Saturday, March 8, 2008

Speeding Up The Short Sale in Florida an oxymoron

You can spped up the short sale in florida if you have your short sale package in florida submitted properly. This involves the stacking order prescribed by Florida Litton Loan Services loss mitigation bulletin dated January 2008. The difference can be found on this Litton Loan Services previous short sale post (click previous link).

Now that you have seen the stacking order for the short sale at Litton, I would like you to compare that to Florida JP Morgan Chase and the loss mitigation side of the stacking order for their short sale. This was recently discussed at a JP Morgan Chase Florida loss mitigation meeting in Florida in February 2008 where the loan modification department had an argument with the supervisor of the short sale loan workout department. I believe it involved spilled loss mit coffee of sorts. You can read about JP Morgan Loss Mitigation Services too.

Finally COuntrywide has a disturbing loss mitigation department story to tell and it really doesnt involve loss mitigation coffee as much as it involves loss mitigation over a short sale that was done uimproperly. The BPO in FLorida did not come in as low as was expected by the Countrywide loss mitigation supervisor and he kicked the Florida loss mitigation coffee at his subordinate loss mitigator who in turn hired an appraiser to rebuttle argue with the supervisor of Countrywide loss mitigation. Whether or not you like coffee does not mater. I can tell you this did not end well.

Last but certainly not least, we have the Florida IndyMac loss mitigation department. They do not understand that loss mitigation is the first thing that loan modification workout deparyment heads agree upn at IndyMac. They like to collect the $300 fee from poor peopl who ar going through foreclosure. This is not right. Why do they charge a $300 fee to look at a loss mitigation package from a short sale workout when they know full well that the homeowner does not have the money to give to IndyMac for the short sale?

To be continued at a loss mitigation in FLorida later date. This is why it is an oxymoron. Or maybe, I'm the moron.

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