Press Release Summary: \"Say No To The Bank\" is a company devoted to educating Homeowners and Realtors through the foreclosure and Short Sale process. In our day to day negotiations with banks and conversations with the homeowners we encounter many stories and experiences that merit a sounding board for all to review.
Press Release Body: Elsa & her Husband Efrain were happy to get an offer on their investment property, they were getting nervous since the foreclosure was scheduled just a couple of weeks away. After waiting for eight (8) weeks they finally got the short sale approved with Chase Home Loans. The offer was for $195,000 with a net to the bank of $168,301 and closing to be within two (2) weeks.
The buyer was excited to finally get the process going and get a mortgage. Since there was no guarantee that the short sale would be approved, the buyer was waiting on the approval before ordering the appraisal, which was required by the lender.
After submitting the appraisal to the lender, the buyer was informed that it would be about (ten) 10 days for a clear to close. The only challenge was that the foreclosure date was just a few days before the closing.
After pleading our case to the negotiator and the Attorney for Chase and requesting just a few more days to close on this property, we were turned down. Our calls to supervisors and higher ups went unanswered and the property went up for sale on September 26, 2007 .Ultimately the bank took back the property after no bids were made.
As of today the home is listed for $177,000 with $1,500 incentive to the selling agent, $5,000 to buyer towards closing cost and a $5,500 credit to the buyer for repairs. Add another $10,620 for the Realtors commission, $1,239 for doc stamps and $3,667.00 in taxes. This would make the net to the bank $149,974 which is $18,327 less than what they would have netted with the Short Sale, not to mention the cost to foreclose on the property. Now Chase, I ask you: Do your investors know how logical and fair this offer was? After all a non performing asset on the books really is an ass in the way.
Mia Lutz & Luz De La Cruz of Say No To The Bank, are devoted to educating Homeowners and Realtors through the foreclosure and Short Sale process. They are aggressive negotiators seeking to assist Homeowners with avoiding foreclosure. They can be reached at 866-55-Say-No 561-447-0013 You can read more of their stories on their blog at www.lenderhallofshame.blogspot.com
Web Site: http://www.lenderhallofshame.blogspot.com
Contact Details: Say No To The Bank 131 NE !st Avenue, Suite #101 Boca Raton, FL 22323 866-55-Say-No 561-447-0013
2025
