Bank of America Investors Pull Credit to Approve Short Sale- Kansas City

Have you experienced this? Bank of America investors are pulling the seller's credit report to verify they are delinquent with all their other creditors. Otherwise, they will not approve the short sale! OMG! Are you kidding me????

My clients mostly try to keep up with all their other payments. (as much as possible) In my view, it is not right for the banks/investors to require them to be flat out destitute in order to approve a short.

These are good people (in many cases) that would pay the mortgage if they could. It's not right to punish them because they are trying not to take all their others creditors down, too.

Obviously, they CAN make a $100 payment to a credit card. What they cannot make is the mortgage payment that the irresponsible bank gave them KNOWING two things when they issued it.

They HAD TO KNOW that if they're granting an ARM loan to a guy a that can barely afford the original payment, that the homeowner WILL DEFAULT when the ARM doubles the payment. puhleeeeeze!

They believed your lies when you told them they could re-fi when the time came. Sucker on both accounts and NOW, they have to get suckered again. It's ludicrous!

Banks/investors...you screwed this thing up in the first place.
So, play nice and be reasonable because you cannot win...You just need to cut the losses from your ignorant practices.

These are the consequences. You started it!

Now, let's end it in the best possible outcome for all.

This trend (if indeed, it becomes one with all banks) will do nothing but encourage walk-aways.

Get REAL banks/investors! Suck it up and get real. Take the money from this new buyer as quick as you can while you have an interested party...before this property becomes a blight in our neighborhoods...before you have to eat the ENTIRE amount of the loan that you deviously issued to this poor seller.

I am appalled at the tactics that they keep coming up with. Every time you think you've got the game down... they come up with something new.

There's no excuse for this. Get with the program and let's get this mess taken care of and stop trying to make it so damn complicated for everyone involved.

Time's a-wasting!