Has anyone worked with Key Bank 2nd?

Property is in AZ. Key bank has a second and will not approve the ss. The owner has send in 4 budgets with supporting details and they keep on asking for more docs. They told them they want actual bills for their expenses including entertainment, fuel for cars etc...Literally want bills as if the Shell station gives you a bill!!! They provided detailed P&L's from quick books showing everything but Key bank won't budge..WTFO??

 

We escalated it to a supervisor whom we offered to take it as an unsecured note if they'd release but he actually said that they couldn't by law??? I told him they will be taking it as an unsecured note when it goes to foreclosure but I think that went over his head. Then he went on to berate the home owners for their expenses line by line...

 

Please let me know your expenses and if you have a name and number of anyone at key bank that has an ounce of common sense.

 

 

 

 

Walt Pimentel

Vantus Arizona Realty,LLC

480-570-9588 cell

[email protected]

 

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Permalink Reply by Corinn on August 8, 2011 at 6:45am
We had to do a conference call with our homeowner and the negotiator to go over financials...they wanted the sellers to call them directly, but we always try a conference call so that we know what they're telling them.  Key Bank is not very fun to work with!!  We got a lien release, at least, so that we could continue with the short sale. 
Permalink Reply by Debbie Tuttle on December 20, 2012 at 10:57am

Corinn,

What exactly did you do to obtain the release?  I have Key Bank as a second on a file, and they have rejected the short sale twice now, saying they make enough to now afford to pay them and continues to address the Gross wages as opposed to the Net. The 1st is B of A offering 8,500 tot he 2nd on a 17K l2nd loan. Also that according to the bank statements without paying the 1st loan they can afford to pay the 2nd?? What nonsense. They would not be doing the short sale if they could continue the payments. Anything you can share about Key Bank would be appreciated.  

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