I have a file with Partners Credit Union, and this file has been a struggle! From an unrealistic value that has lost us deal after deal that could have brought the lender a higher price in the beginning, to now they have approved the deficiency to be waived, but not until the day of closing and will not include it in the approval letter, but in a separate letter? I haven't had this before! Is this something new? Or just my first file with this?
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Chrissi,
I would document everything in your commuications. That means reiterating the agreement they made verbally back to the negotiator in your email communications. Send copies to the seller/closing agent as well.
I think that this is an important step in all communications with negotiators in any process.
The other issue is that once the seller has a copy of the SS approval and or any letter, emails etc that discuss the deficiency and the fact that the defeciency will be waived at closing.....have them write a letter letting the lender/servicer and closing agent know that the Seller will not complete the closing without the full release of deficiency at closing as agreed. Copy to the closing agent.
This should assure that all the docs are at the closing agent desk at closing.
Great idea!
What does the approval letter say about the debt?
Sadly, I don't have it in hand yet! I was just told today that the approval letter is coming but the deficiency would not be included on the letter...which I didn't understand, negotiator stated it would come on a separate letter stating it would be granted only once at closing...she stated this is per new guidelines.... just was odd...
Most approval letters address the debt in some manner. I would wait to see when you get it. I've never heard of a "separate" letter being issued. I would caution the homeowner on this and maybe have an attorney review if it's not clear.