Don’t Bang on the Banks
ByDon’t Bang on the Banks
It seem when it comes to foreclosures and short sales, the banks are convenient punching bag.
I’m not buying it. Don’t you either. My team and I work closely with banks every day. And what you need to know is banks are just people. Sure they have rules and policies and such. And they can be a pain. They are the first to admit it. But look at from this perspective: There’s some overworked, underpaid loss mitigator with over 350 files on his desk at any one time right now. It’s Friday night and he’s working late–again.
His boss, and his boss’ boss are sweating bullets because they are between a rock and a hard place. Either they take 40 to 50 cents on the dollar right now with a short sale, or they renegotiate with a loan modification with the homeowner, or it goes to foreclosure and they take 15 cents on the dollar and get to hold the property until it’s off their books. Every property they take back means they can lend less and less. Would you want that job? Not me.
If you read the reports today, more and more banks are going out of business.
http://money.cnn.com/2009/06/19/news/companies/bank_failure/index.htm?postversion=2009061919
When I went through foreclosure myself, on the first short sale deal I did afterwards, I was literally coached by the guy that had to put me in foreclosure in the first place. Believe it.
He was nice man, a helpful man and I am forever grateful. I say this even though he made the decision to foreclosure on me. So no matter what side of the fence you are on, whether you are the homeowner, the banker, the real estate agent or the buyer, this business is about people. People with husbands and wives, sons and daughters. People who work exceedingly hard at what they do.
Let’s all work through this together, ok?
