What are your experiences with banks?

Pro’s & Con’s of a Different Banks

I always get people asking us if we can tell them about their lien holder’s short sale process. Shortly after that request, they ask, “How easy their bank is to work with.” So here is a very brief Pro/Con list for a dozen banks.

These experiences are from an expert negotiator who has negotiated and successfully closed hundreds of short sales. However, individual experiences may vary.

 

Bank of America

–      Pro

  • Great online system that promotes accountability – “Equator”
  • Negotiators email and phone number are often accessible in Equator

–      Con

  • When the file is denied it is near impossible to re-open without a full re-submission

Chase

–      Pro

  • Aggressive systems offering cash to seller

–      Con

  • Multiple departments can make it difficult initially to find who is going to handle your short sale

Wells Fargo

–      Pro

  • Once the file hits negotiation they render decisions in record time
  • Quick responses via email

–      Con

  • Lot of addendums in the middle
  • Threaten closing the file if their emails are not responded to in 1-2 days

Aurora Loan Service

–      Pro

  • Online software for access on updates
  • Very systematic

–      Con

  • Negotiators are given months to respond before you can escalate
  • Cant contact negotiators until they contact you

PNC Mortgage

–      Pro

  • Easy access to a negotiator
  • Quick timeline to reach negotiator
  • If they fund the loan they have a department for high dollar loans
    • Quick modifications
    • Park debt with no payments on it for decades

–      Con

  • Does not play well with their own 2nd
  • PNC Mortgage and PNC Bank run as different entities

GMAC (Similar to BoA)

–      Pro

  • Great online system that promotes accountability – “Equator”
  • Negotiators email and phone number are often accessible in Equator

–      Con

  • When the file is denied it is difficult to impossible to re-open without a full re-submission

Suntrust

–      Pro

  • Submission process is efficient and they arrive at valuations quickly

–      Con

  • Can be demanding, requiring an approval letter from a 1st before providing you with theirs for the 2nd

Becu

–      Pro

  • Small bank with good customer service
  • Negotiators are not difficult to contact at all

–      Con

  • Small bank that attempts to require borrowers to pay deficiency in full after short sale
  • Difficult to negotiate with even though it’s easy to contact them, a very stubborn bank

Litton Loan

–      Pro

  • Negotiators are down to earth and negotiate terms that are reasonable
  • Email based negotiations

–      Con

  • Negotiators have a heavy load of files

 

Ocwen

–      Pro

  • Larger bank allows for slack in the short sale process

–      Con

  • Their customer service is in India
    • Difficult to discuss property in America with Indians

Citibank

–      Pro

  • Extensions tend to be easily obtained on approvals

–      Con

  • Customer service is southern and difficult to understand
  • Negotiators are difficult to reach as they are well protected with limited access

USAA

–      Pro

  • Quick processing of paperwork
  • File moves along swiftly

–      Con

  • They are one bank that will give, at times, approvals that are lien release only and leave the seller responsible for deficiency

This is a very brief list of a dozen banks Pro’s & Con’s.  I think it will shed a quick awareness of things to come for those beginning the process of a short sale. As always, do not hesitate to contact us with any questions. 

SSSB

Written by SSB

5 Comments

Leave a comment