Brett & Laurie,  

Thank you very much for sharing your experience with me.  First, I thought it is this particular file take forever but I guess it is not.  I will keep positive attitude - as long as they haven't foreclose this house there is always a chance.  :-)      



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