ING has a hard time understanding loss mitigation. In a conversation the other day, Fred and the negotiator at ING disagreed on the BPO value of a home. Basically, ING wants to use comps from six to nine months ago that put the value of this particular home at $85,000. However, there have been six sold comps between November and January that sold for between $68,000 and $75,000. Some of those comps had pools or features that are nicer than the subject property. The ING negotiator still claims that our $72,500 offer is $13,000 too low.
Fred's composure in this situation was impressive. Despite our friends at ING claiming that they want to mitigate loss, their actions don't follow their words. The leadership at ING is not empowering their employees to create solutions.
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