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June 16th, 2010 9:58 AM by David W. Welch
I am following up on a SunTrust short sale today, and I have to say I am having flashbacks to dealing with Bank of America. It took a month of faxing the package to them before they would acknowledge receipt. Then it took another week of trying to get the third party authorizations approved, before they would even speak with us. First Service Title works with me on my short sales, and they have a fantastic team that really stays on top of where the short sale is in the "process". Once they finally acknowledged that they had the complete package, they reported that they had a 60 day set-up period. I of course ask, what is there to set up. We put the package together and sent it to you.
Over a month ago, we received word that they had alread been paid by the mortgage insurance company for their claim on the second mortgage. I contacted the mortgage insurance company, and they gave me an approval on the second in three days. Today I will be following up on my "escalation", because their 60 setup period expired Friday with nothing from them. Actually, when I called Friday they said once again that there was not a third party authorization on the file for me. If SunTrust will get this approved, they stand to have their first mortgage completely paid. They have already have received payment on the second, and they will get a big chunk toward their third. If they do not get this approved, and we lose our buyer or they go into foreclosure they home will only go down in value. The sellers have moved, and are no longer maintaining the property.
This one is a no-brainer SunTrust, so let's get this one approved.
David Welch Real Estate Optimist, Orlando Real Estate