New study says loan servicers lack financial incentive to modify mortgages.
Can you believe it, the truth is finally coming out. What it basically comes down to is that the banks are hiring servicers to modify the loans. These servicers have no financial stake in trying as hard as they can to modify existing loans. Because of this they are not being held accountable to the thousands of homeowners that need their help.
I saw this first hand the past couple weeks when in submitting a offer to an agent who then had to submit to a “servicing” company that was in charge of listing bank-owned property.
We took them an offer for only $20,000 under asking price, all cash offer, close in two weeks. You know what we got? NADA, NOTHING, NO RESPONSE! That’s right banks, your servicers aren’t working for you they are working for themselves!
Instead the servicers contract was almost up so they decided to cancel the listing and quickly throw it up on an auction site for 5 days to see if it would sell that way. IT DIDN’T! The highest offer it got was $50,000 less then what we offered which didn’t clear their reserve minimum apparently.
Well here we are again, the unit is now back on the market with the same agent thank-goodness except now back at Countrywide. The agent contacted me today and I said “great submit the offer.” Her response back left me confused…
“Usually buyers go away mad. Thank you!”
It’s not her fault obviously I don’t know why people would take offense to the idiocy of banks. But here we are starting over again and hopefully that the “servicing” company is out of this we can actually get down to the business of selling houses!
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