It’s not secret that banks are now the most powerful institutions in US with strongest lobby in Congress and least regard on how they are viewed on the Main Street. So, it’s no wonder the process they have set up to deal with distressed home owner reflects such a care free attitude cause they realize most of us are powerless to influence how the banks behave a long as they have the Congress and White House in their back pockets.
Take the process of submitting documents for a Short Sale. The expect ALL these documents to be FAXED to them! Yes, you heard this right, some banks including IndyMac refusing to provide Short Sale Brokers/Agents an EMAIL address where documents can be easily emailed to them.
Let’s explore why a thriving business would NOT provide you an email address when they are dealing with large volume of information. We learn that the hard way why.
When you fax a document, the banks can easily claim that they have NOT received the fax, even though you can provide confirmation of the pages. But how are you going to SHOW them the confirmation pages, short of faxing it to them.
That’s why it took us more than ONE week just to fax information to them. As if that was NOT bad, one moron at IndyMac was insisting that we have to NOTARIZE one of their forms that required at least 6 signatures:
1) Buyers, 2) Sellers, 3) Buyer Agents , 4) Seller Agents, 5) Escrow/Title Agent , 6) Officers of the Corporation (if buyers are a corporation)
What was moronic was the fact that the pages did NOT require notary and there was NOT place for the signatures to be notarized. This was a clear case of BULLYING if I had ever seen one cause I could not convince the moron on the other side the PHONE that their OWN form does NOT call for notary but she insisted that they have instituted a process and she was not sure why the form did NOT reflect such a process.
For these reasons alone, we advised the client to file a complaints with the Consumer Finance Protection Bureau. But remember if you find yourself in a conversation with a Banker on Short Sale be prepared since that conversation will be void of Rational, Reason and Common Sense.