I recently took my real
estate properties off of the real estate market. I had
three properties in Florida for sale since October 2007.
I recently received an offer for the one-bedroom condo
for an unbelievably cheap $50,000. I had bought it
in 2006 for $249,000! Still, my real estate agent took
the contract and tried to begin conversations with the
bank for short sale options. I filled out paperwork - a
hardship application - with the bank, CitiMortgage. No
one every called me from the bank. I checked up on the
application but was given the run around (they had
received my application, but I had sent it to the wrong
fax number so I would need to fax it again - what kind
of a run around was that!). My real estate agent called
the bank on my behalf, but she was redirected to the
local attorneys that are handling the foreclosure on
this property. The attorneys were very rude to her and
refused any discussion on short sale arrangements. There
would be no negotiation. After that, we had to let the
$50,000 offer go and return the potential buyer's
earnest money. My real estate agent sent me the
following email shortly thereafter:
"Sorry these listings didn't work out. I think
if the market had picked up earlier in the year the
results would have been different. Unfortunately
these banks are dealing will law offices and not doing
the short sales in house. It is to the best
interest of the law firm to drag out the process as long
as possible & put them into foreclosure. This puts
the owner in the middle during what is already a very
stressful event.
If I get any inquiries from past advertising I will
let you know, but at this point it looks like they will
be going into foreclosure. Sorry."
My real estate agent did
an excellent job at trying to sell my properties. I do
not blame her in the least. It is unfortunate, however,
to see that now the best interest of the local attorneys
are beating out even the best interest of the banks. At
no time have I read even the slightest little inkling
that Washington is considering this new twist in their
misdirected mortgage reform legislative endeavors. How
sad it is.
My only recourse is now
to wait it out until the property goes into foreclosure.
Of course, it is in the best interest of the attorneys
to delay and drag-out this process for as long as they
can drag it out (if you are an attorney, give me some
reason to believe otherwise in an email or a comment on
the blog page). Even though I now have my own attorney
working on my foreclosures and possible bankruptcy, I
still hate having to get involved with one. After all,
even my own lawyer is just making dollar after dollar on
my own misfortunes and driving a much better car than I
drive.
"Justice,
apparently, is just as fair as Life." ~noah
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