This was quite the interesting week. Aside from a plethora of approvals from many lenders on our loan modification and short sale transactions, 3 things stood out more than anything this week. Here are my top 3 memories of the week:
Story # 1
We negotiated an awesome loan modification for one of our clients and they began making payments. They had missed several payments, close to 10, before their loan modification was approved and the lender assured us that the foreclosure proceedings had stopped because they approved the mod and the client had started making their payments on time.
But guess what? The lender forgets to tell their attorneys and the property gets foreclosed on and the clients receive a notice to vacate in 3 days or be evicted. They call us in a panic, as anyone would, and we call the lender to find out what happened and they tell us that someone on their end dropped the ball and did not call the attorney to stop the sale. So we tell them that they better do something to rescind the sale or there are going to be legal consequences.
They agree and start calling the new owner/investor and he basically ignores them and ignores them, and ignores them. So finally, I am passed upset, I call the investor myself and let him know that I have a radio show here in Northern California and I wanted to interview him and ask him how he could possibly allow someone to lose their home knowing that it was all due to an error on the lender's part. I told him that I wanted to feature this story on the air because I am sure that our listeners would love to hear their part of the story. Of course, they did not want to talk to me.
Within hours the lender is calling and telling us that miraculously the investors had changed their mind and allowed the lender to take the property bank and turn it over to the original family. THAT.... was cool.
Story # 2
A homeowner calls us and tells us that his property is about 10 days away from a Trustee Sale and wants to know if he has time to sell the home as he does not want a foreclosure on his record. I tell him that we really do not have much time and we need to act fast and we put the property on the market and receive an offer which we presented to the seller and sent to the lender. Unfortunately, the investor needs at least 10 working days to review offers and they decline the offer.
Well, never say never because we call and call and call and speak to different people in different departments and they say no again. But, like I said, never say never; right at crunch time we finally convince the investor to stop the sale and allow the purchase to go on and ALL is well!
Never say never....
Story # 3
A client comes in needing a loan modification on a loan that they have at 11% with a balance of over $200,000. Talk about hitting the jackpot: We negotiate an interest rate of .5%. Not 5%, but .5%, half of one percent. No kidding. Of course, the client is ecstatic and can't believe it. But believe it.
The crazy thing is, we have actually negotiated a modification for 0% before, meaning every penny of the monthly payment was principal.
All this in one wacky week. Of course, there are lot's more success stories for the week, but these 3 really stood out in my book.
But more than anything, I want to acknowledge several people that we key in making this happen:
Aidee Armendariz
Josie De La Rosa
Adrianna Lopez
Ivan Guzman
Of course, there are many other people behind the scenes that were instrumental in accomplishing these and other great tasks for the week. Good job team, these type of success stories could not happen without you and your commitment to making dreams and wishes come true for people.
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