short sale nightmare with lender. What to do?
Has anyone had a really hard time working with lenders on a short sale. I'm the listing agent for the home that is going into foreclosure. I have an offer from an investor that I have submitted, but the lender is not responsive. I mean I have been faxing them for over a week now with the owners authorization to receive private information regarding the borrower, request for loan information, etc.... I can't even get a call back. When I do finally get someone who has the file, they immediately pass the file along to another person and the process starts all over again. Then I have to fax everything back to this new person because they never received any faxes even though the person before had them and so on and so on. I feel they are wanting the home to go into foreclosure. The last person I got ran her mouth non stop about how she has 300 other files, refused to even look to see if she had the authorization to give me info , then refused to tell me what documents she was lacking and would not even let me say one word and then hung up on me?I could have reached through the phone and choked her. Is there anyway to stop the foreclosure or slow it down? Like if the homeowner filed BK? Or threatened it? I am thinking of complaining to HUD about this issue. Any suggestions would be appreaciated. Any other people have this many problems?
Thanks 
Hello, i am a 20 year agent and I can tell you that banks generally are stupid on this whole area. I recently offered a bank person 120k for a home no realtor fee involved, home was onmkt & vacant 2 years and I know I was the highest offer, because all previous listing agents told me so. Bank said they would get back next day, called 2 days later, they acted like I had plague and said they would not accept my offer, no counter, no thanks for offer, no nothing. 3 weeks later the home was listed for sale with 4th realtor for 119,900. I bought it,got 3600 commission, 1200 favorable tax pro-rations and owners policey. bank lost 10 in 6 weeks because they were asleep, go figure....
Do yourself a favor and dont work with that bank anymore <IMG SRC="images/forum/smilies/icon_biggrin.gif"> [ Edited by tonyd on Date 09/11/2003 ]
Bankruptcy will stall the foreclosure process. Part of a short sale should always include the mention of the owner filing bankruptcy if this sale won't work out. In fact, you could have peopel in the home (or bums on the street) that held a $10 interest file bankruptcy each time the foreclusure got close and stall it for years! In California this is a major industry.
[addsig]