Bank's Driving you Insane!

Is your Bank Driving insane too!

Is your bank driving you crazy too!??  You can’t figure out why you can’t find anyone sane during you conversation about Short Sale?!   Well, you are NOT alone.

During our recent  Short Sale Process on a San Jose home w 2 loans, we were pulling our hair out too!  IndyMac which went under several years ago and it’s assets was acquired by OneWest Bank is the 1st lien holder.   The 2nd Lien holder is Wells Fargo Bank.  Within 11 days of appraisal being completed by Wells Fargo we have an approval from Wells Fargo while IndyMac folks who have received the SAME exact information that Wells Fargo has received has even refused to consider the owner’s Short Sale application!!

BOTH banks got: 

1)  Hardship Letter
2)  Financial Statements
3)  List of Assets and Liability
4)  Pay Stubs for 30 days
5)  Taxes for the past 2 years
6)  Income & Expense Statement
7) Listing Agreement
8)  HUD -1 Settlement Statement
9) Fully Executive Purchase Contract
10) Fully Executed Short Sale Addendum

However, it’s remarkable how these two banks conduct view the SAME borrower’s financial hardship differently.  IndyMac folks are hell bent on destroying the Owner’s credit insisting that they have to MISS at least ONE payments and be late by 60 days before they would review their application for Short Sale!  

We have referred the owner’s to the Consumer Finance Protection Bureau  to see if they can force Indymac folks to come to their senses.   But we are not holding our breath!

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