Are you having a hard time getting a response to your Short Sale offer?

I received the following email from Abigail Jennings last week regarding the problems we are facing with mounting short sales.  She was out of town this past week in regards to this issue and working with the Banking Commission.  She shared with me that the Banking Commission was unaware of how much difficulty we are having in communicating with the banks about short sales.  Please follow the advice below to help get a response to your short sale offer.  Please comment here and let us know if this gets a response for you in a timely manner.  Thank you Abigail for your hard work to this point.
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Dear Lake Norman Area Real Estate Agents,
 
I have good news for you regarding short sales that I am eager for you to try, and please let me know your results.  Thank you so much to those of you who sent me your short sale nightmares.  It is amazing how similar all of our short sale experiences are.  Recently, I had a very good conference call with the Banking Commission regarding the growing problem of short sales and the many issues that we are facing getting our short sale offers accepted (or even responded to!).

It is going to take an actual law to make the banks do what we need for them to do.  My goals with a new law are for 1) the banks to have a timeline to respond by, 2) an automatic acceptance policy if the offer is within a certain percentage of the loan, 3) and an incentive for bank employees to keep loans out of foreclosure.  These goals may be lofty, but we’ve got start somewhere!  While this will be a timely process, I have a new solution to tell you about for those in current need.  Please make sure every agent you know gets this information! 
For a short sale solution within 7 days:
The commission would like for the consumer to file an online complaint if the bank is not responding to your offer in a timely manner.  Please stand over your customer’s shoulder to make sure they do this if you have to!  It is very simple.  They need to check the box under Complaint Type and choose Foreclosure.  Usually the banks get 3 weeks to reply, but if the customer checks Foreclosure, the banks must respond to the Commission within 7 days.  If it is even more urgent, please ask your clients to call the Commission directly.  For those of you currently in short sale limbo waiting for an offer, please have your clients try this today, the waiting may be over soon!  Here’s the link: https://www.nccob.org/online/cts/complaintOnline.aspx
We are very lucky to have a Banking Commission who truly wants to keep homeowners out of foreclosure.  So far this year they have kept 1400 NC homeowners from going into foreclosure and they earnestly want to help us with a solution to the short sale issue too.  Please keep me posted on your results, and I’m going to continue working with the Banking Commission and their legal counsel to see a law implemented to help us all.

Also, please refer to these links if you know of homeowners facing imminent foreclosure:
http://www.ncforeclosurehelp.org/  or http://www.nchfa.com/Homebuyers/HOhomeprotectionpilot.aspx
 
Sincerely yours,
 
Abigail

Abigail Jennings, President
Lake Norman Realty, Inc
20117 West Catawba Avenue
Cornelius, North Carolina 28031
www.LakeNormanRealty.com  
704.892.9673 Phone
704.896.8924 Fax
http://www.linkedin.com/in/abigailjennings