Rose Wilkins…, Real Estate Pro in Edmond, OK

How many of your "attempted" short sales are turning into counter lawsuits AGAINST the banks who are trying to foreclose?

Asked by Rose Wilkinson, Edmond, OK Sat Mar 24, 2012

Have you had experience in dealing with a bank that was so stubborn and unruly to deal with that your clients have been forced to consider pursuing a counter lawsuit?

Help the community by answering this question:

Answers

2
In our neck of woods the clients hire an attorney to handle a foreclosure law suit, and they pay $400 per month "maintenance fee" for several years - 2.5 to 3 years is not uncommon, without paying a mortgage. When they get closer to the point of foreclosure, only then they either do a loan modification or a short sale, and rarely Deed in Lieu. We even have a phenomenon now - so many people go shopping that the economy is doing much better (shopping with money freed from the mortgage payment that is)...

There are great ways of handling bad banks.
If the negotiator is not doing his job to get him/her replaced.
If the negotiator is decent, but slow, to escalate.
If the escalation does not work, go to the next management level.
If there are too many managemenet levels and they are not effective, go to the president and ceo of the company.
If that does not work, involve the media and FTC etc...

In the end, the short sale will close successfully.

I had only 2 bad short sales so far, and I've done many many shortsales.
In both cases it was not the banks, but the seller or the buyer issues.

Banks can be conquered!

Irina Karan 305-904-2355
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Apr 5, 2012
Banks only have their own interests in mind. Most of the time a homeowner's only contact is with the loss mid department that works under the mortgage servicing company. Keep in mind that the homeowner is asking the bank to consider modifying their legally binding contract every time he/she requests a short sale. Short sales are highly complex situations that only work when investors, servicers, buyers and mortgage insurance companies come to an agreement.

We may never know what really happens internally within a bank during a short sale. With that being said, if you feel that the bank has wronged you in some way, I highly suggest seeking an experienced Real Estate attorney in your area. I wish you the best of luck. Stay positive and positive things will happen.
0 votes Thank Flag Link Wed Apr 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer