Subtitle: People still make the difference!!!
We just completed a short sale that, to date, has taken longer than any other we processed–one year and ten months!!!! This article does not concentrate on how the courts and the Lender bungled the application as that only produces stomach acid and me preaching from my soap box about how the Lenders take advantage of people when they are down and the government agencies that are supposed to help; help the Lenders. So in Forest Gump style, “that’s all I’m gonna say ‘bout that.” I want to share instead about how this transaction finally happened because a few great people in their job just “did the right thing.”
The facts were pretty simple. A client had a rental property and hit tough times. They filed bankruptcy but tried to hang onto the property. Things did not get better so they decided to “add” the property to the BK so they would not also have a foreclosure tag on their credit—smart move! Common practice for a good BK lawyer! The Court’s standard protocol is to release the property if it has no equity to contribute to the other BK creditors. For whatever reason, the judge in this case decided they would not release until the Lender gave them assurance they would close the short sale on the terms presented.
That’s where the players became important. The lawyer’s office for our client had been in turmoil and then merged into a firm where a dedicated, competent, up-beat Lady “T” was put in charge of the paperwork. No one at the Lender’s would take the assignment. They bounced it back and forth between the short sale and bankruptcy department to keep this messy file from their desk! My Frequent calls to the call center finally paid off! Someone actually listened! Ms. R promised to talk with superiors and see how the file needed to be handled. She completed the “set up”—instead of finding an excuse to pass it and made sure the system assigned a negotiator. Negotiator, Ms S stayed right on it—getting us an approval letter quickly—which in turn required more paperwork on this end.
Lady T at the Lawyers and my always fabulous Cheryl at Pioneer Title “cranked” every needed doc back to the lender in record time. One of the docs needed to go back to Lender’s BK dept. for sign off—They started their “doc got lost” games again but Ms.R and S Lady didn’t let ‘em get away with it! They chased things down, extended the deadlines that their own colleagues missed and we closed this baby!
I took time to write a letter of appreciation for each of these players to their respective management! To me this was big stuff!!!! Things happen when people choose to “problem solve” and do their job rather than hide from their responsibilities and still collect a paycheck. These are the people that make our economy work! The jerks that snarl everything up like happened in the first 15 months represent many of our countries problems today! Hats off to the “Go Team!!” Good results come with good people!!!
Check out Lamplighteraz.com to contact Gene at his real estate brokerage, Lamplighter Realty. If you have a real estate challenge related to any of our college content that you want to meet and beat, go to Straight Talk Realty University at strealtyu.com. God Bless!