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HELP! Singlesource Asset moved to new servicer in middle of closing. Asset is owned by Home Loan Services. HOW DO I HANDLE???

Posted by Lisa Robinson on September 22, 2010 at 7:59am in Sample Title

I have a listing in Mesquite, TX (Dallas area) set to close 10/8/2010. However, the buyer is able to close early on 9/27/10. After updating my asset manager today of the moved up close date, I was informed that if the file doesn't close TOMORROW, 9/23/10, then it won't close with Singlesource at all...even if we have an executed contract!

This is the first I've heard of this. Now what was going to happen if I hadn't updated my Asset manager on the file status???

Anyway, my Singlesource Asset Manager told me HLS moved all their assets from Singlesource to a new servicer and I have to close with them. However, I have not been contacted by a new servicer and don't have direct access to the seller (HLS).

Additionally, the title company, LSI-Farris Austin, has never heard of this either, so now we're scrambling to find out what to do.

Can anyone help me???

Lisa

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Replies

Foster Ferryman October 4, 2010 at 1:27am

This happen to me twice. I stopped doing business with them over a year ago. I thought the first time was a fluke, the second time, no way.
Lisa Robinson September 29, 2010 at 5:34pm

Hi Miguel,

The new AM is Keystone.

Wow, I didn't know SS lost that many accounts.
Lisa Robinson September 29, 2010 at 5:30pm

Thanks to all of you for your helpful information.

I was contacted today by the new AM with Keystone. They are going to allow me to close the transaction, but I have to get the buyer to extend the closing to 11/5/2010 due to a marketing blackout from 10/1/10 - 10/25/10. Our original close date was 9/24/10, so how do you think the buyer and his agent is going to respond to that... They have time to find another house and close before this house will be ready...lol

That's the REO world I guess..
Juan J De La Garza September 29, 2010 at 5:22pm

If you get any new updates please let us know. Iam in South Texas- Rio Grande Valley, I would be more than happy to have you as a contact and exchange info

Juan
RE/MAX Hacienda
Pharr,Tx
- Lisa Robinson > Juan J De La Garza September 29, 2010 at 5:31pm
  
  Hi Juan, I would be happy to exchange info with you as well. My update is below.
Juan J De La Garza September 29, 2010 at 5:17pm

Hello Lisa,

I as well had a file with SingleSource/HLS and I was in the middle of submitting an offer and same thing happen to me where they left me hanging and gave me no information what so ever. I had to check often on res.net and after a while they updated the contact person and I just emailed them and sent them the email offer. My property had gotten transferred to keystone, after the second day I received a call from a local reo agent mentioning that he was going to take over my listing with instructions from BOA/KeystoneBest. It wasn't the best experience from neither singlesource nor the new assetmanager.

Juan
- Lisa Robinson > Juan J De La Garza September 29, 2010 at 5:32pm
  
  That sucks... It would have been nice to have some notice.
Mark Barakat September 23, 2010 at 10:35am

I have 3 listings from HLS and i was told all will be transfaired to BOFA , and I should keep the listing but from Oct1 to Oct 25th all should be off the market unless I close before Oct 1st
- Lisa Robinson > Mark Barakat September 29, 2010 at 5:33pm
  
  Hi Mark,
  
  Are you already an approved broker with BOA/Keystone?
Lisa Robinson September 23, 2010 at 2:38am

Thanks Miguel. I will let you know the new AM when I get the word.