What are bank executives doing with your bail out money, TARP?
Besides getting rich, Cherry picking luxury homes for their own enrichment.
This is the most difficult short sale of my career, even worse than the Bank of America short sale in 2008 that took a year for approval. I have never had a bank so insistent on foreclosing on a homeowner. From day one, the home was assigned to a special high balance department who have since been adamant on foreclosing. When speaking to this department, they believed foreclosing is in their best financial interest. Every time I call Chase, no one can override this department. It seems like their is no oversight with this department, or someone within wants this home.
The home is on a busy street, and it is difficult to appraise. Originally Chase wanted $3,400,000 for the home and came down to $2,900,000 in June. Only at the top of the market has a home on this street sold near $2,900,000. When discussing value with Chase's attorney, she said an independent appraisal would clarify the market value. One buyer hired an independent appraisal which came back at $2,500,000, Chase has rejected offers over this price. We have received a new offer of $2,650,000.
The seller has been so scared of a foreclosure. We have sent 5 offers and all have been rejected. Now they are trying to work out cash for keys with her. I've contacted the local Congressman, and they have sent complaints as well.
Chase has denied our homeowner a loan modification and a short sale. Over 300 buyers and agents have seen the home, in addition to thousands of buyers online including Wall Street Journal, LA Times, and Realtor.com. Multiple offers at market value and over have been rejected. Even offers $150,000 over an independent appraisal have been ignored.
And that’s being refused?
Why?
That’s why the banks are still at the center of a failing real estate economy, and therefore at the center of a failing American economy. Still running unchecked, and unmonitored. Immune to the consequences of their behavior because of a bail out with no guidelines.
How many other homeowners all over the country manipulated by this crashing economy, and the greed of the banks are still being tortured by the banks? And are still being blocked by current banking behind the scenes lobbyists? Isn’t that what’s blocking the Consumer Protection Act? The economy continues to get worse one home at a time, one homeowner at a time, one bank at a time getting fat...one consumer at a time starving.
This is outrageous, and Chase’s actions with this home and this owner is a symbol of everything that is wrong with this economy. Starting with the big banks.
How many Republicans and Democrats does it take to change a light bulb? To change a light bulb so somebody can have a new aha! They are paid to see it, and banks along with big business’ are paying them more to ignore it. This home, this owner, Chase bank is Exhibit A in the case against unmonitored big corporate greed. Coming soon to your neighborhood and your family... you’re going to be next if you’re not already.
Call to Action: Let your Congressman, Senator, Mayor, City Council Member, Political Party know how enraged you are about this unchecked crap. And ask them what they are doing to fix it.
Use these talking points when you contact your Representatives:
1. Pass and fund the Consumer Protection Act
2. Get a grip on the big banks, and multi-national corporations so they can no longer financially manipulate elected officials.
3. Tell the President real estate needs to be the center piece of his stimulus package.
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