An Exception for a Dying Man

I am presently working on a short sale for a seller who is dying from terminal cancer. This short sale seller is trying to get financial affairs in order so his wife is not burdened with more than a broken heart and shattered spirit. After months of negotiation, we are down to the wire. We finally have agreement on terms, conditions and are ready to close between the two short sale lenders. The second lender, CCO through RBS Citizens Bank, says it cannot give a dying man an extra 10 days to close escrow. RBS Citizens Bank says: Merry Christmas and don’t let the casket door hit you.

You might think I am a soft touch who runs around hugging trees and waving the give-my-client-an-exception flag, and you might be partially right, but I am stronger than you might think. As a Sacramento short sale agent, I believe that sometimes rules need to be broken. I don’t always cross the street at the corner — sometimes I jaywalk — but I don’t run through red lights. I am not asking RBS Citizens to do anything against the law, we’re asking to give a dying guy and his family a break and let them close by New Year’s Eve.

The negotiator wants to start over with the short sale. Starting over means a new BPO and all new paperwork. RBS Citizens Bank has been working on this file since July. It took the bank 3 months just to get the first BPO, which was completed in September. The BPO makes no difference in this situation, really, because RBS Citizens Bank is getting the maximum that Fannie Mae will allow. The BPO is just a technicality.

We had this once approved as a Bank of America Cooperative Short Sale, but RBS Citizens Bank fought with us for 5 months. By then, the Cooperative Short Sale had expired. Bank of America refused to renew or extend the Cooperative Short Sale status. That’s why it took us another 2 months to go the traditional route, but we finally got approval from Bank of America . . . and now . . . now RBS Citizens Bank will not give the buyer the extra 10 days the buyer needs to close her loan. RBS says the approval expires on the 20th and they need to start over. By the time they redo the short sale and all of the paperwork, the seller, quite literally, could be dead.

I don’t know about you, but my heart hurts.