Bank's Driving you Insane!

Is your Bank Driving insane too!

Last week we wrote about the crazy Short Sale by IndyMac bank which was forcing us to lose sleep and hair at the same time in the Part 1 of this Insane Bank Practices on Short Sale.

Well, we have good news to report that after we advised our client to file a complaint with the Consumer Federal Protection Bureau  their file was escalated to an escalation manager who reached out to talk to us.  

The upshot of our conversation with the Escalation Manager was that he will be researching with the Short Sale team to see if they are able to make any exceptions to the process.   In our case this bank was requiring out clients to miss at least 2 payments and damage their credit, before they were willing to consider a Short Sale.

So, this is proof that even the most stubborn of banks can be forced to respond to a consumer request by 

If you recall, BOTH banks received the following documents as part of the Short Sale application on the SAME property located at 2476 Parquet Ct, San Jose, CA 95124.  These documents included:

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

This goes to prove that when your client’s file is in trouble, don’t hesitate to escalate and get help from the State and Federal agencies that can create more visibility to your client’s challenges with the Banks and Mortgage Servicing companies.

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