This is a another real Customer case:
Facts: Seller bought condo in Daly City for $385,000 with 10% down in March 2006. Towards the end of 2006 several Condos in the same building foreclosure and where later sold for under $300,000. Ever since the Seller has tried to refinance to get of a 2 year fix-adjustable loan.
Each time the banks have declined her due to value going down. In Daly City (as of 5/08) there are bought 9 condos similar to hers for under $200,000.
Action: Since October 2007 I have been working with the her lenders and/or servicing company: America's Servicing Company(Fremont was the lender originally). I submitted all the paper work a short sale and on 3/17/08 I submitted a offer from a Agent representing a Buyer. Since then I have tried to contact the Lender and I was always told that it was been looked. However, the Seller called me yesterday 5/8/08: Her condo will be up for sale at the Redwood City Court House on 5/30/08.
Results: So I really think that Lenders are not motivated enough to act faster and with better intention to help distressed Sellers.
So now we have another statistic. And just this week I've have 3 other people consulting with me on what to do. I really don't think I can help them.
This business of short sales is a very stressful sale, and a lot of it comes from dealing with the Lenders.
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