I would very much like to know what you guys out there think about a mortgage bank who demand $300 in certified funds before they will review the file and consider a contract for purchase of their borrowers who are unable to make their payments. These borrowers are TRYING to do the right thing and work out their loans. They have hired a Realtor (like me) to sell their home and negotiate with their bank to take a short payoff on their loan and forgive the difference. This is necessary when you owe more for the home than it is worth under current market conditions!! The banks are the ones who invented so-called "short sales" in the first place because it benefits them financially to sell the property rather than to foreclose on and holder the property. IT SAVES THEM MONEY!!!
I work with homeowners every single day more and more than ever to sell their homes this say. I have worked with many, many lenders but INDYMAC BANK is the first one I have ever encountered that DEMANDS payment of $300 or any other amount of money, for that matter, before they will even talk about a short payoff! It is extortion! I can't help but wonder if it is even legal!
When I spoke with the "supervisor" in the loss mitigation department today, she actually said that the borrowers/homeowners are lucky that is all they charge because other lenders charge up to 3 times that amount to accept a short payoff! THAT IS AN ABSOLUTE LIE!! I had to call her on that one and let her know that she has been misinformed and that part of her "script" is simply not true. To my knowledge, INDYMAC BANK is unique in this regard.
Simply put, they are asking people that don't have any money to pay them money before they (INDYMAC BANK) will do the RIGHT THING and work with their borrowers toward a mutually beneficial resolution to a mutually non-beneficial situation.
Does anyone out there know if any other banks are charging this fee? If so, how much? Also, if this is true, can someone please explain this logic to me? The "supervisor" told me that "someone has to pay the cost to them to work on these files." I don't know, but from where I stand, these lenders got themselves in trouble by making these loans and it makes absolutely no sense at all for them to expect that someone else will bail them out! Isn't that some kind of perverted sense of entitlement?
Confused and Dazed in Texas.
Short sale expert