Hi, folks. This is me blogging. No holds barred. I was sitting at my computer this morning making a list of all of the things that I want and need to do this week. Staring back at me was this picture of a lion which is a portion of a postcard that my husband sent from an Africa safari he took a few years back. You remember those years—years when deals were easy to put together, they closed in thirty days, and the commission was deposited shortly thereafter.
This screaming lion (or is he yawning?) reminded my of the gamut of emotions that I felt throughout this past week. For one, we had several short sales that were scheduled for foreclosure. Luckily, none of the short sales was foreclosed on and all auction dates were postponed. But, each and every one of those deals made me want to scream—just like the lion. For one, it is very difficult to get a straight answer out of bank employees. You have to call two, three and sometimes four times in order confirm that the information you already received is accurate. And, of course, just because a customer service representative for a mortgage lender tells you that a postponement was requested does not mean that it actually has been postponed. You need to follow up with attorneys in order to confirm with 100% certainty that the foreclosure has actually been postponed.
We had one Freddie Mac loan that I was very worried about. If you have been following my reports on trustee’s sales, with respect to Fannie Mae and Freddie Mac, you may recall that of late the investor likes to see these go to auction and does not entertain postponements. This was a funny one. Two Saturdays ago (yes, Saturday), our office received an email from the mortgage lender stating that she was countering the purchase price of the short sale. She needed about $25,000 more. However, the property is not worth $25,000 more. It will not appraise at $25,000 more than the purchase price. You could explain that to the bank employees until they are blue in the face, but they were having none of it.
So, it was time to ‘escalate.’ Don’t you love the word ‘escalate.’? It is the cool, buzz word of the year. The problem that I foresaw is that we were up against the auction date. It didn’t matter that they had the short sale package for 8 weeks prior to the date she emailed the counter offer. The bank does not like to budge. We hemmed and we hawed. We grumbled and we groaned. We killed ‘em with kindness. But, that did not seem to be enough. And, on Tuesday morning, we thought that the property was gone. Then… we got the good news from the executive offices at lunch time. The mortgage lender had postponed the short sale. This was a great bit of good news, and now we just need to prove that they have the incorrect value.
By the time that the postponement came in, my hair was already grayer and curlier. Inside I felt like the lion in the photo. And that was only one transaction!
I also have this HAFA transaction at Bank of America that has been stuck in HAFA underwriting for ten weeks! So much for HAFA being half the time, huh?
Best wishes for a great work week!
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