Home > Uncategorized > Kudos to a VERY Big Bank

Kudos to a VERY Big Bank

While I tend to focus on the negatives relating to bank behavior, I figure it’s time to give credit where credit is due.

As a short sale facilitator who has processed hundreds of short sale transactions, we are constantly working elbow to elbow with the banks.  While many lenders have processes in place enabling timely response times for short sale requests, a number of larger banks tend to trip-up on their internal policies.

One bank, which happens to be among the largest mortgage lenders in the world, is known for taking an extraordinary amount of time in processing short sale requests.  It is not uncommon for them to take 6-9 MONTHS to reach a decision. In fact, we have had numerous instances where we have had to contact this bank’s executives in order to obtain any kind of response whatsoever (that’s a story for another day).

Anyway, I am proud to share with you that this bank (who must remain nameless) approved a short sale in approximately 3 months (longer than our average).  Although the Buyer was extremely well qualified for financing, the condo complex was not Fannie Mae Approved and therefore the Property did not qualify for a Fannie Mae Loan.

The Buyer quickly identified a portfolio bank who would finance the transaction, however, the bank needed 25 days to process the deal.

When I informed the  bank of the hiccup on the deal, they informed me that they only service the loan and that the investor will not, under any set of circumstances, provide for an extension; and if the closing date passes then the file must be resubmitted from “scratch”.  While this didn’t surprise me, I BEGGED and PLEADED my case — each time asking for a one time exception to the “rule”.

Long story short — 16 emails later (from me to the bank/investor) , the bank was able to convince the investor that it was in their mutual best interest to make the exception.  While it would have been easy for the bank to give up and let the property go to foreclosure, they hung in with the homeowner and gave a little extra effort.  GOOD FOR THEM — they saved a homeowner from foreclosure.

See?  It’s not all that bad with the banks!

If you’d like a Short Sale expert to package and handle all the paperwork and communications with the lender in an attempt to facilitate a short sale on your behalf, at no out of pocket expense to you, contact Rick Schuster at   561-893-0077   or rick@homeguardiantitle.com.

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