Archive for month April, 2009

Lender: This file is not a top priority to review…

Monday, April 27th, 2009

 

I was working with a client in Kennesaw GA.  He was convinced that the honest thing to do was to try to continue paying the mortgage as long as he possibly could, even when his wife had been fired and they need to use what little savings they had to try to make it…. Until a Short Sale was approved.

 

Eventually we received an offer and waited for over 3 months for an answer, with weekly phone calls to the Lender’s Short Sale dept. Finally, I received an answer: This file is not a top priority for the Lender to review. They do not have a time frame for the review process, and the person who gave me this news promptly hung up the phone on me.

 

How can it be that the lenders in this country are punishing those who are trying to be good citizens, do what they’re supposed to do, and “play by the rules”?  In this case, my client was continuing to crunch numbers and make huge sacrifices while they were waiting for an answer.

 

Is this really the time to be trying to teach us all to be bad citizens because this fits the Lender’s Guidelines?   Please tell me what kind of behavior we should expect and accept from these lenders?  They are already more responsible for the problem than is the public.  Do we have to give up our moral principles in order to become a priority file for the lender?

 

Let me know your thoughts.  Why do we bail out those who have caused the problem at the expense of those who play by the rules?  What can be done to fix it?  How do we tell our lawmakers to apply some “common” sense to common problems?  Leave a comment here and let us know.