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Downey Savings
Short Sale Report
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Commissions | Full Release Available |
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Downey Savings was acquired by US Bancorp. US Bank is a super regional bank with very little exposure to the mortgage default problem. It remains top be seen how they will put their stamp on Downey asset management operations. Will keep you informed as the situation develops
Except on a very small portion of their servicing portfolio, Downey will no longer work on short sales. If it is Downney paper they appear to be willing to do a short sale and are actually very responsive. DO NOT assume that a Downey Savings mortgage is a no go - Call Downey, or have your client call Downey, and ask if they will work on a short sale on the loan before you surrender on a good short sale opportunity.
Update: Watch them operate and it's no wonder they are where they are. I just would have expected U.S. Bank to bring their strong operational expertise to the table by now.
Loan Servicing 800-824-6902 Loss Mitigation: 800-824-6903 x 4732 www.usbankhomemortgage.com There may be an upfront fee required to process the short pay application.
Comments
They wouldn't even touch my file until they had an offer. When I submitted the offer, then they tell me they SOLD the note to an investor (later I find out it's Deutsche Bank) who won't approve the short sale, won't even take a deed in lieu of foreclosure. Couldn't they have told me this from the very beginning instead of making me go through the hassle of listing, staging, holding brokers tour and open houses, spending money on advertising, etc. Had they approved the short sale, they would have received $520K. Instead, they foreclosed. REO agent listed if for $475K, and finally sold as an REO for $420K. Does that make sense to LOSE $100K? The biggest loser? Downey Savings!
I loved the short sale I had with them. One negotiator the whole time and 25 days for approval. They did not mess with any of my fees and paid back HOA dues.
shortsales,REO's listings for lower westchester
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