In yesterday's blog post we explained why some Realtors consider short sales to be a "nightmare." Then we explained how we do to inform the actual loan owner of the lender's negligence. Today, we'll explain how this works if the lender owns the loan in house. After all, there is no third party loan owner who will hold the lender accountable. Here is what you do in this situation.
First, contact the CEO. We have a solid strategy that will puts us in contact with the CEO of almost any bank. We have used this strategy to contact the CEO of Bank of America, JP Morgan Chase, Suntrust, and many other lenders.
Then we detail the problem with the CEO and explain how much money their company will lose if they do not approve the short sale. We have a calculator that we use that breaks down these numbers. It is based on examples of when a lender turned down a $385,000 short sale offer, foreclosed on the house, and then sold it for $230,000. (Most people would be shocked at how much banks lose because of their flawed short sale processes.)
Here is what happens when this process is carried out effectively. We contacted the CEO of a Top 20 American Bank. We explained how the short sale department wouldn't respond to emails or phone calls. Then we explained that we estimated this would cause his bank to lose around $30,000. We backed up our estimate with examples of other lenders who rejected a short sale and lost tens of thousands more after foreclosing the property and then selling it. The CEO wasn't happy (to say the least.) Later that day the head of the short sale department called us to discuss the file. He gave us his direct phone number and begged us to never call the CEO again.
You have to remember that every dollar is important to these CEOs. They work so hard to increase earnings every way possible. They don't care about excuses. They want results. They assume that every employee and department could work harder and do a better job. When you show them how someone is not doing their job and costing the bank $30,000, then they are unhappy. Obviously this CEO was under a lot of pressure to boost earnings. We learned he had been replaced a few months later.
First, contact the CEO. We have a solid strategy that will puts us in contact with the CEO of almost any bank. We have used this strategy to contact the CEO of Bank of America, JP Morgan Chase, Suntrust, and many other lenders.
Then we detail the problem with the CEO and explain how much money their company will lose if they do not approve the short sale. We have a calculator that we use that breaks down these numbers. It is based on examples of when a lender turned down a $385,000 short sale offer, foreclosed on the house, and then sold it for $230,000. (Most people would be shocked at how much banks lose because of their flawed short sale processes.)
Here is what happens when this process is carried out effectively. We contacted the CEO of a Top 20 American Bank. We explained how the short sale department wouldn't respond to emails or phone calls. Then we explained that we estimated this would cause his bank to lose around $30,000. We backed up our estimate with examples of other lenders who rejected a short sale and lost tens of thousands more after foreclosing the property and then selling it. The CEO wasn't happy (to say the least.) Later that day the head of the short sale department called us to discuss the file. He gave us his direct phone number and begged us to never call the CEO again.
You have to remember that every dollar is important to these CEOs. They work so hard to increase earnings every way possible. They don't care about excuses. They want results. They assume that every employee and department could work harder and do a better job. When you show them how someone is not doing their job and costing the bank $30,000, then they are unhappy. Obviously this CEO was under a lot of pressure to boost earnings. We learned he had been replaced a few months later.
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