Crazy Credit Unions Play By Different Rules
December 28, 2011 / /
http://shortsalepowerhour.com
Fred and Kevin talk about dealing with credit unions in the short sale process.
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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 sigh under myself every time I speak with a prospect who has their mortgage through a credit union because I know I’m in for a battle. They seem to have this mentality that the borrower is “getting off easy” if the approve a short sale. Instead of thinking in terms of loss mitigation, it almost becomes personal with some the credit union presidents who tend to be the shot callers in these situations.
On one occasion, the decision maker at the credit union actually had a personal relationship with the borrower and would not approve the short sale because he knew how many cars the borrower owned and felt that unless he sold off all of his cars, then he deserves to get foreclosed on. What!? The borrower even agreed to repay a portion of the deficiency in the form of promissory note In the end, the property went to foreclosure what and the borrower then filed for bankruptcy.
I see this mentality a lot with small community banks as well.
I agree with your assessment 100% John! Its a terrible disservice these credit union employees are doing to their “members”