Banks Have No Control Over Collections Process

Having wored on numerous short sales, I have often wondered about the banks’ apparent lack of control over collection policies. This is especially true if the loan is a subordinate lien. The demands made of the sellers by these second liens are far beyond reasonable, even more so if the subordinate lien has already been charged off. Once a third party company takes over a loan, the treatment of the seller and the short sale process in general is horrific. Then it becomes magnified, because the third party company blames the bank for the ‘required’ unreasonable demands but the bank will say they no longer have any interest or authority over the file. So if neither company will claim a primary interest in the file, then who is responsible for all the required demands on the seller? Clearly somebody has an interest in the file. As awful as all of this may be, the following story Bank Screws Even Ex-Employees Of 21 Years On Mortgages reveals not only how heartless banks can be but also the lack of control over the collections process in general.

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