Heard several sad and distressing personal stories on NPR this morning about some banks' treatment of homeowners in distress on various lovels of pre-forclsoure, foreclosure, so-called loan modifications, late payments, deaf ears...what's going on? I recently wrote about all the monies that banks had been fined to help rectify some of the situations that they were deemed to have caused; i.e, precipitate or erroneous foreclosures, loan modificataions that cost money and then the payments were HIGHER!! (heard one exact tale like that this morning). I don't want to single out Wells Fargo because they were mentionned amongst others but would comment on US Bank which has had a short sale contract on a listing of mine at almost full price for a YEAR! and is still futzing around and demanding more paperwork from the seller, the harried title company and frustrated realtor which is me. Meanwhile, I have learned that they have set a foreclosure date! What I don't really understand at all is how going to foreclosure makes more money for the bank then a short sale or even a loan modification or some sort of relief for the seller(s). This was maintained by one of the interaviewees on the program - they wouldn't deal with her and then grabbed the house and foreclosed and sold it for next to nothing. Any good stories out there? Any thoughts??
Great information, Your market is not too far away from me. I hope you have a great year!!
Randy
The way that our government has handled the problems with the banks is criminal. They have favored the banks and not the individual.
Yes, Murrell, we will continue to have the "horror stories" about the banks with short sales, loan modificaitons, and foreclosure notices!! There is NO doubt that Wells Fargo has become very bad in this regard!! I will no longer send any new purchases to WF due to how they treat folks during the short sale process! We need to send them a message!!
Thanks Tim - I wasn't even singling out the governmen but they have to be complicit on some level. this whole business is crying out for a grand expose!!
Dan - Thank you for your comment and, of course, for agreing with me!! Who are some of the other big offenders? BOA maybe? And how are they geetting away with it. Is there no oversight whatsoever?
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