Short Sale Expert
Plano,#2Author of original report
Mon, November 12, 2007
Why shouldn't they do it for free? They (IndyMac) are going to be able to minimize their loss on the loan by discounting the payoff vs. having the costs and expenses related to a foreclosure? How about the fact that NO OTHER LENDER charges their CUSTOMERS to work with them toward and equitable and mutually beneficial solution to a bad situation? THEY (the lenders) are the ones who invented the workout/short payoff in order to minimize their losses. Also, I believe that the subprime lenders are largely culpable for the crisis in the mortgage lending industry that is going on today resulting in a loss of property value for all homeowners. Why would they want to do even more damage to their reputations by kicking the proverbial dog while it is down? Yeah, that will improve the public's opinion and bring TONS of new borrowers. When you consider the average 20% discount most of the lenders are having to take on their payoffs because of the lowered property values which are a direct result of their predatory lending practices, $300 just seems like another way of sticking it to their customers. Did you know that FHA borrowers are offered a $1000 INCENTIVE to close on a bank-approved short sale rather than walk away and allow foreclosure? Yep, they want to motivate their borrowers to help mitigate their (the bank's) losses. Still Dazed and Confused in Texas
Steve
Corona,#3Consumer Suggestion
Mon, November 12, 2007
The seller is in default of the mortgage. Not IndyMac. I don't work for/with IndyMac, but I am in the mortgage business and familiar with short sales and the associated financing of these deals. Consider that many lenders all ready have way too many loans currently in default and projected to default in the next 24 months. Indymac, and really any other bank with REO properties is going to scrutinize every short sale, or new loan. These short sales and foreclosure bailouts are frequently full of ownership fraud, loan fraud, straw man purchases, and non-arms length transactions. The bank is protecting itself and its shareholders from financial loss AND ..... taking appropriate action with their policies to ensure that they will have money to give those homeowners who are reasonable credit risks. Like Me. Thank you IndyMac.
Steve
Corona,#4Consumer Suggestion
Mon, November 12, 2007
The seller is in default of the mortgage. Not IndyMac. I don't work for/with IndyMac, but I am in the mortgage business and familiar with short sales and the associated financing of these deals. Consider that many lenders all ready have way too many loans currently in default and projected to default in the next 24 months. Indymac, and really any other bank with REO properties is going to scrutinize every short sale, or new loan. These short sales and foreclosure bailouts are frequently full of ownership fraud, loan fraud, straw man purchases, and non-arms length transactions. The bank is protecting itself and its shareholders from financial loss AND ..... taking appropriate action with their policies to ensure that they will have money to give those homeowners who are reasonable credit risks. Like Me. Thank you IndyMac.
Steve
Corona,#5Consumer Suggestion
Mon, November 12, 2007
The seller is in default of the mortgage. Not IndyMac. I don't work for/with IndyMac, but I am in the mortgage business and familiar with short sales and the associated financing of these deals. Consider that many lenders all ready have way too many loans currently in default and projected to default in the next 24 months. Indymac, and really any other bank with REO properties is going to scrutinize every short sale, or new loan. These short sales and foreclosure bailouts are frequently full of ownership fraud, loan fraud, straw man purchases, and non-arms length transactions. The bank is protecting itself and its shareholders from financial loss AND ..... taking appropriate action with their policies to ensure that they will have money to give those homeowners who are reasonable credit risks. Like Me. Thank you IndyMac.
Steve
Corona,#6Consumer Suggestion
Mon, November 12, 2007
The seller is in default of the mortgage. Not IndyMac. I don't work for/with IndyMac, but I am in the mortgage business and familiar with short sales and the associated financing of these deals. Consider that many lenders all ready have way too many loans currently in default and projected to default in the next 24 months. Indymac, and really any other bank with REO properties is going to scrutinize every short sale, or new loan. These short sales and foreclosure bailouts are frequently full of ownership fraud, loan fraud, straw man purchases, and non-arms length transactions. The bank is protecting itself and its shareholders from financial loss AND ..... taking appropriate action with their policies to ensure that they will have money to give those homeowners who are reasonable credit risks. Like Me. Thank you IndyMac.