Has anyone used ServiceLink to close an REO transaction

Question

Chase is using ServiceLink as their closing agent. ServiceLink is located in PA and handles the entire closing over the internet - using a local notary at closing. I'm concerned ServiceLink is not aware of all state, county and city real estate laws in my area. Typically I use the bank's closing agent however in this case I'm inclined to use my own title company.

Has anyone had an experience with ServiceLink closing their transaction?

Jeff Tumbarello · Answer

look up a special warranty deed versus a general warranty deed. Do not trust the bankers or anyone who works for them. When they loan you money. You will give them every protection that "you" can buy. When you buy their bad assets they can not be troubled with such things. Read a bank addendum and ask yourself if you would have the courage to ask a buyer of one of your homes to sign it

Jeff Tumbarello · Answer

We will pay any extra fee's to have our own title agent do the closings. If you are getting the deeds as a Special warranty Deed, make sure you have another agent doa full title search. I am finding 10 percent of these deal have title issues with 5 percent have important issues like the second mortgage not being served

Sydney S. Budina · Answer

Beside a very poor customer service (Catrenia Schwartz, Ashley Skolnekovich), lack of experience (Catrenia Schwartz)  ServiceLink made the second huge mistake with the same property. First, a new owner realized that in May 2018 they didn’t pay the taxes for the property located in Miami, FL that was closed on 10/04/2017 and then he received a Final Eviction Notice on 06/28/2018 for the same property. ServiceLink not only didn’t pay taxes for the property and let incur the fines but did a poor job delivering a clean title to the new owner allowing old eviction case arrived till the eviction. It is the worst experience that we had with a Title company.

Unfortunately, you as a buyer cannot in some cases choose a Title company because some sellers (in this case CIT Bank) force you to use a Title company that they are working with.

I would never recommend to anybody use Servicelink as a Title Company and try always to use a Title company you have an experience with.

Account Closed · Answer

servicelink is super slow!!! i felt like i dealt with 4 middle men to get any answers..so frustrating..they accepted my offer bc i wanted to close quick, but due to their mistakes and lack of preparation, closing was delayed over and over..we ended up closing almost 2 weeks late..not much you can do though...i went ahead and paid for my attorney to close with, but you still have to deal with them if you want that property..good luck

Yas Tahir · Answer

Yes we used them a few times and it is slow, very hard to reach someone when you need to. The last closing was very problematic and they did not provide any help at all and they were not very honest either.  We decided not to use them again and just use regular local title house from now on.

David Kent · Answer

I am due to close with First American Asset Closing Services. Sounds like Service link...all online. And yes, I expect it to be a Quitclaim Deed but the home is next door to my folks and it has only had two owners since 1953. The most recent owner purchased the home from the estate of our long time neighbor in 07, defaulted a year later and so I am buying it from the bank. I am paying cash and don't feel the need to hire a title company because I have done the research. But you are right. the Home steps Addendum is a major cram down that overrides the Repsa for Maine in this case. Be carefull.

Andrew Nelson · Answer

look up a special warranty deed versus a general warranty deed. Do not trust the bankers or anyone who works for them. When they loan you money. You will give them every protection that "you" can buy. When you buy their bad assets they can not be troubled with such things. Read a bank addendum and ask yourself if you would have the courage to ask a buyer of one of your homes to sign it

That is good to know.

Kristian Peter · Answer

ServiceLink was also used by Freddie to close a majority of their REO transactions - they are slow and cumbersome, link most of the contracted closers for REO, but they do an adequate job, and I'm sure that they will take care of your closing without too many issues.

Has anyone used ServiceLink to close an REO transaction

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