I have never run into anything like this before! If anyone else has, please let me know.
An agent of mine listed a Short Sale with two lenders. We received the short sale approval from the second lender and had dilligently worked with the first lender, ING Direct. We supplied a complete package on day 1, everything was included. By day 60 and after numerous emails, the only results we had were "offer X amount (which was almost 15% above market" and there is no option we will "wait for the next buyer". So we paid for an appraisal (they never did even a BPO) and sent it in with copies to other escalation people at ING. The initial response was "I will pass this on to valuation department but no guarantees". I sent off another email asking for them to expedite as we were past 60 days and had no indication of a direction yet....again copying the escalation names...and the immediate response was "your firm and your agents have been placed on our exclusion list due to copying others on your email" and we have contacted your seller to let them know."
That seems ridiculous to me. We have approval from the second, we have a paid for appraisal we have a complete short sale package and this lender is doing this.
I know I'm repeating myself but, I have NEVER run into anything quite like this and, my background is that of being a former banking exec. officer.
Any help or suggestions would be appreciated. These people beat B of A for unreasonableness.
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Looks like the ING Direct USA sale to Capital One closed this past Thursday, 2/16/2012. Here are a couple of articles that provides further information on this topic:
http://online.wsj.com/article/BT-CO-20120217-708856.html
http://www.reuters.com/article/2012/02/17/idUS152938+17-Feb-2012+HU...
I'm not certain what this means for ING short sales at the moment, but given Capital One's reputation as a subprime credit card lender, it can't be good. There is also the possibility that ING Direct will retain ownership of the mortgages in this deal and continue with the short sales, but I have not been able to find any information to confirm or disprove this possibility.
Do you know their email structure?
Jan Hommen has been CEO of ING since 27 April 2009
Members
Jan H. M. Hommen, Chairman Executive Board ING Group
(29 april 1943, Nationality: Dutch)
Patrick G. Flynn, Member Executive Board and CFO ING Group, ING Bank en ING Insurance
(27 December 1960, Nationality: Irish)
J.V. (Koos) Timmermans, Member Executive Board and CRO ING Group, ING Bank en ING Insurance
(12 March 1960, Nationality: Dutch)
The Supervisory Board of ING Group is responsible for controlling management performance and advising the Executive Board. The Supervisory Board is made up exclusively of outside directors. The current members of the Supervisory Board are:
Jeroen van der Veer,
Chairman
(1947, Nationality: Dutch)
Tineke Bahlmann
(1950, Nationality: Dutch)
Sjoerd van Keulen
(1946, Nationality: Dutch)
Joost Ch.L. Kuiper
(1947, Nationality: Dutch)
Lodewijk J. de Waal
(1950, Nationality: Dutch)
Peter A.F.W. Elverding, Vice-chairman
(1948, Nationality: Dutch)
Henk Breukink
(1950, Nationality: Dutch)
Piet Klaver
(1945, Nationality: Dutch)
Aman Mehta
(1946, Nationality: Indian)
Luc Vandewalle
(1944, Nationality: Belgian)
James, check www.jigsaw.com and send an email to every exec and board member you can find. I did it to Fannie Mae last week and they took care of me. I was firm and professional in the email.
I would think it may be on the edge of illegal for ING to say that they won't work with the homeowner because of the agent or company that they hired, seems like restraint of trade to me.
Keep after them
ANNOUNCED TODAY: Capital One is buying ING Direct for $9 Billion in cash and stock
Jeff: Thanks. While I'm hopeful that someone at ING Direct will come to their senses and save their shareholders more than $40,000 and I won't have to play the fighting game, I WILL fill up their inboxes as well as prepare Press Releases and have their execs, media and shareholder relations review.
Nedy: The OCC (Office of the Comptroller of the Currency") has some regulatory authority over banks but FDIC can come down harder...also remember that ING is a Netherlands Bank...even though their US operations are goverened by OCC and FDIC.
I just saw today that Capital One is buying ING Direct for $9 Billion in cash and stock. Not sure if today's announcement had anything to do with it but, I will make sure that Capital One people also know.
Still looking to hear about others experiences and maybe some additional suggestions.