Aug 25, 2011
CAR to lenders: Get your butts in gear
25 Aug 2011
Posted by Andrew Kantor
Our friends over at the California Association of Realtors have gotten fed up with the nation’s biggest mortgage lenders, and it let them know about it.
CAR sent a public reprimand to Bank of America, Chase, Citigroup, J P Morgan, and Wells Fargo, expressing its collective frustration with the lenders’ foot-dragging when it comes to short sales.
This isn’t three years ago, when short sales were new to everyone. Lenders have had plenty of time to get their ducks in a row and deal with borrower requests.
“We trust you’ll agree that change in your short-sale process is critical,” said CAR president Beth Peerce. And anyone who’s married will tell you that “We trust you’ll agree” is one of those phrases you really, really don’t want to ignore.