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It's Time to Present the First Ever GRIDLOCK award to....SUNTRUST MORTGAGE!!

By
Real Estate Agent with RE/MAX Crossroads

It's funny how the more things change, the more they stay the same, isn't it?  And, of course, it's infuriating!  Four months ago I met a wonderful couple needing to sell their home as a short sale.  I listened as they related the nightmare they'd been through with their lender, SunTrust Mortgage.  Having learned that many homeowners color themselves as victims when they may not quite fit the description, I chose to adopt a "wait and see" attitude as I'd not yet had the pleasure of dealing with this company.

Ah, let the games begin.  My first indication of how special an institution they are, came when they told me, afgter having sent the complete package repeatedly, that I was missing the "arms length affidavit."  I explained that we were shorting an FHA loan, did not need to have an offer in order to initiate the process, and thus could not fill out the affidavits.  Repeated phone calls, stating the same thing fell on the same deaf ears: in fact, when I sometimes wanted to pretend I was actually being listened to, I would first practice my speech on the living room wall.

When I finally involved an officer from HUD, I received an immediate call from the negotiator: she explained that everything was in order, and had been it seems for two months, however, she was waiting for the homeowner to fill in a box on the questionnaire for their monthly grocery expenditure.  Seriously!?  Okay, breathe... $800.00...immediately returned by fax....and...that was answered with a letter to the homeowner stating "We can't proceed without an offer!"

I have spoken to countless reps and each has been more arrogant than the last.  I was actually told not to quote government guidelines because THEY do NOT have to follow government guidelines...."Just like that new Obama bill---it's up to us," I was cheerily told. 

Absolutely not!  If you want to write FHA loans you MUST follow HUD guidelines...it's not a choice.  And in my opinion, it's the one aspect of life where the government actually seems to have a better handle on things than the private sector.  But, that's another blog....

Thus, SunTrust Mortgage..

you are the proud recipients of my first ever GRIDLOCK award,

henceforth affectionately referred to as "The Griddies" !  I trust that I put more time into thinking up an appropriate name for the award than you have in providing anything resembling customer service.

 

Show All Comments Sort:
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Rosemary,

Sounds like a typical Suntrust short sale.

I'm working on a Suntrust short sale. They sent 3 different appraisers out which probably cost them close to a thousand bucks total. They lost the second appraisal so they sent the third. The house was shown by about 15 different agents, the highest offer in the $120's. Suntrust countered in the $140's which they'll never get. It will take them 6 months to foreclose, then they'll be forced to sell it as an REO in the $120's or less.

Aug 13, 2010 01:34 PM
Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

Rosemary ... I have a list for your second award ... the "hopes springs eternal" in me wants to say that experience will help all the lenders get better .... but the realist in me say "why?"  Unfortunately, the REO cycle taught many lenders that they could be rude, insensitive and dogmatic.  They have just transferred those characteristics to another department in their asset control.  Frustration! - but again, we are our clients only real chance, when we give up .....  Thanks for sharing.

Aug 13, 2010 01:47 PM
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

The bigger the organization, the slower they move.  Banks are pretty big...

Aug 16, 2010 03:58 PM
David M. Childress
Howard Hanna Real Estate Services - Akron, OH
I would love to be your Realtor® in Akron Ohio!

Just had my first experience with SunBust, lost the paper work 4 times, sent 3 appraisers and turned us down for a low offer even though 2 of the appraisals were in our range.

Aug 27, 2010 11:32 AM
Thomas McCombs
Century 21 HomeStar - Akron, OH

I've often wondered how (or if) these reps or negotiators or whatever they call themselves, are evaluated for job performance.  It seems that they can just close a file, ignore it, or demand more documents forever and no one calls them on it.

But maybe I just don't understand . . .

Mar 10, 2011 01:53 PM