Short Sale Report - US Bank
Short Sale Report
| Avg. Days NOD to NTS | Avg. Days NTS to Auction | Total Avg. Days in Foreclosure | Commissions | Comments |
| 167 | 59 | 227 | 5% | 4 |
NOD=Notice of Default NTS=Notice of Trustee Sale Auction=Trustee Sale
US Bank has also taken over the Downey Savings Portfolio.
We are told that communication is poor. There is no response and when they do respond they want money that is not there and they routinely cut commissions. Once source speculated that they only have 2 negotiators since all files are assigned to one or the other.
Even as a Junior Lien holder they demand additional fund that are clearly not available.
Contact Info:
800-365-7772 or 866-932-0462
http://www.usbank.com/cgi_w/cfm/personal/products_and_services/mortgages...
Comments
i am trying to find out their short sale procedures/requirements/guidelines online. unsuccessful.
I was just told by US Bank's loss mitigation department that, while they will consider a short sale, they absolutely do not release borrowers from the unpaid balance of the loan. Does anyone have any experience with US Bank and short sales?
Although I do not have any personal experience with US Bank there is a new law taking affect January 1, 2011 in CA (SB 931). It applies only to first mortgages in CA.
Short Sales Before SB 931: The lender can pursue collection on a deficiency if the short pay agreement did not have full satisfaction language.
SB 931 prohibits banks from pursuing deficiency judgements against sellers on 1st liens in California, regardless of whether the seller has refinanced or pulled cash out.
In California, once a seller has refinanced their mortgage, whether it is a cash out refinance or simply a refinance to a better interest rate, the loan becomes a “recourse loan”, meaning the bank can pursue the seller after the short sale for the deficiency, unless they state in writing that the debt is settled on the short sale approval.
SB 931 prevents banks from pursuing sellers on all first mortgages in CA.
And since July 15, 2011, lenders can no longer seek deficiencies on 2ds in CA either.
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