Us Bank approves short sale then rescinds it! anybody else?
The corruption of the banks continue here still in Las Vegas! Us Bank approved a short sale after 8 months of gruelling work only to delay in approving the final closing Hud ( nearly two weeks ago). The Presidential office now inform me they are rescinding the agreement as they state the seller makes too much money! This after they already approved sellers based on pay stubs and current tax years. Anybody else have a similar experience? We are starting the fight and intend to expose these crooks. Complaints to our local congress and OCC are in tow. Any intelligent suggestions would be appreciated.
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Comment by Jennifer Townsend on May 10, 2013 at 9:57am
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I have been working on a US Bank short sale since August 2012. There is just a first on the property and this process should take 30 days for an approval.I have provided all the required documentation every week and called US Bank daily. I have negotiated several short sales successfully and US Bank is by far the most unprofessional and inept group of individuals. They have deliberately prolonged the process, created unnecessary drama and mental and financial damage to my clients.They cut off my lock box and rekeyed the property without disclosing this to myself and/ or the sellers. They ordered a BPO and the BPO agent notified me that the lock box had been cut off and he was not able to access the property. The interest and fees continues to accrue daily while the property remains vacant and deteriorating daily. I have had two sets of buyers terminate their transaction since US Bank was not performing. They have cancelled my short sale twice indicating we did not provide requested documents....Once again prolonging the process. I have all fax confirmations and emails to confirm they received the documents. The next step is to file a complaint www.helpwithmybank.gov The department of Justice should be notified and take action. I would not worry about US Bank making you look bad, this is bank is unethical and immoral. There are several other financial institutions that perform in a timely manner with good business ethics. I will be closing my business account immediately.
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Comment by Shawn Wilkinson on May 9, 2013 at 6:51am
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I agree with Brian- Definitely no corruption. It's certainly frustrating for all parties but take the emotion out of it. Takin g this any further than US Bank is most likely going to make you look bad and sour the relationships if you need them for something with some teeth in the future.
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Is the seller current? Do they make a ton of money?
US bank has language in their approvals that they can rescind at any time. They are also careful to word the document "preliminary approval". If you had one little thing on the HUD that did not match their numbers they also reserve the right to terminate the arrangement. Good luck with all of that. We generally stay away from US Bank unless it is a very clear hardship and an easy sale. \
Have you tried going back to the CRM? Sometimes they are helpful in this type of situation.
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