Can anyone confirm this ?? - REO Property Preservation Forum
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post #1 of 22 (permalink) Old 12-13-2012, 02:13 PM Thread Starter
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Can anyone confirm this ??

I was talking with a realtor today and they stated "LPS HAS CLOSED their doors". WOW something really weird is going on out there. Any word on the street ?? Couple this with the apperant FAS nonpayment issues and them being in meetings every day this week. Scarry times are HERE
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post #2 of 22 (permalink) Old 12-13-2012, 02:21 PM
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Originally Posted by Splinterpicker View Post
I was talking with a realtor today and they stated "LPS HAS CLOSED their doors". WOW something really weird is going on out there. Any word on the street ?? Couple this with the apperant FAS nonpayment issues and them being in meetings every day this week. Scarry times are HERE

Closed their door where.ive been the damn phone with them all day..
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post #3 of 22 (permalink) Old 12-13-2012, 02:33 PM Thread Starter
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Closed their door where.ive been the damn phone with them all day..
Did not say I thought that was weird that LPS would just shut down. Perhaps its comming first of year ?? JUSt found this really odd. How has your work load been with them ??
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post #4 of 22 (permalink) Old 12-13-2012, 02:49 PM
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Originally Posted by Splinterpicker View Post
I was talking with a realtor today and they stated "LPS HAS CLOSED their doors". WOW something really weird is going on out there. Any word on the street ?? Couple this with the apperant FAS nonpayment issues and them being in meetings every day this week. Scarry times are HERE
This sounds mighty strange. Perhaps just a front as they restructure and come back with a different name.

But I hear SG is picking up a few new large clients. According to a client of mines, SG is the largest privately owned US preservation firm. They've been in business over 20 years I think.
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post #5 of 22 (permalink) Old 12-13-2012, 04:04 PM
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Originally Posted by thanohano44 View Post
This sounds mighty strange. Perhaps just a front as they restructure and come back with a different name.

But I hear SG is picking up a few new large clients. According to a client of mines, SG is the largest privately owned US preservation firm. They've been in business over 20 years I think.

Damn, More screwing to more vendors by screwguard.......
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post #6 of 22 (permalink) Old 12-13-2012, 04:21 PM
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[QUOTE=They've been in business over 20 years I think.[/QUOTE]

That must have been when they set up their uploader. Everyday I fight to just to sign on... their site crashes daily. I see a room full of vaccumn tubes and fans with reels running back and forth. How can this Co satisfy these banks... every property I've been to hasn't been plowed and it snowed over a week ago.
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post #7 of 22 (permalink) Old 12-13-2012, 04:54 PM
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Originally Posted by Splinterpicker View Post
Did not say I thought that was weird that LPS would just shut down. Perhaps its comming first of year ?? JUSt found this really odd. How has your work load been with them ??
Work load is fine...what it is normally for Dec,got 3 eviction one for tomorrow 2 after the first of the yr,accepted 6 cut bids.its slow but it always slows down around this time of the yr..

But i do know this Wells Fargo is doing audits of its service'ers all this week.

LPS is fine...they are shutting down some satellite offices at most just aguess at this point tho.Big updates are coming and they are going to revamp the web site to accommodate chase in hopes of getting them back,but it does look like chase is going to give the account back.it will start with inspection first and then slowly P&P...$$$$ LPS does alot more for the banks than just maintenance.

I will say this tho FHA,Freddy,VA are going to go back to congress for more money. i just got the call today,their broke again and need more monies for services and to guarantee more belly up loans.Keep in mind that their is an estimated 20 million shadow homes still on the books the banks are hiding,these home will get bled back into the market of the next 2 yrs.

Safe getting more contracts yeah right..LOL if you new just how many contractors are flagging adds they put up you would ****.

Let the Games begin.
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post #8 of 22 (permalink) Old 12-13-2012, 04:57 PM
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I was on the phone with LPS yesterday and my processors have been communicating with them all day.

Something weird is going on but I doubt they shut down.
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post #9 of 22 (permalink) Old 12-13-2012, 06:42 PM
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Originally Posted by Doberman Properties View Post
I was on the phone with LPS yesterday and my processors have been communicating with them all day.

Something weird is going on but I doubt they shut down.
Ive got evictions scheduled for after the first of the yrs so seriously!! a shut down i don't think so.

Wells is doing in-house inspections and audits of their servicer..

Just found out,had to make some call after this post went up...

Funny thing is just after first audit and inspection from wells.. one of my company's asked me to do some free stuff, well not free but at the company's cost with no discount and i have to low ball the bids Ive had outstanding on the jobs..all wells work,so i i agreed.just afew hundred bucks here and their no big deal...

Fact is all the big 5 BANKs that took bail out money are in deep poo.But congress has no choice but Bail out FHA and all the rest or the market will collapse.be thankful that your in the Biz we're in cuz the money is going to start flowing again.And I can tell you that everyone else is hurting but us,Ive got my ducks in a row just doing one state making sure their clients are happy so the servicer is happy then i happy.Am i rolling in money, hell no,but the checks keep coming and my guys are taking to good with the bad just like me..

Do i eat some crap "sure do" but it could be worse i could be trying to sale doors and windows or cars or repairs to home owners that doesn't have any money..

Remember pick your battles wisely.Well i got to go kick a contractor in the butt now good luck.

Frodus.
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post #10 of 22 (permalink) Old 12-13-2012, 07:37 PM
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Originally Posted by garylaps View Post
That must have been when they set up their uploader. Everyday I fight to just to sign on... their site crashes daily. I see a room full of vaccumn tubes and fans with reels running back and forth. How can this Co satisfy these banks... every property I've been to hasn't been plowed and it snowed over a week ago.


LOL!!! Like this???



On the snowplowing that sounds about right. Some of the brokers have told me they will be calling me direct to plow if they have to show a property. They are sick and tired of waiting for Screwguard..........
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