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  • I just went through a terribly painful process with Weststar Loan Servicing. This was an unusual circumstance, which may be part of the reason it was so difficult. Facts: 1. I purchased an income property 2 years ago. 2. It was seller-financed * 3. The seller had a loan with Wells Fargo (another horrible company) that I was making payments on via Weststar.This was the first loan. 4. I was also making payments to the seller via Weststar (Weststar is a loan processing TPA). This was the second loan. 5. I went to sell the property and found a new buyer. * Seller-financed means the bank was not notified of the sale when I bought the property because the loan would come due immediately, and when you do seller-financed, you don't want that loan to come due immediately. This is a form of creative financing. The normal process would be for all transactions to be processed simultaneously (or in immediate succession). But Weststar wouldn't process the paperwork in a timely fashion. They wanted to receive payment on the first loan and the second loan to be made before they would process the paperwork. Again, this isn't the normal process. And I couldn't pay the first or second loans off until we processed the paperwork because we had to use the new buyer's funds to cover those payments. But I also wouldn't receive my profits until they were paid first. I realise this may be confusing for many of you reading this, unless you have a real estate background, and I'm sorry about that, but I don't think I can explain it any better than this. Anyhow, long story short, I had to actually pay to fly the original seller back to the state the property was in so he could physically walk into Weststar to tell them they were relieved of their duties, physically take the paperwork to the title company and hand them the paperwork, so we could close this deal. This process that should have been completed in less than 3 days time took weeks to complete all because Weststar wouldn't play ball. I recommend that you RUN, not walk, AWAY from Weststar! I hope to never have to do business with them again!
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