They always say not to speak out in anger. My horoscope today said whatever happens, let it go. Well, too bad. Here goes...
The short sale business is a tough one. Lately there have been lender changes that have made it even tougher. For starters, the lenders/negotiators on the bank side have decided that the truth is optional. While this is no surprise to anyone in the business, it should not be allowed. When a family's financial destiny is on the line, the truth is mandatory. However, the lenders are now in full blown, lying, bait and switch mode.
What can we do about it? Well we can't control their actions from this side. However, we can manage expectations from our side. With that said, here is my Short Sale WARNING:
Lenders are out to get the most money they can. They don't care about the homeowners, buyers, agents, investors or anyone but themselves.
Lenders are not bound by honor or honesty. They will change the rules on you right after they make a commitment. That you can count on. While their actions are truly fraudulent and criminal, there is nobody to police them. Our government has failed us.
Lenders are owned by stockholders. The policymakers and decision makers at the lenders don't have a pot to pee in - yet they have the power to wreak havoc on the financial lives of millions of people. The owners of the lenders, the stockholders, are just along for the ride and ultimately will suffer the losses these idiot lenders have brought upon themselves.
So, in closing, if you are doing a short sale, this is what to expect. The commitments and guarantees of the lenders are worthless. All we can do is see it through to the end. Be prepared for anything. You have been warned...
Rich
No comments:
Post a Comment