05/06/2020
Hello Everyone! We hope you all are Safe and Happy. We have still been very active and I wanted to take a moment to share with you a lesson in Hope. We started a Refinance for a Veteran towards the end of January. We received the Approval and were about to close when an IRS debt showed up on the updated Preliminary Title Report. We all pretty much assumed that this was no longer a viable loan and justifiably so. I decided to reach out to the IRS Agent assigned to them (who was extremely nice, by the way) and she told me that there is a process in which the IRS will subordinate the debt owed so that the Borrower could successfully refinance. She warned me that it was not a "quick" process but that it was certainly possible.
So we submitted the package for the subordination on February 7th and to EVERYONES surprise, they faxed an Approval for the Subordination to Escrow on March 25th! We had to re-submit the entire Loan (and COVID-19 slowed down the process significantly) but we received the Approval again and yesterday the Borrower signed his Loan Documents for a new interest rate of 2.75%! Lowering the payment nearly $500 a month!
Prior to this, many weren't aware that this was even a possibility but these are the ways that we learn, grow and become a better Service to all that we are fortunate enough to Serve. Many would have given up and moved on (and no one would have faulted them) but when we see a glimmer of Hope, we'll pursue it to the end. Stay safe Everyone and if we can be of Service to you, please feel free to reach out to us at (707) 324-3403 for all of your Real Estate and Mortgage needs.
