Downtown San Diego Condos: Short Sale Updates. Run from RCS
Thursday, September 2, 2010 at 9:07PM What is happening in today's short sale world? What have we learned working with our San Diego real estate owners?
There is some good news with short sales and some bad news. Let's talk about the good news first. Many lenders have seen it is better for their bottomline to work with a seller and buyer than go through the foreclosure process. These lenders are actually starting to be cooperative. The Bank of America has adopted a computer based short sale process called Equator. You can upload required documentation and see the short-sale process unfold. If you are missing something, the system notifies you. If you need something, the system notifies you. The B of A is making it easier for the consumer to work through the mess they have found themselves in.
Other lenders are not acting in good faith. RCS (Residential Credit Solutions) is one of those lenders as far as we are concerned. We have been working with RCS for a year on a short sale and they have no intention of working with our seller. Our seller is in the military. She has been transferred. She tried to keep up with payments. It finally became too much. We had a short sale buyer. In our opinion, RCS acted in bad faith and our seller lost the buyer. We have been trying to obtain a loan modification for our seller. She really wanted to keep the property. RCS put up so many roadblocks, it became evident they would not work with a modification.
Our client is being deployed out of the country. We tried the Sailor and Serviceman's Relief Act. Our client should have been covered. RCS spent the time and money to have attorneys find a loophole and our client is losing her condo to foreclosure tomorrow. We are depressed about this. She did everything she could to keep her condo. We did everything we could to help her obtain a modification or workout. The short-sale negotiator we used in this case did everything he could to help her. RCS did nothing but hang up the phone and refuse to work in good faith.
We are sad and we are depressed because we know our client is not the only one experiencing this at the hands of RCS. It makes you wonder why? Are they receiving money on the backend from the U.S. Government? What is really going on? We don't know. We will probably never know. All we know is that in our opinion and experience, RCS acted in bad faith and they probably aren't the only lender around doing that. Our hats are off to lenders like the Bank of America, Wacovia and Wells Fargo. They are at least trying to help the consumer.
If you would like some additional information regarding selling your home or condo, visit our Oops It Didn't Sell website. We have a FREE booklet you can download. If you have any short-sale experiences to share, let us know.
