ING Chooses To Lose Funds
The focus of shortsalepower.com over the past few days has been on how a variety of lenders are working short sales. We talked about OCWEN and how they desire to lose money instead of executing short sales. We also talked about Bank of America and their effort to remedy shortfalls in their short sale procedure. Today, we’d like to go back to the well and talk about another bank, ING.
We are currently working on a short sale with ING and have received some interesting news from them. Firstly, they have declared that the home owner in this particular short sale needs to sign a promissary note for the residual deficiency balance in order to close the short sale. So, logically, we resolved to escalate to the executives at ING. There reply was both baffling and interesting.
First of all, they declared that ING only deals directly with borrowers. That declaration is clearly false because there is already a negotiator working with us on the short sale. Secondly, they confirmed that they will not discuss loan repayment terms with third parties. Again, this is bogus because they have already started negotiating with us. Thirdly, they affirm that short sales are not the privilege of residence owners or their agents. That is accurate, but this would lead us to deem that ING wants to be a home owner. As far as we know, the bank is in the business of making money, not owning property.
This proposal was for 85% of the mortgage value which is a very significant proposal. Aren’t the banks supposed to work in their best interest to mitigate loss?
The CEO of ING got involved and noted to us that they do not deal with intentional defaulters. Nonetheless, the home owners in this situation are not strategic defaulters. At the end of the day, it does not matter why the short sale is being executed. The bank ought to focus on mitigating loss.
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