A Rant About Lender Incompetence On Moorpark Short Sales
We had a short sale closing last week. The underwriter for the buyer’s lender didn’t like the way the short sale approval letter was worded. They wouldn’t approve the loan until the short sale approval letter was changed.
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We called up the short sale lender. They said they wouldn’t make the change. The buyer’s lender said the deal was dead. The problem is that how the short sale approval is written makes no difference to them.
Most title companies have millions of dollars in reserves to solve title problems. The title policy states and guarantees the title, no matter what the short sale approval letter says.
They guarantee that if any problem arises they will write a check and solve the problem. That’s why you order title insurance! Apparently this underwriter thought their job duties required them to do the title company’s job as well.
We finally called the CEO of the buyer’s lender. We told them that they were out of line. We told them that realtors and home sellers can’t just make unrealistic demands.
What if a home seller demanded, “I want to make sure all funds brought to closing have never been laundered or used in the drug trade. We also want the money to be backed by gold.”
You and I know that is not going to happen. I am forced to deal with incompetence and power trips with short sale lenders. I sure am not going to put up with it when I’m the customer.
Fortunately, our argument with the CEO’s office worked. They realized that they were in the wrong and made an exception for this sale. What is your opinion on this?
Do you think that the lender in this situation is out of line? Would you recommend that we not refer loans to them? Enter your comments below. Thinking about a short sale?
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Thanks for reading this,
Chris B Johnson, Realtor
Chris is a Real Estate Agent at Prudential California Realty.
Phone: 805-208-0823. firstname.lastname@example.org.
Certified HAFA Specialist, Certified Short Sale Specialist, Certified Distressed Property Expert
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Chris B Johnson provides HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Specialist , Realtor, Moorpark Short Sale Specialist , Realtor, Short Sale Specialist , Realtor, Ventura County CA Short Sales. Stop Foreclosure in Ventura County, Certified HAFA Specialist, Moorpark Short Sale Specialist, Thousand Oaks Short Sale Specialist, Westlake Village Short Sale Specialist , Newbury Park Short Sale Specialist, Camarillo Short Sale Specialist , Simi Valley Short Sale Specialist, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699.You can find Ventura County Short Sale Specialist, Realtor, at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Chris also specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County Short Sales.
Ventura County Short Sale Specialist, Realtor, Short Sale Specialist, Realtor, Ventura County CA Short Sales. Ventura County Specialist, Realtor, www.theshortsaleguide.com ,
Certified Home Affordable Foreclosure Alternative Specialist . Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure. You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read http://venturacountyshortsalerealtor.com/?p=948.
For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , http://www.ftc.gov/opa/2010/11/mars.shtm and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also seehttp://venturacountyshortsalerealtor.com/?p=1066.