We've been hearing about banks shutting down HELOCs (Home Equity Line of Credit) without just cause. But the practice seems to be not so random but purposefully calculated using more computer models rather than actual appraisals to cut off people who are otherwise, not candidates for such measures. But, as described in the article, homeowners who were doing the right things are now suddenly finding themselves being cut off (sound familiar?): i.e. being fraudulently turned off. Just when homeowners who have built up equity and may need to tap in during some financial difficulty, they are being told their lines are suspended for unknown reasons.
These supposed fraudulent practices have occurred so frequently, there is, as described in the article, a class action lawsuit developing in the pipeline involving the major banks like Wells Fargo, Chase and other banks. Yes, there are people whose lines of credit should be turned off if they are not doing the right thing and trying to play games with the system. But remember, these individuals were are discussing are not that category; these are people who are paying on time and not necessarily over-extending themselves. These are the people who are and have been doing the right things. It seems the little people who have been pushed down and trampled on have had enough and are now willing to fight back for their rights. Good for them!
Steve Mun
www.stevemungroup.com
This is fantastic news and certainly the step in the right direction, in an effort to standardize the short sale process. One of the most difficult and time consuming aspect of a short sale is the lack of a standardized process. Bank of America’s process is different than Wells Fargo’s process which is different than JP Morgan Chase, etc….. It is not uncommon for a short sale to be significantly delayed or sometimes denied because procedures were not followed to the letter.
As with everything else, if the Treasury tries to give banks incentives to complete short sales, we will see a higher success rate with these transactions. This certainly is the right step and many of us who specialize in this area would love to hear more details.
Steve Mun, Silicon Valley Realtor
www.stevemungroup.com
These are the unintentioned secondary victims of foreclosures. Can we measure the emotional scars and the opportunity costs associated with the disruption in their education? What is the true cost to the family?
Do the lenders take those intangbles into consideration when they cavalierly refuse to approve a short sale which is in everyone's best interest just to squeeze out a few more dollars from the parents?
With all of this news recently of the kidnapping of Jaycee Dugard, it brings back my concerns about who is living among us and our children.
I was concerned about the recent California Budget Cuts and how that may affect the monitoring of sexual predators among us, and it seems my concerns were well founded....... Please go to the link below and find out if a sexual predator is living among your children.
The backbone of my business is based on the concept of excellent customer service because that leads to repeat business, in my opinion; that is why I have a longstanding association with the QSC organization. And one of the reasons why I came to Keller Williams was that the company shared that philosophy. Now it is heart-warming to learn this focus on customer service has been recognized by our customers.
For the second year in a row, Keller Williams has been recognized by JD Powers and Associates as acheiving the Highest Overall Satisfaction For Home Buyers Among National Full Service Real Estate Firms.
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