I'm working a short sale with IndyMac, and have been since August.  They complained numerous times about the contract being unreadable, so we mailed it in via snail mail.  My assistant has been going back and forth with them repeatedly now that they have the contract, so I finally called them.  They are claiming that the contract is out-of-date because the DATE OF THE CONTRACT is August 8, 2011.  The settlement date is listed as 30 days or less after short sale approval so we can avoid signing numerous amendments.  They told us that we can't move forward until they get an updated contract.  I asked them who reviewed the contract and made this decision.  They said it is the fax center in INDIA!!!  Has anyone else had to deal with nonsense like this?  If so, what did you do to resolve it?  The contract is valid in New Jersey and they only thing I can do is have the buyer and seller sign an amendment changing the contract date.  I'm worried that they don't have the brain power to figure that out.  I'm SO frustrated!!!

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As Nike says, "Just do it". You will waste more time and energy fighting them for what is right than just giving them the amendment they want. Every lender has certain characteristics; Ocwen's primary characteristic is that they will go over the contract with a fine-comb and make you initial dumb parts and sign dumb amendments. Don't think, just "do it", (as long as legal, of course). Once you get past the document gatekeepers you get to deal with the negotiators who in my experience are not that bad. 

Yep. Just do it. Call the buyers agent, get the parties together and get 'er done. Time is precious, don't waste it. And don't waste your energy on this. Its a short sale, and you could have real battles on your hands later. This isn't a real battle. My short sale with Indy Mac went super smooth once past the first bumps--they wanted more than list, buyer came up with the money, and then we were able to extend COE easily, extend trustee sale date easily, closed easy. This oddity isn't worth a battle, just do it.

Yes - they really are this dense.  I have to share a funny story.  Right now I'm in a short sale with IndyMac as the first and Greentree as the second.  Given the absolute horror stories I've heard about Greentree, we decided that other than faxing in the contract and financial package we would not contact them until we had Indymac well on its way.

WELL! Indymac gets our offer and package and says "The Investor (One West) won't consider the package until the borrower is 30 days delinquent!" Our seller had been trying to do the "right" thing and stay current on the loan.  Now we have to wait 60 days just to get Indymac to LOOK at what we submitted! At that point, the contract will be really "Old".

To make matters worse, Greentree contacted us and requested an estimated HUD.  OK, fine, we gave the HUD. Still not going to try to really talk to them until Indymac is moving.  So what happens??? We get a FREAKING APPROVAL LETTER from Greentree!! A really REASONABLE one at that! WTF??? BUT - they want us to close by January 20th, 2012 - which is ALSO a REASONABLE time frame! Except that Indymac won't talk to us until January 1st!

I feel like I'm in the Twilight Zone!

lol Sharona! Well, you could have it worse, I suppose. Try to go above the first point of contact at IndyMac and see what you can get done. Hard to do,  in my experience, but maybe you have better resources. Or, if Greentree gave the approval, then maybe getting the extensions will be easier too? Funny story.

Many investors require owners to be 30-days late before starting a short sale and it is an absolute requirement with IndyMac. 

Yes they are that dense.  Our company attorneys advised against changing the date when the contract was drafted and they want the date that the buyer and seller executed changed.  Now when I call back they hang up on me.  Helping the homeowner?  Not OneWest!

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