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Pulling Credit to Get a Short Sale Approved?
1 Comment · Posted by admin in Foreclosure, Short Sales
I was reading this blog from Pete Goodman who was discussing yet one more of those things we just have to shake our heads out.
Basically, Bank of America explained to him that they were going to pull the sellers credit to see if they had stopped paying their other creditors before agreeing to a short sale. If they are current on their other bills then they will make them sign a promissary note or come out of pocket with more cash.
Are you kidding me? Have they completley given up on the idea of protecting their shareholders? How does punishing the seller, who already has been thru 3 kinds of death from the stress of losing their house to this point, help them keep their losses down when the seller finally gets fed up with their antics, shuts off the heat and throws in the towell?
It is very hard to have simpathy for these large banks when we see every single day the outright garbage they put middle america thru. I guess they arent thankful that it was middle america that bailed them out when they almost went broke in the first place.
Unreal! Looking forward to the day we get interviewed about this whole thing on CNBC! Oh the stories we have to share huh!
Jason Roberts,CEO
housing market · Realtors · sell my house · sellmyhouse.com · stop foreclosure
Scott Taylor, REALTOR®, P.A. · March 17, 2010 at 11:33 am
Jason, I’m sure looking forward to seeing that interview on CNBC as well! This Bank of America is the worst to deal with with My Orlando short sales. I’m sure it’s the same in every real estate market. They are the least proactive and the least efficient. I have one short sale just approved by them that took over 12 months. Don’t they realize that most buyers aren’t going to wait that long??!!!