So...my team and my client and I worked our tails off last week trying to get an offer so that my client's house would not go to foreclosure. We did get an offer and we diligently submitted it to the bank. Keep in mind that when a bank forecloses on a house they then take on the responsibility of maintaining the home until it sells. The whole foreclosure process can easily cost them $50,000!
The bank told me on 7/12 to send in any offer I could get my hands on before 7/14. This would stop the foreclosure until the offer could be reviewed. I submitted an offer on 7/14 early in the morning - all 52 pages of it! At this point the bank told me that now (as of 7/1) they would not accept an offer within 5 days of the foreclosure date. I explained to them that one of their own employees had told me I could submit an offer all the way through 7/14. They informed me that thier own staff did not know about this new "rule" that had been established on 7/1. The new rule was that no offers would be accepted within 5 days of the foreclosure date! What!???!!! OMG! You must be kidding me! You changed the rules and you didn't even tell your own employees? How does that work? Unbelievable!!! Can we not put some regulations around these banks? They were more than happy to take government money to "bail them out". Where did that money go because it certainly wasn't passed on to the consumer. The banks were in trouble because the consumers were in trouble. The government bailed out the banks so why aren't the banks bailing out the consumers that are in trouble? Yeah, I get that there are alot of people out there that are full of crap and totally can afford to make their payments but choose not to - those aren't my clients. My clients are hard working people who have a true hardships - medical bills, forced to move, loss of job, divorce, etc. I just don't get it!
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