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How Important is a good lender?
Article By: by Tracy Realty
Posted: 12/30/2013 Views: 1749  Impressions: 5662
Categories: Financial: Investment




The other day I received a call from a friend of mine I haven't spoken with in some time. Apparently my friend has suffered from the recent Recession and needs to sell his house. He has a close relative that is a Realtor and has been one longer than even I. With this knowledge I was curious as to why he was calling me so I asked him how I could be of service.
My friend went into a story about how he was having to do a "short sale" and was having difficulty with his lender signing off. First of all, a "short sale" is a sale for which the seller is working with their Mortgage holder because they will have to sell the house for less than they owe, so they need the Mortgage Company approval in the process. Without naming names let's just say it is a LARGE Bank. Also I applaud a seller proceeding with a short sale as opposed to throwing them the keys and walking off and I have a hard time understanding why a lender wouldn't bend over backwards for a borrower with the integrity to do the right thing. You see, in a short sale the individual seller takes responsibility for the difference in the sale price and the loan amount. (i.e. owe 100K, sell for 80K, and still owe 20K)
After listening to his story I sadly informed him that my experiences as of late with this Bank did not indicate he would find easy resolution and locate anyone within the organization that could be helpful with him as to what the status of his sale was. Recently I know of one individual who wanted to rework his loan with them that was unsuccessful for 1 1/2 years. I know someone else that tried to refinance due to some life changes, and they gave him the run around for so long that by the time they checked his credit for the 5th time he no longer qualified due to all the inquiries. Finally the only loan I have had a client receive was almost 3 weeks late to close! Let's just say, I wasn't very encouraging.
Now I found myself witnessing one more case of Customer Abuse by this fine organization. The problem was this; he had a willing buyer, a willing seller, and a mortgage company that couldn't keep track of the transaction long enough to complete it. Every time he called he went through the same series of excuses and new series of actions required of him and his agent. Now having been through this process for 6 weeks he was seeking help from me.
Here's what I told him to do. I advised him to phone the Investor Relations person they list on their website and inform him as to why their stock was doing so poorly. In addition, I made the suggestion that he write a letter to each and every board member outlining his dilemma and seeking some help. You see I believe every one of us wants to be helpful and I don't believe that any organization large or small strives to be inept. I'm of the opinion that somehow through our social engineering, self imposed and government imposed quotas in hiring, political correctness, and fear in the workplace, as well as complacency allowed, we are in a state of incompetence. I'm convinced that it's not just this big Bank with issues. The system they set up no longer requires critical thinking or solution oriented workers that can help evaluate the situation and work it through to a solution. Therefore, most times all we get are answers without solutions and unfortunately for my friend he was mired in this system that was taking its toll on him financially and emotionally.
I'm not sure yet how this has turned out for him, but I do know that by calling a board member he received help and direction as well as someone he can go back to for anything else he needs. So you see why I ask the question "How important is a good lender?" What do you think?



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