Problems with Los Angeles Short Sales (and What banks can do to Fix them)Posted by Ben Nicolas on
Too many Games
Too much Fraud (by property owners, agents & investors)
Easy SolutionsIn order to maximize the amount of money banks are receiving for their assets, their fiduciary duty to their shareholders and moral duty to the American taxpayers who have to bail them out when they get into financial trouble and are "too big to fail", banks need to introduce a higher element of transparency in the short sale transaction process. Like many REO lenders have already started to do, all short sale offers should be submitted via a lender-direct website that goes directly to the loss mitigation department of the existing lien holders.
- No more putting your house up for short sale to extend the amount of time you can live for free.
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