Saturday, November 7, 2009

PHH Competes for Top Spot in "Worst Short Sale Lenders" of the Year

PHH Mortgage is vying for Top Spot in my yearly list- "10 Worst Short Sale Lenders". PHH is a servicer of mortgages for companies such as Merrill Lynch Credit Corporation, Provident Bank, UMB, Bank Atlantic, Banco Popular, etc. Their poor service prompted today's email to the negotiator for a Niceville Florida short sale:

To: [email protected]
Cc: [email protected]
Subject: Short Sale - 0022940
Importance: High

Hello Mr. Negotiator,

I am following up on VA Borrower, John Doe, short sale 0022940... I was told you are now assigned to this file.

This short sale has been in process for 8 months.

I was told it was "escalated" to you on October 19.

The buyers, waiting since March 20, need to close asap.

On July 17, Joe Smith of PHH, counter offered the contract price and HUD line items, and asked for the closing date to be revised THEN to August 31.

We complied, the buyers agreed to the new price and terms, and the HUD was sent to your company with a closing date of August 31 as requested.

ALMOST THREE MONTHS have passed since that date.

Is the end in sight?

Thank you,

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]

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Anonymous Anonymous said...

I agree with PHH being a short sale disaster. I made a bid four months ago and was told "a decision will be made today" and that was a month ago. Life goes on, people at PHH! I, for one, cannot put my life on hold this long due to your incompetence. It's hugely unfair to extend this stressful situation for this long. Especially with rebate deadlines to deal with. I am now looking elsewhere for a new home, one without PHH financing.

December 9, 2009 at 5:26:00 PM CST  

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