The Florida Attorney General, Bill McCollum, who is also running for Florida governor, is now getting involved in the abysmal mortgage crisis in Florida. I can recount story after story of fearful homeowners who have told me their lenders would do nothing to help them save their homes. These borrowers cannot crack through the mortgage system for any intelligent discussion and solution to their personal mortgage crisis .
Apparently, Attorney General McCollum has heard the same cries. Yesterday he issued a press release and copy of letters he sent to the major mortgage servicers.
McCollum cites poor treatment and no assistance to Florida homeowners unable to pay their mortgage and facing foreclosure. He has written letters to executives of Bank of America, JP Morgan/Chase, Wells Fargo and Wachovia. Specifically, McCollum states Florida borrowers are:
· Placed on hold for excessive periods when calling for help
· Transferred from department to department and person to person
· Forced to submit identical paperwork again and again
· Forced to speak to unknowledgeable representatives
· Never informed about the status of their loan modifications
· Provided no avenue for complaints
Bill McCollum says these practices are “irresponsible and unacceptable”.
All I can say, is, “Hurrah, Bill!” Thank you for taking a stand with these monstrous corporations. As a Destin short sale specialist, I deal with them every day. There is no such thing as customer service and courtesy anymore. As you say, the tone is quite different from when these lenders originated these very loans.
I hope your letter brings pause, attention and ACTION from these corporations who are forcing borrowers into foreclosure.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
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Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Hi Wendy. I'm glad. I am hoping for some relief on this side too (Tampa Bay).... ~ Lana
We're in bad shape when the attorney extortionist try to intimadate legal business to give away their assets!
There is no excuse for poor customer service, but the debtors are not entitled to the banks money just because they want it! Not even the government welfare agencies give away money just because people want it!
Bill
Wendy- The rudeness is amazing. But You can not regulate people's attitudes. I have to agree with Bill though in many ways. While I don't like banks at all and believe they are holding our country hostage but nevertheless, the short sales we all do- the homeowners originally bought the house and signed a contract to pay it back. The banks are not obligated in any way to approve loan mods, refis or short sales. Katerina
Applause applause...political statement or not...if I could vote for him I would....the banks have a moral and business responsibiity to their shareholders, the community, to act responsibly and with good business sense...not approving short sales, loan mods, etc. makes no sense...but we know that....and it's time the shareholders got the story...hopefully this campaign speech will help.
I hope that he has some effect, but I doubt it. Good political coverage for the election, I'll wait to see if he follows through.
Lana - Maybe the banks will pay attention, one can only hope.
Bill - I think the point, to me, is that more efficient processing of loan mods would bring quicker solutions, whatever they are. For example, if a borrower could find out in a week "yes" or "no" to loan mod, then they could go to the next step, short sale, if necessary. If the processing on the short sales were likewise, more efficient, then the economic drain of non-paying borrowers would conclude more quickly.
Katrina - I agree, no one should be given a free pass. My focus is more on the Attorney General's comments that the processing and inefficiency of solution-seeking is unacceptable.
Sally & David - I could not believe that a political figure would even take the time to address the bumbling beheamoths....
Gabe - Agreed. I will watch.
Perhaps several states should join together...I've gt clients with the same problem!! Class Action..
Wendy,
I'd like to know what law you and Laura think you shoud base this "class action.." on?
Boorish behavior?
Not giving away their stockholder's money?
Failure to take your advice?
Why stop with banks?
How about any evil corporation that uses a call center?
How about salesmen that don't return your calls at your convince?
Lets set a preceden then those guys in the street who tell you "you can spare a dollar or two." Can do a class action against those who refuse or even better those that roll up their windows and refuse to hear them!
Lets get them all!
If you could only tell us what law they violated offending their public.
Seriorusly, if you belive people are entitled to other peoples money, please explain.
Bill
They take the bailout money and think they can treat people with such disrespect. Hopefully the AG's in different states do the same.
Hopefully McCollum actually follows through on this. He has taken a lot of bad press for how poor he has dealt with bill collection companies. Running for governor this might just be another campaign warm and fuzzy tactic.
Wendy, it's great to hear Bill trying to get some action from the Lenders who are acting as dead beats. When Lenders drag out their decision making process with the mounting foreclosures everybody loses and if they don't start acting quicker they won't have any profits to be able to report to shareholders; it's about lessening the losses when it makes sense. Common sense tells you to get the process moving quicker.