Short Sale Report - First Horizon
Short Sale Report
| Avg. Days NOD to NTS | Avg. Days NTS to Auction | Total Avg. Days in Foreclosure | Commissions | Comments |
| 211 | 48 | 259 | 5% | 6 |
NOD=Notice of Default NTS=Notice of Trustee Sale Auction=Trustee Sale
Their short sale processing is now handled by Met Life. This has caused the process to slow way down. Communication is a problem and they will test your patience. Keep good notes on all communication efforts. We have also heard that they are one of the fastest in the industry and although some files close much faster you can expect most to take less than 9 months.
800-364-7662
Comments
I sent a file for a short sale on August 1, 2009, complete with HUD 1, certified bank appraisal, etc. to the assigned 'negotiator' who has taken over for First Horizon, namely Met Life Loans. I have successfully spoken to an assistant once, who said all emails had been changed, therefore the files were not received. I never get a response to any email (new accounts), to any voice mail. It looks as though the 3 day acknowedgement time has passed, and we are in approval time of up to 60 days. How am I to know the files are received with no acknowledgement? This process is the worst business experience I have had in 23 years of selling real estate successfully.
I have had a short sale in limbo with these folks since August 5th, 09 and have not been able to get anyone to even acknowledge my existance since I recieved a negotiator. I have called maybe a dozen times and can't get the negotiator and even more frustratingly I can not go over head to management because once you type in the loan number, it goes dirtectly to my negotiator....Anyone have any ideas?
We have been in short sale negotiations with First Horizon/Met Life since January 2010. We have a CASH offer. We have not been able to talk with anyone at the bank that knows anything. We were supposedly assigned a negotiator weeks and weeks ago who said all the paperwork was in order. Now they are saying our file is incomplete and they need the listing offer and sales agreement again! Four times we've sent that stuff over. You cannot reach anyone who can tell you exactly what's up. A different person answers the phone each time, and says something completely different. Help!!!!
Hi Corby,
Unfortunately this is a very typical complaint about short sales. See if you can get to a supervisor or get the name of one. The most important thing is to keep your cool. The nicer you can be the better. Even though you want to scream at someone you are more likely to get to a person who can help if you are VERY nice. When you resend your information make sure you number all pages and write you name and loan number in the upper right hand corner so that you can easily identify any missing pages. Keep in mind that the folks you are talking to are just employees trying to do a job and they are usually buried with work. The faster you can get a relationship started with one of them the more likely you are to get your approval.
I am working w/ them right now--been through 5 buyers have a full price offer now and they say they reopenrd the short sale and have postponed the sale---we are waiting for opur new approval.--it's beeen a year
We started out (3-3-09) trying to get a modification, 10 months later and after faxing the same documents over and over and over we were told we couldn't do a modification so our only other option was a short sale. Had we not wasted almost a year trying to do a modification we could have probably still had equity in the house and sold it before the housing market tanked. Needless to say, we did sale it on a short sale, since we only had one offer and it was accepted we thought it would be quick, boy were we wrong. It took a little over a year to finally close on the house. And to top it off-recently I've learned that First Horizon sold loans to NationStar Mortgage but they don't sent complete files to them so now it's like we have a deliquent account with NationStar because they don't know what happened to the funds that paid off our loan with First Horizon. Hear we go again!
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