OneWest Bank

This very difficult short sale certainly came with its delays…the hardest one being simply finding a buyer for a condo in a horrid condominium market.

Six months and 7 reductions after going on market, we finally secured a cash buyer for my seller’s investment property gone wrong.

A full short sale package went to the lender and a month later was rejected. My seller’s crime was lack of default. The next month my seller became delinquent, and the short sale package went back in. Not long after we received an approval on the short sale, with an optional cash contribution for a deficiency waiver. The cash contribution was renegotiated to a more comfortable figure and wisely my seller chose to contribute in order to get a full release on the…

Why is it when a lender starts ousourcing their short sale processing to a 3rd party, their short sales only become slower and more cumbersome? Isn't the goal the exact opposite?

I had not worked with Indymac for several months but had heard great things about their supposed recent 2 -3 week approvals and was excited to have a chance to work with them again to witness this for myself. Unfortunately, I certainly did not get a 2-3 week experience as Indymac had recently moved their processing to ServiceLink Loss Mitigation Services - another useless 3rd party short sale processing provider. 

We secured a buyer for this Vernon, CT home the first week of December and a complete file headed to both Indymac and SPS (Select Portfolio Servicing). A BPO…