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What would you do?


ILLMAS

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Backstory:  TP mortgage loan expired last month,  TP was never contacted within reasonable time, finaly somebody contacted TP a week before it expired.

Where I come in:  I have partial tax documents for the client, recieved a voicemail from the banker basically saying it is an emergency and that I need to contact him asap etc....

My dilenma:  Is there a polite way of telling the banker, what is an emergency to my clients is not an emergency to me.

What would you do?

P.S. I already spoke to the TP and mention that from the call, it’s your fault and they are  going to put pressure on you because somebody didnt do their job at the bank and TP agreed.

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Your relationship is with your client, not the banker. The banker should not even be contacting you. It is the client’s responsibility to take care of the client’s mortgage stuff.  The fact that he was not contacted until a week before expiration is utter nonsense. He would have been informed of the timelines before that. The fact that he failed to keep track of that is neither your fault nor the banker’s. So what I would do with the banker is tell him you have no responsibility to him and he should contact your client.

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Chances are the bank will grant a reasonable extension of the loan (60-90 days would be good).  But there are no guarantees, and they probably won't offer it unless the TP puts some pressure on them. The reason is, someone at the bank is going to have to explain the reason for the extension request and their higher-ups aren't likely to take kindly to their subordinates' lack of preparation.  So it's easier for them to put the borrower under pressure, hopefully keeping the bank employees under the radar.

It it's a long-time, profitable, cooperative client, I might suggest a telephone conference call with the banker & client both on the line.  That's the only condition under which I'd speak with the banker. The purpose would be to point out to the banker why an extension/modification of the loan is necessary, and that I've seen other banks do it many times.  It might also be an opportunity to point out that this would be a good time for the client to shop the loan around if their bank won't work with them. If it's a marginal client, I might just tell them when I can have the info ready and suggest that they take the timing up with the banker.

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I don't even know what you mean that a mortgage expired.

How much work is required on your behalf to meet what the banker is asking?

If it's a valuable client, I go out of my way to help them regardless of who's fault it is. Just because the banker screwed up doesn't mean the client isn't any less in harms way and your help would be greatly appreciated. You can send them a bill if it's a significant amount of work on your behalf.

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Probably a balloon payment or an ARM reset on a commercial property or rental property.  Maybe LLMAS will clarify.

I had a very similar situation earlier this year.  Had to take the banker to the mat, but they eventually found a way to accommodate the client. 

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