FORECLOSING DURING NEGOTIATIONS SHOCKING
I blame the real estate agents. Under no circumstance should you lose a short sale or loan modification because of an unknown foreclosure date.
Everytime you do your followup call, even for those listings on Equator, you need to ask if there is a sale date. Ask it even if you were told no on your previous call. You should be in contact with the short sale department 2-3 times a week.
Once you learn about a sale date, then you need to get it extended or removed. If the bank doesn't do it by the morning of the sale date (or one day sooner, depending on sale time and local practices), then you file for bankruptcy and withdrawl. That will buy you more time.
I have had this happen twice to me now and it is something that stings and should not be allowed. In my first encounter, I was aggressively seeking a loan modification (remember those?) and in constant (painful) nearly daily communications with the bank. I waded through them losing documents, being kept on hold and being disconnected often
ALMOST THERE
Finally, we are at the tail end and have followed and obeyed all instructions to the letter and responded in record time too. The subject was so important that we felt it deserves top notch time and attention. That is what responsible, decent and honest people do when at work or play. They attend to their affairs diligently
FAX THIS RIGHT AWAY
The bank tells me it's getting approved and they need faxed immediately one piece of paper. I comply, tell my clients its nearly over and go into a great Friday eve and weekend. Monday morning there is a knock at the door and a guy hands my client a 3 day notice to get out and says the house was sold at auction early that morning.
WHAT CAN YOU DO?
Needless to say we were livid and there is nothing you can do (at that time). The second time this happened, I had the house listed and had several offers all of which can perform within days of acceptance. The bank signaled all was fine and chose to order two more BPO's explaining that the investor wanted to make sure he could not get anymore for the property
AT DISNEYLAND I GET THIS CALL
While waiting for their final approval and of course all this time I am hand holding all the would be buyers hands telling them I will know something any day now, I notice that the property was visited and someone was visibly there more than once. I paid it no attention. One day, I am at Disneyland and I answer my phone...
WHO IS RUNNING THIS PLACE?
Its the REO agent for the property asking me if I am the listing agent. I said yes and he said you have no rights to this property. Turns out that they pulled the foreclosure trigger 2 weeks ago and the negotiator I am talking with did not know and neither did I. I find out neither did the bank supervisor either.. TWO WEEKS?
MONEY LENDERS YES...BUSINESS PEOPLE NO
I have said it many times...BANKS ARE NOT BUSINESSES. At best, they are money lenders. Its not my opinion stating this, but its the results or lack of results that make it very clear their ineptness and irresponsibility bordering on negligence. Currently, B of A and four other large banks were sued and settled for billions for practicing this conduct.
THIS CONDUCT WAS PRACTICED DURING THE VIET NAM WAR
Prisoners of war were often tortured mentally and emotionally with false hope tactics. They were sometimes told they would be released and to gather all their things only to find out it was just a cruel hoax over and over again. No early release and go back to your cells. Ha Ha Ha said their captors...Why would banks imitate that conduct?
Richie Alan Naggar Ran Right Realty Riverside, Ca
Real Estate Broker and author of popular "PEARLS SERIES"...books on LIFE and LOVE
Richie@RanRightRealty.com Richie@Pearlsforthesoul.com
PEOPLE FIRST...THEN BUSINESS
Comments(3)