Recent Piece Ranks Banks In Short Sale Promptness
Today’s issue revolves around a report written by Jon Prior. The item was authored about the swiftness of short sales. Deutschbank recently ranked banks as to how swiftly they closed short sales.
GMAC pulled down the top mark by closing short sales, on average, sixty days from the day the loan became 2 months delinquent. Wells Fargo, which placed third in the rankings, averaged eight months to complete a short sale. Wells Fargo has grown its home prevention workforce by more than 140% since the start of 2009. The bank hired more than 10,000 people to help lighten the short sale load and reduce foreclosures. That is a massive number!
Bank of America presently has 1500 and they are adding an additional 1500, to help out. Nevertheless, Bank of America uses the Equator system which streamlines the practice quite a bit.
For prime mortgages GMAC conducted short sales the fastest, averaging roughly 6 months per deal. The next best servicer was Citigroup, averaging approximately 7 and a half months per contract.
So, the piece references GMAC, Citigroup, Wells Fargo, and Bank of America. On the other hand, there was a bank omitted from this report, specifically, Chase bank. That is because Chase completely refuses to have a streamline method. The rest of the major lenders have enhanced their short sale procedure.
It’s good to know that GMAC, CItigroup and Wells Fargo are doing well with short sales. If you are having trouble at some of those three banks, bear in mind that the heads of these companies want their processes to progress. So, if you are escalating at any of these lenders, the management is extremely accommodating.
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