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REO Transaction that we are finally closing after 3 months!

By
Mortgage and Lending with Choice Lending Corp

REO Transaction that we are finally closing after 3 months!

Yes, that is correct believe it or not we were ready to fund on this transaction three weeks after going into escrow.... yes, I said three weeks after opening escrow and the day of funding the servicer is unable to produce the Interim Deed and POA from Fannie Mae.

Now, you would think that this would be solved over a couple of days because the there was a mix up of paper work or something. Well, not the case at all in fact there were no Interim Deed or POA. In fact, I feel bad for both Realtors on the listing side and buyers side because this servicer had no right to list the house for sale. How frustrating this has been for both the client, agents and myself. We worked so hard and the escrow company was cold and rude all the way up until the end.

I finally got in contact with the asset manager myself who over the course of 4 weeks, some lawyers and hard work we finally received this Interim Deed and POA. As of tomorrow morning we will be funding and this whole nightmare will be in the past!

My only hope is that the client loves this house after all of this work. The one benefit to all of this is to know that through trials and tribulations we grow stronger and smarter. Our industry has become harder than ever but this is proof that working together with professionals you are familiar with will greatly increase your odds of closing these deals.

Posted by

             Daniel Young

        Direct Lender

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Choice Lending Corp.      Direct: 909-952-2882

9227 Haven Ave.                Fax: 760-780-4631

Suite 300                              
Rancho Cucamonga, Ca. 91730           

www.TheLoanDoc.com

email: daniel@clg1.net

NMLS # 237212

___________________________________

 

Daniel Young
Choice Lending Corp - Rancho Cucamonga, CA
The Loan Doc
Well I have Great News! Today Nov 1st 2011 we were finally able to fund and record because we got the Interim Deed and POA for the Asset Manager. Now this part of my job I love the most and that is calling the Listing Agent, Buyers Agent and Clients telling the the Good New that WE FUNDED! Welcome home!
Nov 01, 2011 09:05 AM