Why are Banks/Lenders so Uncooperative

Real Estate Agent with Realty World Viking Realty


With all the foreclosures and short sales going on, and all us Realtors trying so hard to help our clients, it amazes me how the banks try so hard to be as uncooperative as possible.  My latest experience in this involved a listing that I had been trying to sell for so long it turned out to be a record in our office!  My client had just lost her job and could no longer pay the mortgage payments.  I rushed to get a buyer so she would not foreclose.  We get into escrow all the inspections and FHA requirements have been passed, the buyers has signed the loan docs.   The seller has signed off the house........We cannot get chase to send the payoff demand to escrow so we can close.   I requested the demand again and again by phone after the title and escrow company had sent in a written demand and got no response.  Every time I called I was on the phone with them for at least 40 mins. and 30 of those mins. I was on hold!  I asked to speak to a supervisor and was told there were none I could talk to.  Over and over I got various customer service reps. who told me they were very sorry it has taken so long and they would fax it to escrow in 24 to 48 hours...to no avail.  Mean while they were calling my client three times a day demanding to be paid, while the whole time I was calling three times a day trying to pay them.    I finally had to find the main number for chase in New York by looking online.   I called and was told by the executive resolution dept. that I would need to talk to the attorney that was assigned to the loan. ( you would think that after I had called 15 to 20 times that someone would have told me I needed to talk to the attorney????? )  Well, I called "customer service" back up asked to be given the name and number of the attorney assigned to the loan and low and behold I was given a name and number.  I called said name and number and was e-mailed the payoff  demand right then.   I don't know, but I would think the banks would be more cooperative when someone is trying to pay them???

Comments (2)

Cari Anderson
Danville, CA

Dawn: what a nightmare experience for you and your client (not to mentinon the buyers!). This is one of the worst I've heard of. I think that what's going on right now is so unprecendented that they just don't know how to handle it. Not that they haven't had ample time to come up with a solution! I'm glad it finally got through. And thank you for letting others know that perhaps asking for an attorney in the mix may help.

Mar 22, 2010 06:06 AM
Chad Suarez
True Real Estate - Longboat Key, FL

That's one of the big reasons we are were we are today. No one wants to do anyone else job, muchless their own.

Mar 22, 2010 06:06 AM