Complaint Review: Washington Mutual Foreclosed Property Servicing Division - Nationwide
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- Author Confirmed
- Washington Mutual Foreclosed Property Servicing Division Nationwide U.S.A.
- Phone: 866-9268937
- Web:
- Category: Mortgage Companies
Washington Mutual Foreclosed Property Servicing Division Refusal to Sell Foreclosed Property that didn't sell at Trustee Sale Las Vegas Nevada
*Consumer Suggestion: Washington Mutual dumps problems on FannieMae/FreddieMac
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Their Foreclosed property division at 866-926-8937 is servicing a property that didn't sell at Trustee Sale. They were contacted on this specific property on Friday July 11th to obtain the contact person to send a purchase offer to.
The contact was made by a Clark County School Teacher with the School Credit Union already with financing in place.
He was refused the opportunity to submit a purchase offer - instead he was told that he had to wait for an unknown date of a multiple property foreclosure auction and bid.
What? If the whole idea and goal is to sell it, why not sell it? In Nevada, In the state's largest housing crisis ever, with the highest number of monthly foreclosures in the nation, with lenders going bankrupt every week, in this economic crisis, WHY WOULD A LENDER WITH HALF A BRAIN TURN DOWN TURNING RED INK INTO A SALE???
Is the point to show the Federal Reserve more red ink than is necessary? After all, there is no way to tell if this is their pattern - to hold on to losses longer than necessary so they can say they need bailout funds.
It already went to Trustee sale with no takers; now they are talking about some obscure future date for another 'maybe' sale, instead of negotiating with a real live person with financing ready to move on this right now.
WHAT'S THE REAL STORY BEHIND A LENDER HAVING A BUYER WITH FINANCING IN PLACE REFUSING TO NEGOTIATE AN OFFER TO PURCHASE ON A FORECLOSED PROPERTY?
Can anyone out there enlighten me? Is turning away a buyer with financing in place ever a good idea for a lender that has the foreclosed property? He wants it 'as is' - they obviously want to sell it to even consider the expense involved with putting it into an auction - They want to sell, he wants to buy -What is the problem???
Perhaps the Federal Reserve should look into what they turn down while they cry red ink. Who knows how long this nonsense has been going on.
Vc
Las Vegas, Nevada
U.S.A.
This report was posted on Ripoff Report on 07/12/2008 04:48 PM and is a permanent record located here: https://www.ripoffreport.com/reports/washington-mutual-foreclosed-property-servicing-division/nationwide/washington-mutual-foreclosed-property-servicing-division-refusal-to-sell-foreclosed-proper-350562. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Suggestion
Washington Mutual dumps problems on FannieMae/FreddieMac
AUTHOR: Lp - (U.S.A.)
SUBMITTED: Tuesday, July 15, 2008
It may be that the foreclosed mortgage was FannieMae or FreddieMac insured. Washington Mutual gets paid off by Fannie or Freddie the full outstanding balance plus additional interest & fees after the auction. They probably don't even own the property anymore. For some reason, Washington Mutual doesn't like to reveal that.
While we were negotiating with Washington Mutual's loss mitigation, they foreclosed on our home. The house was not purchased at auction so it was recorded as "Purchased by Mortgagee" which would be Washington Mutual. We later found out that FannieMae paid off our mortgage to Washington Mutual the week after the auction and they now owned the property.
This makes perfect business sense especially when you are in the self-inflicted financial trouble Washington Mutual is. It's an easy way to clear some debt quickly---make it FannieMae's problem. No harm done. After all, the government will bail them out.
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