Royal Banks and Serf Clients

I had a question from a client: “Why is it that nobody hears me?”

Working on Short Sales can give you some frustrating moments when I, as an Agent, do not understand where fairness enters into the picture.

I had a Short Sale in process with a foreign bank that seems to believe themselves part of the royalty — maybe that is due to their country of origin.  I had submitted an offer back in October 2009, and my client patiently provided all of the extra documents that the loss mitigation department requested for three months.

The foreclosure date was set for 02/02/2010. I have called this department every other day for the past several weeks and every time they needed an extra document to be able to review the file. One day before the foreclosure date, I called back again and the gentleman who answered the phone was not in the mood to help me at all. He stated that because the offer was so low (they have had this offer for three months), he did not believe that they can make an extension of the foreclosure date in order to review the file.

I did not understand why they did not counter the offer, or tell me this three months earlier so that I might be able to negotiate a better offer with the buyer. The bank representative asked me about the listing and the listing price.  I explained that this house had been on the market for over six months, with regular periodic price reductions, and this was the only offer I was able to get. He interrupted me and told me that he was going to send an e-mail to the investor (which happened to be Freddie Mac), but that he did not see a reason to extend the foreclosure process.

My level of frustration steadily increased as he refused to allow me to speak. He told me that if I didn’t have anything more to offer there was nothing more to discuss, and hung up the phone.

I called again, and this time a woman answered who review the notes and told me that I had just talked with this person — so why was I calling again? She stated that the file was incomplete, and that there is no way that they were going to accept to extend the foreclosure with an incomplete file. I asked her why this gentleman did not tell me about the file being incomplete when I called in the first place, and asked her to review the file since I had sent all requested documents more than one time. She asked me to hold and transferred me back to the original “gentleman” who denied that he had hung up on me. Now, because his ego was hurt, he tells me that he has decided the investor is not going to extend the foreclosure process and that was it.  I asked to speak to his supervisor, and he transferred me to his voicemail.

Persistent me, I called back two hours later. The person who answered the phone transferred my phone call to the supervisor, who said that he had been trying to call me but nobody answered. When I explained my frustration, he closed the communication and told me that the file was closed and the house was going to foreclosure. I told him about my previous conversation with the negotiator (he was aware of it), and told me that the investor did not accept an extension to the foreclosure and that was the end of it.

Upon discussing it with my client, they did not understand why some people in short sale departments believe they have the power to play with the public’s financial future just because I, as my clients agent, was asking for an answer and trying to keep the process moving for my client. This supervisor and negotiator each get a check every week or 15 days and it doesn’t matter to them if they’re doing their job well or not. Their company is not the owner of the loan, it’s Freddie Mac. How sweet? And it’s my client who is suffering the consequences.

Why do these people believe that one must treat them as royalty in order for them to do the job that they are being paid to do? The only ones who suffer the consequences are my client who has done everything possible to try to follow their guidelines, and myself wasting all the months of work to get to this point.

When will these banks begin to treat our clients (theirs and mine) as human beings that feel and eat and breathe the same air as they do and that we are all citizens of the same country?

My client was asking me if there existed some document explaining that Freddie Mac was not interested in their short sale. Unfortunately my response was no.

Where is there an entity, Hotline, government site, anything where borrowers can complain of the treatment that they receive, or we real estate agents receive as we try to help them through this recession?

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