Short Sale Gridlock - 1st Mortgage Waiting On The 2nd, The 2nd Waiting On The 1st

By
Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

Litton Loan is the first mortgage, Citi is the second.

Citi won't approve a short sale settlement amount until they get a copy of the payoff to Litton and the amount of losses Litton will incur.

Litton says they won't approve the short sale until Citi approves their settlement amount.

Litton waiting for Citi. Citi waiting for Litton.

We escalate to management.

We wait.

Litton still waiting for Citi. Citi still waiting for Litton.

We escalate to management.

We wait.

Repeat the process.

Then a stroke of luck, someone at Citi is off work that day

We escalate to the same manager. This time he takes an interest and checks the file. He can't hide his surprise. He said the bank's negotiator has everything she needs, should have made the decision already. He says he'll talk to her as soon as she walks in the next day.

Next morning, 9:33 AM we get the approval letter faxed to us from Citi.

We immediately send it to Litton. Litton turns it around in a day, sends us approval letter.

The Big Lesson?

Patience, persistence, dedication. We can help the banks mitigate their losses even if they trip all over themselves. We also help good, hard working Americans in Louisville avoid foreclosure. Everyone wins.

Posted by

 

 

Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East

Website David.DavidHalpernRealtor.com

(502) 664-7827

 

 

View Dave Halpern's profile on LinkedIndave_halpern twitterhalperndave_facebookDave Halpern QR CodeLouisville Foreclosure Realtors Dave Halpern

Comments (1)

John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

Been there, done that Dave . . . what a pain in the butt!

Feb 27, 2011 04:38 PM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?