Think Outside Of The Box

I had a recent experience where creative thinking resulted in my listing being sold and ended a nightmare for my client. She unknowingly closed on a home loan she understood to be a normal arm product, arranged by a man she was involved with.  The loan was in fact an option arm, and the loan amount rose over $40,000 in 3 years, and "Mr. Wonderful" turned out to be anything but!

The bank was located in Florida and the loss mitigation department was totally uncooperative.  Two purchase agreements were submitted with no response, so the buyer's withdrew the offers.  A third purchase agreement was expected and I was desperate to find a way to get some action on it. 

I did some on line research on the bank and discovered a new president had taken over in the past few months.  I researched him in business postings and found his email!  I then emailed him explaining my clients situation and the frustration I had with the loss migation people assigned who wouldn't return emails or phone calls, providing him with names and contact information for them.  My seller also sent him an email detailing her situation. I requested his help in dealing with a purchase agreement and asked for a written release for my client from all future claims.

Shortly thereafter the loss mitagation department contacted me by email (with our emails attached) and offered to cooperate.  When the offer came in I found I was getting the same run around as before  so I emailed the offer to the president and requested his help again.

We closed the property, my client received a written release, and she has been able to move on with her life.  Hopefully some of you dealing with these problamatic short sale situations will be able to use this to speed things along.