Work smart, not hard by focusing on short sales you can actually close. Only ForeclosureRadar lets you search for potential short sale listings with only one open loan and an easy to deal with lender.
First Franklin
Short Sale Report
| Time to Acknowledge |
Time to Approve |
Commissions | Full Release Available |
Comments |
| tbd | tbd | tbd | tbd |
In nearly all cases you will run into Franklin Credit as a junior lien holder. We find them to be very difficult to work with. Their focus is entirely on collection, in many cases without consideration for either the circumstances of the borrower, or the borrower's rights. We have had particular difficulty in working with Franklin Credit on transactions in which the borrower has had the debt discharged through bankruptcy. They seem to have a 'we make our own rules' attitude and are VERY proud of their "tough to negotiate with" reputation.
Loan Servicing: 800-346-6437 Loss Mitigation Phone:800-622-5035 Fax: 412-499-3400 https://www.viewmyloan.com/bahlhls/hardshipassist.html
Comments
First Franklin held the first and only one loan. Went through the usual waiting period, but it was surprisingly a shorter period of time, less than 30 days. When first buyer backed out because cost of repairs were around $80K, I requested new BPO to justify reduced price from $399K to $299K. The negotiator agreed. Found second buyer who offered $285K. And the negotiator accepted. Negotiator was responsive, and agreed to communicate via email which made it easier to work with him. Maybe he was the exception, and I'm glad he was assigned to my file.
I found First Franklin the easiest bank to deal with yet. I had a transaction with only a first mortgage. I submitted a complete package and had an approval in two weeks. The first buyer dropped out and I had a new approval the next day. Since we already had the appriasal from the first buyer we were able to close with the second buyer in ten days. I loved working with First Franklin.
All I can honestly say is that I my experience with First Franklin was fantastic and close a deal with them as 2nd TD on April 05, 2010.
Here is the story...
I got a short-sale approval in three weeks and closed the deal in less than six. The FF loss mitigator provided a contact telephone number and extension along with his fax, but no email. He was responsive (24-48 hours, most times same day). We even funded into the month (2 days pass our scheduled day) and he never complaint or asked us for more money. Way to go FF!
PS: Maybe it was only that one contact, and I got lucky too.... Thank you Mike! ; )
Post new comment