Comment

Comment by Addie D Scharff on February 18, 2012 at 2:44pm

In most cases when a short sale offer is sent to a lender, the seller has already been REJECTED FOR A LOAN MODITICATION, so they(lender) should ALREADY have that file flagged for short sale approval in a jiffy! But that is not the case...I know well. Even after the seller has subitted a sea of documentation, which resulted in the mod rejection, they lender requests it yet again. What the freak!?? Excuse my "French"!!

SEVENTY FIVE days!? In 75 days our buyer could be unpacking at their new (other) home they closed on. I know, I've also seen files that take much longer than that for approval, as many of you I'm sure have had.  But that's no excuse.  Files for sellers in (extreme) distress need to have criteria that flags them for approval in 48-72hrs! By this time everyone has had a change to get to know these files intimately...right up to the almighty investor. Let's stop messing around and get things done.

 

Comment by Joseph C. Alfe on February 17, 2012 at 5:29pm

Nice thought, but typical that lawmakers are not addressing the real issue.  lenders don't make decisions, investors and MI does.  If this law doesn't compel them to be held accountable, it will be just as ineffective as HAMP and HAFA, for the same reasons.