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12 Comments on Poster Child for the Foreclosure Mess: He lost his house without ever having a loan!
It's funny that banks have such intricate, lengthy procedures yet are unable to process short sales in a timely manner. Did you know that Chase has something they call a "Quality Assurance" department they send their files through?
Yet, with all of their procedures, you can never get one human being who knows exactly what is going on and will actually take responsibility for any of the files.
The way the banks handle foreclosures is similar in that no one person is responsible for any one file. Lots of cooks in the kitchen assure that each dish will be disastrous. Way to go MoneyLenders!
Maria,
I think a lot of what we do is rooted in some pretty casual behavior.
And, I really dislike the "Open File" way of handling clients, where the lender assigns no one, but the file is available to any representative who answers the phone. It seems like their only goal is to deny service and get you off the phone.
Hi Mike, this story is amazing. The bank obtaining a foreclose ruling on a house when it is owned free and clear. I guess we all stay tuned to what information is brought to light.
Dale,
I think the upshot is that the story will be used to portray the ineptitude and sloppiness in the whole proceedings when the bank is asking for relaxed notarization standards.
Mike thanks for drawing attention to this and sharing the link with us. It's a truly astounding scandal and I'm not sure if much of the world outside of the US actually heard about this. There is an incredible media lockup about this and I think people have to start talking to each other. Cheers for now, have a great rest of the week. Jark.
Jark,
I talk to a LOT of people who haven't heard any of the news. This one makes their jaws drop and faces turn pale.
Foreclosure on a note that doesn't exist???? That is one of the craziest things I've ever heard!!! BIG banks are not the answer to anything, in my opinion.
Denise,
Agreed.
And minutes ago CNBC announced that Bank of America will be suspending foreclosures in all 50 states.
Mike - I wonder how often this happens and how often it's kept quiet.
Michelle,
I hope not too often...
I heard about this. That is absolutely nuts. Someone has to stop this
Jim,
Agreed.
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