What a day today was, I attended a client meeting with a Bank (Wells Fargo / Wachovia ) who sent out a Short Sale Manager to explain the process to one of my clients who did not qualify for a loan mod. It was polite, friendly, no hard feelings, just and explanation of what the process would be like. I think there were five financial questions that were asked and answered. A review of property condition was made and their was a brief discussion about the general price range. FUNNY the bank agreed with my approximate estimate of value, on the listing agreement, I presented. I was not trying to cheap sell the home, NO FUNNY BUSINESS.
With that done, I rushed to Mission Valley to a National Association of Hispanic Real Estate Professionals “Lunch and Learn” with Bank of America. One of the Vice Presidents of Loss Mitigation spoke to the group and answered some questions. (I asked no questions.) It seemed ironic that he would speak about values, knowing I had numerous valuation problems with the B of A system. I am going to post in video format what he said.
Note that he speaks of the condition of the property, and knowledge of it. Frankly, if Bank of America would send out someone to review the condition and meet with the borrower like Wells Fargo / Wachovia and not again beat the client to death with more and more paperwork requests maybe they would close more deals. But even when invited they will not send out a representative nor will they release reports made by appraisers or agents. Got to keep that stuff TOP SECRET…
I have a Bank of America Transaction where I have the appraisal (they gave me by mistake) that says the market value after 30 days is $340.000.00 but they will not take that price. And HERE IS THE SHOCKER.. They meaning the BANK OF AMERICA “portfolio” is the owner. The MERS numbers match on the Trust Deed and Registration System, they are the Servicer and Investor. And if they are not the owner they are playing lose and easy with accounting, and portfolio inventory, something our regulators should be looking at. OH….. Lets add some insult to injury this is a HAFA Transaction where we the taxpayers are paying $3000.00 to the Bank who refuses to market their property at their own appraised value. Will Treasury like this? I bet not! Is there a motive not to book this loss?
Now given that, you would think Bank of America would want to reach out to me and take a look. But no one listens. I have shared this with the CEO and what is supposed to be the number 3 guy at the bank and nothing. I shared it with this Vice President today and still silence. Every day of silence just makes this worse for them and they don’t seem to care. When this property hits market and it is discovered we as taxpayers paid them $3000.00 in HAFA money to do this, there should be all “infierno” to pay.
So when someone asks me what the name of my favorite Bank is and I don’t include their name, well it should be understandable. Maybe there is just a failure to communicate. Maybe I will still get a call and feel differently, who knows maybe they will want to reward me for showing them a hole in their system. But then maybe they are acting like the Wall Street group the Senate just took to task. Maybe we need to fully trust these guys…. NOT! Banking practice is a Community issue and regulated, open policy on this is vital to our Country’s interest and part of our history.
This Vice President also a mentioned of fiduciary duty to investors. Tell me Bank of America, if you don’t respond for 90 days on a short sale loaded up in Equator and its and GSE loan do you meet the duty to the investor and redeem them for your inability to do your job, or is your fiduciary duty only limited to taking properties back as a foreclosure agent? Because if you want to just get a hold of Freddie Mac and write them a check for the file you ignored, I got a loan number for you, and a string of E mails to prove it. Freddie Mac owes the taxpayer lots of money, do you want to do what is right or is this about PROFIT?
I could go on an on but let’s see if I get a call before I go to a full video presentation for my clients and the community. Just like you, Bank of America, I have a fiduciary duty to clients. And I love my community and the Tax Base just enough to get real vocal on this. Bank of America you are of course welcome to respond right here, just give me the text or video you want to contribute.
CALL ME George Kenner, Broker Associate Keller Williams Realty
619-723-5714 – firstname.lastname@example.org
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Good night Mrs. Kalabash where ever you are.