Hi all,
I need help with a referral I got through the SS Network, 1st and 2nd with Provident Funding.  Seller paid upfront $ to a law firm from out of the area who insisted on being the authorized party to do all "negotiating" with Provident.  I don't think they have been doing much of anything other than take my seller's cash, and the seller feels he's been hung out to dry.  We had 3 offers at $270,000 (pretty much market value), Provident ordered a BPO and came back saying they won't even proceed with a decision unless we have an offer of at least $305K.  Not going to happen.  I put the house back on market at $305,000 and have not had one showing after several weeks.  Law firm will not even argue the value with the Provident negotiator, they said "well too bad I guess it's going to foreclosure".  I am having the seller authorize me to speak to Provident as well to try to get a 2nd BPO/realistic valuation.  Has anyone had any experience good or bad with this company or have any contacts?  Thanks for your help, I hate to see the house foreclose.

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I am having the worst time with this bank. They don't know the HAFA Guidelines at all. I am having the same problem. They said that my offer doesn't qualify for HAFA if I don't have the exact offer that the BPO came back at, which is $120K. Have you figured out anything since this happened to you.

Stacie:

Just curious...what is the offer amount?

The offer is $108,500. Provident would only be forgiving $13,000.

You've stated that Provident is forgiving $13,000.....are you saying that your client OWES $120,000 on the mortgage? If your client's current loan balance is MORE than $120,000, then the note holder is forgiving more than that. An appraisal has established fair market value at $120,000 for this property, so you MUST find a buyer willing to pay fair market value or something pretty close to it. Additionally, these pre-approved short sale programs have mandated "net profit" criteria that must be met. The net profit is basically the offer amount, less any seller concessions, junion lien contributions, seller's relocation expenses, and real estate commissions. My suggestion to you is to either re-neogtiate a more reasonable offer with the buyer or place the property back on the market.

My client only owes $105,000. I do believe the property is going to have to go back on the market because I think the buyers are backing out because of so much time and the situation with the bank.
That will probably be your best bet. They've already established $120K as fair market value. They expect the Realtor to secure fair market value for the property or an amount close to it.
I understand, but I believe the $120K is too high at this point. It's been on the market at $125K for 4 mths. I am working the short sale for another Realtor who does the listing and I am going to have her lower it to $120K. Thank you for your input. We, also, are going to try to see if this can go traditional short sale. That might work.
provident is extremely easy to work with
I really disagree. I guess it's just who you work with on these. I'm glad they're good with you.

I had a short sale with Provident Funding recently that was approved but in the "Notice of Agreement" they specifically stated they had the right to sue the seller for any unpaid balance.  Now, keep in mind, my seller was will to come to the table with $5,000 and sign a note for $10,000.  Also, they reduced my commission to 4% total.  My seller now is going to let the house foreclose after consulting with an attorney. The attorney said if the lender wouldn't change the language in the Notice of Agreement, he would be better off to let it foreclose. Then there is no recourse.  The negotiator was Jessica L.........    She was the most uncooperative negotiator I have ever dealt with.

Also, if there is PMI.........it probably won't go through as the lender can then let it foreclose and collect the PMI too! Isn't that what we would call double-dipping???

Unbelievable! They are saying that this program isn't helping. Well, this is why! My negotiator is Becky. She's nice but they are so nonchalant and don't care if the homeowners get foreclosed on. Neither does Freddie Mac, which I also spoke to about this lender.

It probably means there is PMI.  Like I said if there is, it is probably not going to work.

That is my first question now before I even go on a short sale listing.  Is there PMI?

 

If there is I don't take it anymore.

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