The Banks Strike AGAIN!
One of my friends has been dealing with an un-named bank for over a year working on a Loan Modification. Suddenly and without warning, this bank discontinued the guys electronic payment system and blocked the web portal, so the hapless family called me wondering what to do. I advised them to mail the cheque directly to the bank.
Guess what was returned........? Yep, all the subsequent payments.......
Two months later they were sued for foreclosure and so they contacted the attorney directly. No response....no response....no response. Six months have gone by.....each month they mail the cheque and each month it is returned.
Multiple emails have been sent to the attorneys office asking for a reinstatement amount.
Last week they received an email from the lender's attorney. The late fees for the payments that were mailed and returned total over one thousand dollars....the attorneys fees are three thousand.......Almost 15K total.
That's right ladies and gentlemen, 4 thousand dollars, just to re-instate the loan.....that they were trying to modify in the first place. Now they are considering just short selling the home and telling the attorney to pound sand. (I think they used more choice language.)
So I ask you, my dear fellow Active Rainers, have you seen this and what happened?
Gary De Pury, SFR
Tampa Short Sale Specialist
Bay Vista Realty