Determination In Short Sales Helpful To Everybody
Last week we talked at length concerning mortgage insurance and working with mortgage insurance companies during the short sale process. In that episode, we talked about how we were currently in a clash with a mortgage insurance company that is asking the borrower for a giant promissory note. We finally got to the COO of that mortgage insurance company and emailed him multiple times with the confidence that they are making a bad decision.
We got an email from the COO that stated we would be contacted today. A few hours afterward we got a phone call from a mid or upper level administrator. It was certainly a higher level worker than i had previously spoken with. Initially he disagreed with me and he wanted to totally back his employee’s conclusion.
We continued to point out a few things to him. Firstly, the borrower had no choice in obtaining the mortgage insurance. The borrower is a harmless third party. It is a purchased money loan and a primary house. Moreover, if the property goes to foreclosure, nobody wins. At this position he started digging into the folder. Eventually, he told us that there was a blunder in the system from an income standpoint.
Finally, this is the point we want to drive home. He apologized to me and to the home owner and said, “Thank God you were as persistent as you were.” That is a giant compliment. A short time later we had an accepted folder. Perseverance pays off. Many times you merely need to locate that one person that knows this process is valuable to all groups.
Also, you need to bear in mind that we have some other events coming up. October 12th in the Baltimore region is on the calendar and October 14th we will be in Fort Lauderdale, Florida. San Diego and Irvine will be getting our attention in the first part of November. Join us at one of those Crush It courses.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
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