Top 5 worst short sale banks of 2009
- Indy Mac- Yikes… who are these people that they hire? Indy Mac will postpone a foreclosure for 2 years, but take it into foreclosure just because they “feel like it”.
- Washington Mutual- Not much improvement since 2006. Will take 12 months to process a short sale.
- Wells Fargo Home Equity- Still does not short sale and will take 6 months to process even though they are on second.
- Chase Home Equity- When in second position they want full deficiency and 54% up front. Who has this kind of money when they are losing their home?
- Bank of America- I know there is a lot of talk about their short sale process and there are many agents not taking these short sales in general. I put them in # 5 because sometimes you get a good person on the file and miracles happen. 85% of the time this is not true. If there is PMI then forget it.
Looking forward to 2010 and it is my hopes that these banks will improve. Remember HSBC in 2008? Now they are the best to work with.
When trouble happens in the short sale world may sellers will blame the listing agent, but there are several factors affecting the short sales of today. Title companies are overloaded and working overtime on all files, so they slip every now and then. If a bank takes forever the seller will sometimes take it out on the agent, but short sales move at their own speed.
The main key for sellers is to be patient with the process. Short sales will take a long time and look out for these 5 banks. They certainly are not making things easy.
Blog by: www.kjhomefinder.com
It will be interesting to see how the newly passed legislation affects the process of these banks.