Are The Banks Actually Encouraging Foreclosure for Their Own Financial Benefit?

Reblogger Tiffany Torgan
Real Estate Broker/Owner with Harcourts Prestige Properties of La Jolla DRE# 01276329

I just had to re-blog this because of my hatred of Bank of America campaign! Can we say evil???

Original content by Sharron Kelley

For quite a while we have all been wondering why the banks are not taking the offers that we are bringing in on our short sales and taking so long to make a decision.

Today I can honestly say it is about greed and I now have a perfect example as to what our banking system is doing to all of us.

I have a wonderful townhome listed in Buffalo Grove that is a Short Sale and has been beautifully updated. When I look at the comparable sold properties in this subdivision as of today they are all priced in the low $200,000 range with only one sale in the past 12 months. So the realistic selling price is questionable as are most sales today. We have a very good offer and this is a Real Cash Offer.

The lender on this property is Bank of America.

The truth of the matter is that there is Mortgage Insurance on this property so Bank of America has no motorization to sell it, as guess what, they are going to get paid off Big Bucks. Then they will foreclose and dump the property in the market and reduce the price of everyone’s home that lives in this Buffalo Grove Subdivision.

What is going on today with the banks is sickening and they are getting away with destroying our industry and the values of homes in this country. Did we the American People not bail out AIG? We are sitting by and watching the Banking Institutions of this country determine our home values and they are just running the show.

This needs to stop!

Does anyone have any suggestions?

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Rainer
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Tiffany Torgan
Harcourts Prestige Properties of La Jolla - La Jolla, CA
Featured on HGTV's New Show! How Close Can I Beach

Great post Sharron! The truth is that Bank of America sucks. I have been dealing with them for over a year on a loan modification. I love this post and re-blogged it. The only thing I can think of to do is keep blogging about it and report it to ABC World News tonight who did a piece on exposing the banks on the news. We, the Agents, are seeing this first hand and need to voice what is going on! I'm going to blog about your case and I have one of my own with some of your points. Thanks again!

Apr 06, 2010 06:35 AM #1
Rainmaker
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Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

It is always a business decision.. What ever will make them the most money, or keep them from losing will be the path they take.  Cold, but true.

Apr 06, 2010 06:47 AM #2
Rainer
170,740
Tiffany Torgan
Harcourts Prestige Properties of La Jolla - La Jolla, CA
Featured on HGTV's New Show! How Close Can I Beach

Robert; I know it's business, but it rocks the basic rights of homeownership and needs to be exposed for what it is. So, you are right, Cold but true!

Apr 06, 2010 07:02 AM #3
Rainmaker
777,752
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

That is why you get odd ball answers on what seems like slam dunk SS's PMI tossed into the mix can make it a better deal for the bank to foreclose.

But in reality, banks never really want to own property, and most of the problems are just the luck of the draw with the individual loss mitigation officers.  some are good, and some are bad..

Apr 06, 2010 07:06 AM #4
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Rainer
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Tiffany Torgan

Featured on HGTV's New Show! How Close Can I Beach
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