I thought I’d seen it all. Everything that could go wrong with a short sale has gone wrong. Silly me. Of course I should have known better, I’ve been doing these things for years. Some have simply imploded but a fair amount have closed. Most were a literal nightmare, (I hate that word “literally” but in this case it’s painfully accurate) some lasted months, others were speedier but ridiculously complex. All were baffling and unpredictable. None have been easy. Not one. I don’t love navigating the short sales process but I have to admit, they are very, very satisfying when all is said and done.

“We lost the paperwork”… probably the most common theme. Time and time again I listened to this from banks and asset managers. I can’t even imagine the enormity of the black hole that all this paperwork has disappeared into. What’s gonna happen when somebody finds it all?

This time the original bank (the mortgage holder) sold the loan. Just to be clear, a new bank, a completely different bank now owns the loan. The original bank _______________ (one of the biggies. You can fill in the blank but their initials are Bank of America) never removed their name from the title. Excuse me, but If I sold something, let’s say a car, and didn’t remove my name from the title wouldn’t I be liable for fraud?

It’s been months. The seller, the title company, the agent, have all contacted the bank asking them to remove their name from a title that they have no stake in. There is no predicting how or when this one will end.

I wish I could say that now I truly have seen it all but I know that’s not accurate. The next short sale will be the same old baffling and unpredictable ordeal as all the others and I will again be preaching to my seller or to my buyer the most factual of Yogi-isms, “It ain’t over til it’s over”.