Westminster, CO - Yes, we still have to deal with certain Lenders to accomplish a successful short sale transaction! YES, we must still deal with the "never disrupt" policies of each of these Lenders that service or carry the note!
We had a short time to work the negotiations with HSBC (Beneficial Bank of Colorado), since the homeowner had wasted about 2 yrs trying to get a loan modification negotiated and approved. NOPE, that never happened for the borrower!!
We were able to obtain that quick "investor" contract, $30,000 above the list price!! We know that it exceeded the BPO, but not allowed to verify that. We had about 6 weeks to get the short sale approval letter from HSBC, since they would NOT deviate from their "set in stone" policy of NOT postponing a foreclosure sale date!
The s/s approval letter showed up 3 weeks later, and the investor went off to obtain his "hard money loan", and at the last moment, that lender backed out of the deal!
While the investor was working to obtain a new lender for the hard money loan, the sale date came up, and the foreclosure attorneys did not submit their bid to the Public Trustee for the sale on 12/18. So, by default, the Public Trustee postpones the sale to the next Wednesday, which happened to be Christmas, and the next Wednesday was New Year's Day!!
YEAH, we found some relief, to get the investor their hard money loan, and with some "luck" we had 3 extra weeks!!! BUT NO, the investor dropped the ball, and could not come up with his loan in time for the sale date of 1/8!
YES
I am sure that the Loss Mitigation Dept, does not talk to the Foreclosure dept at HSBC, since the "bid amount" from HSBC was $221,440, and our offer was $258,500. Had they postponed one week for us, HSBC would have netted about $19,000 more!!
The total of debt, including ALL late payments and interest was at around $275,000. We still wonder HOW some of the Geniuses stay in business in the banking industry!!
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It is encouraging to see the real estate market change to a "positive" market swing, and NOW is the TIME to seize that opportunity to Buy and Sell!!
Sellers, we need your home on the market, there are Buyers out there searching for homes, due to the lack of inventory!!
Thanks for reading this, Dan Hopper.
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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Some Lender Attitudes Never Change!"
