Loan servicer demands a bribe from home buyer, or they won’t approve buyer's short sale offer

By
Real Estate Broker/Owner with BTRE Big Trees Real Estate 01162206
Modesto CA - We had a short sale recently with a certain loan servicing company. The funny thing was that this loan servicer was hired by the owner of the loan to work on behalf of them. In other words, the loan servicer was to look out for the loan owner's best interest. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Processing and approving a short sale will usually avoid future losses on a mortgage. Boston Consulting Group recently did a study on the difference between a short sale and foreclosure. They found that a short sale dramatically reduces future losses when compared to a foreclosure. Here is a real life example: One lender rejected a 385k short sale offer. The home was foreclosed upon and put up for sale. It sold for $230,000. We estimate the owner of the loan, Fannie Mae, lost $182,000. We have seen this happen over and over again with short sale offers. The loan servicers drag their feet on processing the short sale. The home is later foreclosed upon and sells for substantially less. But, we had never seen a loan servicer work against their customer / client's best interest. Until we saw a short sale approval letter come across our desk. The loan servicer was asking for a $2,500 fee to be paid to them. If it wasn't paid they wouldn't approve the short sale. I was shocked. "Aren't you required to work in your client's best interest?", I asked them. The woman at the loan servicer replied, "Well, we checked it out with our legal department and the said it is ok." I don't really understand what she meant by "ok." This company is not working in their client's behalf. The loan servicer actually has a fiduciary duty to do what is best for the owner of the loan. And putting a roadblock in the way of approving short sales isn't doing what is best for their client. So, what does this mean to you? In my opinion, it gives you a strong basis for a lawsuit against that loan servicing company if your loan modification or short sale isn't approved because you won't pay their fees. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at danseider@gmail.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (209) 743-1061. Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our Modesto Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy. Thanks for reading this, Daniel Seider. Daniel is a Real Estate Daniel Seider at Big Trees Real Estate. Phone: (209) 743-1061. danseider@gmail.com. Climb Higher View My homes for sale at www.bigtreesrealty.com. Daniel Seider specializes in loan modification assistance and short sales in Modesto California. Modesto Loan Modification Help, Modesto Short Sales, Modesto Short Sale Realtor. Short Sale Realtor. Modesto CA Short Sales. Modesto Realtor
Posted by

Daniel Seider

BTRE Big Trees Real Estate

www.CAResortHomes.com

209 743 1061

Comments (2)

Heather Russo
Keller Williams Realty - Kerrville - Kerrville, TX
SRES , REALTOR, Kerrville, Texas Homes for Sale

OK... so which is the copy?

his

Nov 30, 2010 08:03 AM
Mike McCann - Nebraska Farm Land Broker
Mike McCann - Broker, Mach1 Realty Farmland Broker-Auctioneer Serving Rural Nebraska - Kearney, NE
Farm Land For Sale 308-627-3700 or 800-241-3940

While the message is relevant...I am confused that both are loaded to AR with the exact verbiage except contact info.  Confusing to say the least except that the other one hit the system first.

One has to be inaccurate because you are not in the same office...hmmm.

Nov 30, 2010 08:15 AM