US Bank HELOC Call Out – Short Sale Power Hour Special Special Edition – VIDEO WAS TAKEN DOWN TEMPORARILY
February 10, 2010 / /
This special edition of Short Sale Power Hour is brought to you by the special people of US Bank. We hope you enjoy today’s this episode and please feel free to leave your comments below.
HOW TO CLOSE AT LEAST 3 DEALS IN THE NEXT 90 DAYS
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HOW TO CLOSE AT LEAST 3 DEALS IN YOUR NEXT 90 DAYS
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
I am dealing with US Bank on a 2nd mortgage. They are owed $16,000 + and they do not want to discuss any repayment options with the seller who is more than willing to arrange a payment schedule after the short sale is approved. Since they’ve taken that approach off the table we are offering a generous payoff as settlement over the usual $1-2,000 that most 1st lien holders will allow and they have balked. They are okay with letting it go to foreclosure where they will receive ‘$0’. This is a homeowner who wants to make right but like many homeowners has fallen on hard times.
Wow, GOOD STUFF, haven’t missed a SSPH in 6 weeks, and this one is the best by far.
I’ve dealt with USBank in the past. The home foreclosed, there was never any movement in a positive direction. This is an on going issue with USBank. They really don’t care and it’s sad. I’m glad to see you guys get just as fired up as I do. Wreck Shop! Nicely done.
Hahahahahaha!!! Awesome!
Thanks for this episode Guys. I’m dealing with same thing with US Bank. I even went as far as to escalate to the the CEO and CFO multiple times and there response was that they will not interfere with the decision of the loss mitigation department because they have the final say on “these acounts”. If this is the stance of the heads of the company, its no wonder that everyone else has this attitude when it comes to short sales. This bank takes the cake when it comes to “passing the buck”. Kevin, I could feel your frustration radiating through the screen and I have felt like this as well on my file. There has got to be a solution with dealing with these idiots and I hope that someone else can share some success with dealing with US bank HELOCS.
Kevin and Fred,
I am glas you exposed the mediocrity we have to deal with at the banks. Randy Griffith should be ashamed of himself. I doubt he displayed “executive” level behavior. I would tell them to get their head out of their rears and start making difficult business decisions that can actually affect them in a positive cash flow siutation! Congratulations US Bank for making a decision where you ultimately are the biggest loser!!!!!!!
WOW!!!!!!! Love the passion Kevin, best SSPH yet, love the content. Keep it coming.
WOW!! The POWER of this information shared! I hope that you guys keep us all posted on the outcome, one that I hope is positive for you and your seller!
Fred,
That was by far the BEST episode of Short Sale Power Hour! I think you should do a segment on CNN weekly so that the rest of the country knows what is really going on behind the doors of these big lenders and how they screw homeowners every single day! I have 2 with USbank right now and I submitted them 45 days ago and still no BPO, no negotiator, nothing and I call them every single day!
I am so glad you are calling these people out! Go get em! You guys are my idols!
I personally know evey last one on the management staff. The incompetencies of this department is resounding throughout each business unit, not just mortgage. Mr. Shonkwiler needs to retire and get more involved in day to day business.
It’s great to see some daylight shown on clowns like these. Recently I presented a beautiful short sale offer to a bank for $525,000 who then foreclosed so that they could sell it as an REO for $485,000. The funny thing is they will likely get sued by the buyer because they used an out of town agent who likely didn’t disclose the serious issues with the house that I told the short sale lender about during the short sale.
I’d like to see two new laws passed:
1) the ability of a homeowner to black list lenders from ever buying their loan.
2) legal recourse for homeowners who are hurt by stupid lenders like this one.
This homeowner tried to do the right thing and will likely get a forelosure flag on her credit due to something beyond her control.
If you guys really want to hurt US bank, I’ll bet it would be cheap to buy their name on google pay per click so that potential US bank customers who search them on the web will see this and know who they are dealing with.
Keep up the good work.
Glad to see everyone is enjoying this episode!
The fight is not over…this video is just to expose their dirty practices for what they are.
“Five Star Service Guaranteed” huh US Bank??? I’m glad you don’t run a hotel business!!!
Fred
Traci Luckhaupt: If you are still reading these comments, I’d like to hear more about you personally know these people. I’m assuming you used to work there in some fashion or another.
Furthermore, I’d love to know who you know that is above Randy Griffith. I’ve been in contact with the office of the CEO and CFO as well and will continue to push through there but I’d love to talk more with you.
Fred,
I have had several dealings with US Bank and will not take their files anymore. They use no logic what so ever in their decision making process. Most of the files I have dealt with have been in 2nd position and they seem to do whatever they can to prevent a fair closure on a file. I recently dealt with them on a file. They were first position, we had a valid BPO with a higher offer than said BPO. They would do the short sale if my client signed a 40k note because he had the ability to pay according to them. Of course he tried loan mod, he and I tag teamed them in the process and they were just ridiculous. They have exceeded my frustration held high by BofA/Countrywide and are now my most hated lender.Followed closely by Indymac and Aurora. Although I have to admit they have gotten better over time. Your situation only strengthens my distain for US Bank. I tell everyone not to do business with them. Hows that for good advertising.
Great stuff!! I am glad that you are voicing the struggles of US Bank. I thought BofA was the worst after losing 4 shorts sales to foreclosure for lack of non response from a negotiator. The right hand could not guide the left hand. Pulled all papers from homeowner/buyer together with full offer in 1 day, foreclosure date in 4 days. To have BofA denie it for lack of time to work the short sale per customer service, it was foreclosed. We work hard as agents, helping/guiding our clients. These banks need to be called out. Right now on another, drove to the short sale office in Ft.Worth and would not leave til I spoke to someone. Stopped it 2 hours before the sale, but still not closed 8 months and waiting.
AWESOME CLIP! We have a (rather successfull!) loss mitigation firm in Pennsylvania and do have several KW agents on our team. Here a possibility -I know for a fact that many of the 80/20 loans on these properties had PMI coverage that extended into the second lien / HELOC. I have been told by a friend and B of A insider that these were sometimes self-insured and that the investor made out better, (and so did B of A) if they foreclosed. This may account for a part of what you are running into. I am currently researching these deals through the Office of the Comptroller and I would be glad to share my findings! You can find me on Facebook at Facebook/TeresaHejnaPringle. Stay in touch!
You nailed it!
Nice Video–I just stumbled on this website by searching for some US Bank Contacts. I’ve been trying to purchase short sale home through US Bank with Freddie Mac as the investor (offer submitted Dec 23 09). Freddie Mac approved it and told our contact, Nicole Gish ([email protected]–who is supposedly the head of the short sale department?) to go ahead and proceed with closing documents. The selling agent, my realtor, and I have not been able to contact her since. Sent numerous emails–called and was sent to voicemail–left messages–never returned. But what ticks me off, is that the person that we were working with from the beginning, Shannon Cole left the company (either by choice or fired) earlier this month and did not let the selling agent and homeowner know!–hence why we got Nicole Gish.
I have been dealing with Terry Hairston [email protected] and it has been the most unprofessional short sale I have ever been involved in and I’ve done numerous ones. They asked for $80k and I got them an offer of $95k which will net them much more than they requested initially. Can’t get a call back or an email response. These guys have a huge lack of knowing how to deal with their clients and customers. Hopefully this will be the last time I have to deal with them.
Help! My client (seller) has left their home, moved out of the country. Both 1st and 2nd’s are held by US Bank. The 1st says they will only pay 10% of the 2nd. The 2nd tells me, they MIGHT accept that if the homeowner agrees to pay back the deficit. That’s not going to happen, they moved out of the country and have no intent in paying one more penny.
I told 1st and 2nd they are the same company work with me! The offer is for 147,000. They only owe $124 on first and $20 on the second. But 1st has to have a lien release from the second. What can I do? We are located closest to Columbus, OH. any help would greatly be appreciated. The first has given me until Monday 3/20 to get the 2nd lien release or she will close the file. You can contact me at [email protected]
clarification on my comment, they gave me until Monday 3/29 not 3/20…thanx Deb Green
Deb – ESCALTE – If you need contacts look at the contacts we posted in this blog.
Wish I could see this video. I’m dealing with a sorry US Bank HELOC that has my client literally losing his mind. This is very sad. Never imagined that a bank could be any worse to deal with than the beloved B of A !!
Anyone know who to contact on a short sale in Cape Coral, FL with US Bank?? I think they are in Cinn???? Anyway I have a friend trying to buy the house for 10,000 more then the offer the realtor took after 4 days on the market??? We called and they said too late we have to wait???? Just doesn’t seem right???
Who should I contact at US Bank for a short sale on my 2 year old motorhome?
I owe US Bank $114,000, but I can get only about $75,000 from an RV dealer. I can’t make anymore payments since my income is 1/2 what it was.