Short Sales from the Bank’s Point-of-View
August 29, 2009 by Kristin LaVanway · Leave a Comment
I recently attended a short sale round table where a loss mitigation manager from a local bank discussed his views on short sales. It was interesting to hear from the bank’s point of view.
What I found very interesting was the LM manager’s attitude. Although he is empathetic to those who have a true hardship, his primary focus is on protecting the bank’s assets. If he can help the customers in the process, he is happy to do it. But in the end, they chose to borrow that money and they agreed to pay it back. And he wants as much of it back as he can get.
For those who are trying to use the current economic conditions for their own personal gain, he has no patience, sympathy or restraint. He will do whatever it takes to get the bank’s money back. If you try a Buy-and-Bail, he will find out. If you trying to buy back your own house in a short sale by working with a family member or friend, he will find out. These are fraudulent activities so you have no protection and he will use any means necessary to get the money back.
All in all, a good meeting. Check out the video for more details.
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I am a Realtor in Gilbert, AZ, working with clients throughout the Phoenix Metro area. I am lucky to love what I do and appreciate the difference I can make in people's lives.
In a previous life, I was a rocket scientist - really! - but decided to step away from corporate America to be a Mom to my four boys. Found it hard to do bake sales, so I ran a small independent programming business instead.
Flash forward...I am now a single mom and I face many, many challenges everyday. I am living through the hardships that many are facing in this economy. These experiences have motivated me to help other people in my shoes.
I have teamed up with Dean Ouellette to form the East Valley Team - the best darn team in the Valley. Check out our site at http://www.EastValleyTeam.com. I spend way too much time on YouTube - check ou tmy channel at http://www.youtube.com/klavanway
