Last week we chatted at length about mortgage insurance and working with mortgage insurance companies through the short sale process. In that installment, we spoke about how we were currently in a battle 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 business and emailed him numerous times with the conviction that they are making a terrible choice.
We got an email from the COO that said we would be contacted today. A few hours later we got a phone call from a mid or upper level administrator. It was certainly a higher level employee than i had previously spoken with. Initially he disagreed with me and he sought to fully support his employee’s decision.
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 innocent third party. It is a purchased money loan and a primary home. Moreover, if the home goes to foreclosure, nobody wins. At this point he started digging into the folder. Ultimately, he told us that there was a mistake in the system from an income standpoint.
In conclusion, this is the thing 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 massive compliment. A short time later we had an accepted folder. Determination pays off. Many times you just need to find that one person that understands this process is beneficial to all groups.
Furthermore, you have to bear in mind that we have some other events coming up. October 12th in the Baltimore vicinity is on the agenda and October 14th we will be in Fort Lauderdale, Florida. San Diego and Irvine will be getting our attention in the early 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
