As a real estate agent/broker in California, I see many lenders and Countrywide being the worst, abusing, misleading and scamming customers in the process of trying to do a short sale or a loan modification. Their process of putting agent and customers on hour holds, losing paperwork, redirecting customers and agents to new departments after a file has been started only to delay process further. They are profit driven like any good company but at the customer's expense is not fair or right.
I would like all agents/broker & customers experiencing problems with these bank to contact the Department of Corporations - 1515 K Street, Suite 200
Sacramento, CA 95814-4052
(916) 445-7205
(866) 275-2677 or 866 ASK CORP
And complain about their banks operating procedures in consideration to short sale and loan modification arrangements. As Realtors, you are governed by a code of ethics and laws that guide how clients are treated and sale are made. Lenders have only regulations on how they handle their loans, but in negotiating short sale or modifications they treat people like dirt with their sole profit in mind.
If an agent treated people like these lenders are doing, they would lose their license. If a lender is going to entertain the idea of short sale or loan modification; there should be stringent guidelines by the states that regulate the time frames and manner that they will be handled. I f this is too tough, don't offer to help in the first place, take the foreclosure, and go away.
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