| Author |
Previous Topic | Next Topic |
|
loandude
38 Posts |
 Posted - 07/06/2009 : 06:19:45 AM
|
| Hello everyone, I'm in a bit of a pickle. Last week I was trying to close a short sale with a deadline issued from the bank of 7/3/09. The loan was funded on 7/2/09 but since the funds came in late in the day the deal wasn't able to record. Well, since the banks and county offices were closed on 7/3/09 our approval expired and the title office is requesting a new approval good for todays date (7/5/09). Well, the rep at the bank said the file will need to be submitted all over again for the extension....DANG IT!!!...well, I thought the law states that if a due date falls on a weekend or holiday then you are automatically granted till the next business day. I could be wrong about this but if anyone knows of a law then please let me know. I have until today to close this deal out. Thanks |
|
|
|
virgiltab
184 Posts |
Posted - 07/06/2009 : 06:36:34 AM
|
| Banks weren't closed on the 3rd my friend. |
|
|
homebroker@sbcgl
7370 Posts |
Posted - 07/06/2009 : 06:46:07 AM
|
Some Bank can simply extend the date and give you a new short sale approval, other play this crazy game and force you to resubmit the deal.
Stupid if you ask me, this is why their Loss mitigation departments are so busy and overworked as well as non productive. They work the same deal over and over due to a simple thing like a date change. |
|
|
loandude
38 Posts |
Posted - 07/06/2009 : 06:49:28 AM
|
quote:
Originally posted by virgiltab
Banks weren't closed on the 3rd my friend.
Well, all the county offices in my area where closed and thats why this wasn't recorded. It ***** that we have to suffer because they decided to take a day off. |
|
|
loandude
38 Posts |
Posted - 07/06/2009 : 06:50:39 AM
|
quote:
Originally posted by homebroker@sbcglobal.net
Some Bank can simply extend the date and give you a new short sale approval, other play this crazy game and force you to resubmit the deal.
Stupid if you ask me, this is why their Loss mitigation departments are so busy and overworked as well as non productive. They work the same deal over and over due to a simple thing like a date change.
Yup, it is stupid. The bank rep said this may need to go to Fannie Mae again to approve. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
