Standard and Poor's is a company that is best know as a rating agency that tracks and rates the performance of things like stocks, funds, markets and for it's indices like the S&P 500.
I was searching for info on Cash for Keys on my mortgage servicing company and came across the info from S&P regarding Metlife Home Loans.
Metlife uses Cash for Keys to avoid prolonged evictions and to help put the house up for sale as quickly as possible. Over 40% of Metlife's Homes required eviction and the average number of days to evict was over 2 months. Once the eviction was completed it took an average of 7 months to sell and close on a property. In the 2nd half of 2008 the average gross sale price to a property's appraised value was under 84% and the net sell price to appraised value was under 76%.
You can find your mortgage companies info on their web site and do a search under ratings. You may have to register for free. I know a lot of people could care less but sometimes knowing a few extra facts could give you the upper hand and give you some incite into the company you're dealing with if you're negotiating.
The ratings are much more detailed than what I listed and most pertinent info for my servicer was at the bottom of the page under "Default Management". Also, the last rating for my servicer was the middle of '09 but the info is still useful.
Hope this helps someone!
I was searching for info on Cash for Keys on my mortgage servicing company and came across the info from S&P regarding Metlife Home Loans.
Metlife uses Cash for Keys to avoid prolonged evictions and to help put the house up for sale as quickly as possible. Over 40% of Metlife's Homes required eviction and the average number of days to evict was over 2 months. Once the eviction was completed it took an average of 7 months to sell and close on a property. In the 2nd half of 2008 the average gross sale price to a property's appraised value was under 84% and the net sell price to appraised value was under 76%.
You can find your mortgage companies info on their web site and do a search under ratings. You may have to register for free. I know a lot of people could care less but sometimes knowing a few extra facts could give you the upper hand and give you some incite into the company you're dealing with if you're negotiating.
The ratings are much more detailed than what I listed and most pertinent info for my servicer was at the bottom of the page under "Default Management". Also, the last rating for my servicer was the middle of '09 but the info is still useful.
Hope this helps someone!