Ahh to be in the days when Ned Flanders talks about trying to help people out of their foreclosure messes, having time to dig into the why and wherefores..Today has been long as I closed on a perfect sale, clear title on my sellers property, buyers with no contingency and 810+ scores, 20% down..and it still took 4 hours. The appraiser made just a little tiny note that the underwriter questioned..at the last minute..two months after the appraisal. They sure don't like to lend like they used to... The pendulum seems to have turned on the well heeled, my fha people fly through closings as they buy their first homes, with seller paids and tax credits dancing in their dreams..mip up front of course...but I digress.
Closing finished, my 61 year old, injured seller calls. A nof letter has been received. He never knew that after three months of missing payments, he could lose his house. He broke his back at work, never been late in his life. Time for the talk. HAFA assistance offered. right. maybe after they have lost his paperwork 5 times..they will tell him that his disability may be temporary, his wifes part time job needs clarification, and after he turns it in, someone will review it and get back to him in a couple weeks. He cries on the phone. Can I buy his boat? And the banks play on..
I figure I am here, in this position because some fate dictates it. I will take over talking to his bank tomorrow, maybe he can heal a bit with the stress off just a little...and if I cannot slash his price enough for a short sale, leaving him nothing when he walks, it will become an REO..just another statistic. I will watch a proud man move into rent subsidized housing, and thank our ever benevolent society for providing for ...lip service.
I have negotiated short sales. I know I am good at it. What a paradox though, somewhere we separate in our minds the loss mitigation people from the asset managers..one gives to us and one taketh away..Like I said, long day.