Stuff doesn’t have to happen
Right now I’m bent!
I’ve got this client…nice guy…stockbroker…had fallen on hard times.
He comes on board with Reinstatement Services, Inc. about 2 months ago. Complicated story (house in someone else’s name, large mortgage [$1,000,000 range], decrease in income [monthly payment close to $9K/mo])…but an easy enough fix.
We get to work; except the requested docs are coming in REAL S-L-O-W-like. Financial statement complete…check stubs now dated. Resubmission brings check stubs current…bank statement now stale.
Aaayee!
We get client to agree to submit everything together….Finally!
We review packet, attempt return to client requesting signature…client’s phone is disconnected! Email tied to phone, no way to reach in a timely manner.
So now I’m steaming. No access to client; and as if this weren’t enough, a sale date has been set.
Great?
Soooooooo freakin not!
Two Lessons:
1. A workout packet paints the picture of what is going on in the home. Delayed documentation suggests trouble is still circling. An incomplete file opened with the lender for greater than three weeks as the wait for trailing documentation ensues spells - SLACKER! A homeowner seeking assistance who is serious about securing a remedy will work to bolster lender confidence by presenting in a manner which inspires confidence.
2. Considerations for remedy should be submitted to the lender when the mortgagor is ready to move forward at a moment’s notice with solidifying a forbearance agreement contract.