Bank of America is consistently the worst short sale lender I have dealt with. A lot of people send me e-mails such as the following: "Ben, you need to stop complaining. If you think having to re-open a file is bad, imagine working on a file for 8 months."
Or, another guy e-mails me about Indymac / One West Bank. I tell him the situation is hopeless there. He e-mails me back that why do I even bother with my drive if they won't change. Now, Why did I say the Indymac / One West situation was hopeless?
Because Indymac / Onewest has a sweetheart deal with the FDIC. Does the FDIC like the deal? No. But, One West probably has a strong contract with the FDIC. It's kind of like an FHA file. Even if the investor on an FHA file does a lousy job, FHA still reimburses them against loss. Now, we can get them to do a better job on these files. But, that is an uphill climb.
I do know that if we focus on the more normal loans, we can get things to change. Bank of America, Chase, and several other lenders need to improve their response times. They just won't do it without some prodding. They have the resources available to make the changes. Bank of America, Wells Fargo, JP Morgan Chase, and Citigroup all issued stock to pay off their bailout.
Paying off the bailout cost all of these banks their fourth quarter, 2009 profit. In addition, they diluted their stock by issuing more shares, which as any person knows drives the share price down.
My point is that I think we can get them to improve their short sales. It will just take a lot of pressure and lobbying. So, help me out here.
If everyone thought that nothing could be improved, then we'd still be living by candlelight. But, Edison knew that electricity could provide light and after over 1,000 different experiments he finally made it happen.
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Ben & Chris Curry - The Short Sale Agent's Advocate
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