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Amtrust Doesn't Quite Understand This Business

By
Real Estate Agent with Group 4610 Network

We've got a great short sale story for you today. One specific bank, which used to operate as Amtrust, is now called My New York Community Bank. The stopped making money and bankruptcy or reorganization or something brought them to a halt. However, the mindset of losing money still prevails at Amtrust.

The VP of the bank was part of a short sale committee that turned down our short sale. She kept on going back to the arguement that the homeowners could pay if they wanted to. Amtrust actually has a committee of people that discuss short sale files that need to be reviewed for loss mitigation issues.

We fought very hard for the homeowner, his home went to foreclosure today. The bank continues to point out that if the buyer didn't take on other debt, he could have afforded the home. NO KIDDING! The bank executives are ABSOLUTELY BRILLIANT! No matter what we talked about, the value, the extra loss that they were incurring, it didn't matter. The only thing they cared about was the fact that he could have paid if he didn't take on other debts.

And, Amtrust could have kept their doors open if they made smarter decisions. We actually had to define the word mitigation for these people. You can bet that we will let them know how much money they lost by taking this home to foreclosure.

The fact of the matter is, you will have some foreclosure. Sometimes there are stupid bank employees that make bonehead decisions. You have to continue fighting despite the elevated level of stupidity.

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Comments (1)

Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Didn't you know is Christmas time and the Scrooges are all around us. . 

Dec 19, 2010 11:39 PM