Today I have a tale to tell ... a story of perseverance, patience and longevity.
I am writing to ask for help, advice and any creative suggestion...
I am working with buyers on a short sale transaction, to buy the cutest darn house.
We had mutual acceptance August 30, 2009.
The good news is we received bank approval in February! Quick compared to other short sales, I've learned.
Two lien holders ... both approved!
But here's where it gets troublesome:
After the second lien holder approved $3,000 (and the sellers agent and I stepped up to give them more from our commission), they filed a judgment against the seller for the remaining $50K plus.
Now escrow can't close because there is a lien. I know this type of judgment is common after closing and so it seems easy to get the judgment removed and then the 2nd lien holder can file the judgment again after closing.
The person at the bank comes back with this:
"Hello, We will clear the title once the short sale is completed ! call the attorney that has the judgment that works for us they will confirm that ... We will not release anything until the short sale is complete !"
That's fine, just give us a letter correctly worded ... We called the attorney and they advised they cannot talk to us about it.
We emailed back the lien holder and again:
"Hello, this is a judgment we have to release the lien if we are doing a short sale that means if we agree to this amount we do not pursue the customer for any debt that's why the judgment would be released we are not releasing anything until the short sale closes....if you need this confirmed call our attorney and that's just like saying they have no loan with us if we clear the title...we cannot until the short sale has been completed..."
The banks have systems where a telephone conversation is no longer possible. If they were here, I'd walk in and talk face-to-face with them. I will try every angle until it works. I won't give up. It was a long week and my creativity is shot on this one at the moment. Does anyone have an idea, suggestion or any advice to help me with the final step in this process?