Hi all,

I would appreciate any assistance that you may provide. You can always send me a private message or email me at smehr818@gmail.com if you do not want to respond here.

I have a 2nd with SLS and they keep on giving me the run around. Every time I call I get a different SLS rep on the phone telling me that they want $14,000 or $12,000 or maybe $10,000. They are owed around $71,000. I got the 1st to give them $4k and the buyer is considering bringing in $2k so that makes $6k for SLS. They are basically saying that they will let it foreclose.

Does anyone have any higher up contact info please?? I only have one generic email address for document submission.

PLEASE HELP. Thanks.

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Specialized Loan Servicing is a very good lender to work with...clients can stop paying the second if they need to, but if the account is in danger to be charged off you'll need to find out if sellers can make at least one payment to avoid problems. Did you get the contact you needed?
Hi Sara- I just finished a very difficult short sale where the 2nd was owed 61k and wouldn't take less than 10k. Unfortunately, not all get full debt forgiveness and the 2nd gets burned. In this sellers particular case, they dipped into a 401K to bring the additional funds to close. While some clients truly have no funds to tap into, some do have retirement or other investments they don't want to tap into. If they want the short sale to proceed, they might have to consider this a way to get it done. The only other way that might get them out of hot water is to ask the second if they'll consider a promissory note to cover the shortfall. Of course, full debt forgiveness is the objective in a short sale but it is not always the case. Good luck!

Sean
Found this on their site: If you have an unresolved issue with SLS or the level of customer service you have received from SLS has been unacceptable, please contact our Executive Services Unit at: 800-268-9956, Monday through Friday, 6:00 am to 6:00 pm MT.

If that is not sufficient, here is the contact information for the President/CEO, John Beggins:
+1.720.241.7301

john.beggins@specializedloanservicing.com

Specialized Loan Servicing LLC

8742 Lucent Blvd Ste 300

Littleton, CO 80129-2386
Thank you all SO much. I will try this out and let you all know how it turns out. Thanks!!!
I had a trying experience with SLS where the sellers' 2nd was about $105,000, the first offered up to $15,000 (after the other agent and I sacrificed part of our commission) but that still was not good enough. The sellers really had no money to bring it up to the final $18000 demanded by SLS, and fortunately the buyer was able to come in (FHA permits buyer to pay a seller cost) with the remaining amount. I thought one of the "negotiators" was extremely rude, she actually said (almost yelled) that SLS would let the property go into foreclosure if the demand could not be met when I told her the sellers simply did not have the funds. I also got a different person every time I called until right at the end where it seemed I was working with a "team". I only had a generic email to send documents to, they mostly wanted to deal by fax, and no e-mail of a negotiator was given. To protect myself, I put all my responses and requests in writing and faxed them to SLS. Good luck. I thought they were a stressful experience. The circumstances with these loans are often what the investor involved with the loan demands or their insurance policy demands.
Hopefully your using and submitting a Loss Severity calculation sheet, to prove that the bank is getting the best deal with your short sale they would if they foreclosed. Send this to the Exec. Office and tell them that this is the best they can get and here is the proof.
If the second is a HELOC, they will always want $$. It's up to your attorney (hopefully you have one working with you if your doing short sales, (S.A.F.E. Act), wink wink), to tell them that $10k is a lot better than $70k.
Paul, you have me intrigued with the Loss Severity calculation sheet. Would you be so kind to email that to me? My email is in my post above. Thanks. :)
I can not. It's a program that I punch in the numbers and it spits out the report to submit to the bank. Just do a search for one, there are plenty out there. I had mine customized for me and my team.
Thanks for the loss severity information. I've done a search for a calculator--I'm not really finding one yet. Would you be able to share the name of one or two? Thanks
Oh, one other thought....if your clients are working.....urge them to stuff all their earnings into savings from the day you accept an offer and present it to the bank. This was another way my clients were able to cover the monies needed to close the short sale. I also set the expectation that short sales are a tremendous challenge, and proactive steps ahead of the short sale approval make it work better.
I closed a sale where the first mortgage holder was paid in full, the second mortgage holder was owed $35,000 but would receive $12,500 at closing and the third mortgage holder who was owed $30,000 asked me to contact the first two firms to request that they allocate $10,000 at the closing for them, i.e., the third mortgage holder or else they were going to screw the deal for us all...

In short, the third mortgage holder told me that my commission will now be 4% as the Broker and sole agent involved... They proposed giving 2% of the total commission as a concession at the closing, that amount to go to the third mortgage holder...

All mortgage holders signed off, we closed the deal and everyone walked away...

End result...
The seller walked away P.O.'d because they thought that they gave their house away...
The buyer thought that they paid too much...
I felt that I got ripped off by the third mortgage holder...
The second mortgage holder reluctantly accepted the short balance...

But we got the property sold...

Best of luck...

So far still waiting to see if I can get anywhere with SLS on the 2nd. The "team lead" is saying that it might just end up that the investor on the loan will think that it's not enough money for them and let it foreclose. That's very positive, isn't it. :-0 I've contacted the CEO and they said that one of the supervisor's at loss mitigation will be getting back to me. And, we wait.....

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