Banks gone Wild

Guns don't kill... Banks Kill

Banksters??

This latest news story that came out goes over some pitfalls that you should be aware of.

Banks Monitoring Sellers Credit for Six Years to Go After them

For Nevada Homeowners who have either done a short sale or walked away and let the home go to foreclosure… some big name banks have openly stated they have no problem coming after them for up to six years by basically monitoring their credit to wait until they get back on their feet…. and then coming after them for the deficiency amount.

Where are our Lawmakers?

I’m currently dealing with CitiMortgage who is attempting to hold one of my Sellers hostage by not approving a short sale they are in second position with. They are holding my sellers hostage demanding a $20,000 payoff for them to release their junior position on a home only worth $100,000. The first mortgage approved the short sale and now everybody is waiting around for Citimortgage and dealing with the games they play.

Bank of America and Countrywide are also very interesting to deal with when it comes to short sales and agents need to have experience with them before even submitting a short sale proposal. On another note… my latest short sale closing with Wells Fargo was absolutely a joy and kudos to Wells Fargo for being SO professional. Banks… take notes… Wells Fargo is one of the best when it comes to short sales. They tell you want they want… you supply it.. they ask a question.. you answer it.. they do what needs to be done so everybody can move on. I’ll be sharing this latest success as soon as I get time.

Ok.. back to Citimortgage and Bank of America / Countrywide…

Notice Anything in Common?

Some of the hardest lenders to deal with when it comes to short sales were recipients of massive amounts of taxpayer dollars to keep their doors open.

Citigroup — $50 Billion in Taxpayer Bailouts

Bank of America – $45 Billion of Taxpayers Money

It’s interesting how some lenders treat Las Vegas home sellers who are trying to do the right thing by doing a short sale and not just walking away. Sellers receive no funds and have to do a ton of work to get a short sale approval… I can understand them going after people who just walk away and let the home go to foreclosure without trying to do something… but going after Sellers who do the right thing and do a short sale?

Paul Francis, CRS
Prudential Americana Group – Realtors®
Las Vegas Real Estate – Summerlin Homes
702.592.3058