I would like to share with my experience with regards to short sales with San Diego Country Credit Union. If you have a loan with them I’m just going to tell you right now they have become tougher than ever to deal with. The reason behind all of this is mostly because of the fact that when we are doing short sales with large banks such as Bank of America, Wells or Chase, many times they do not own the loans and they are simply servicing them for other investors.
When it comes to smaller credit unions they are the ones that actually own the loans. So in respect to that sometimes they take things personally when a it comes to a homeowner who does want to do a short sale. They don’t always look at the dollar and sense benefit of doing a short sale versus a foreclosure and we are finding right now that they are forcing a lot of people to go to foreclosure instead of allowing them to do a short sale.
I’ve actually had direct communications with the CEO of the San Diego Credit Union and ask them why are they forcing certain homeowners to go foreclosure and not allow them to do a short sale even though it’s in the best interest of the bank they are going to receive more money through that process. And their only simple answer to that is simply that it’s a case by case basis and that there is no formulas that they are willing reveal of share with me.
We recently had a couple of clients who have very legitimate hardships so much that they actually qualify for bankruptcy that they had moved out of the property, that could not live there any further, that they have negative income on a monthly basis. And for some reason or another, San Diego Credit Union has stated they would take them to foreclosure than would allow a short sale.
I don’t understand the process in all of this and why they’re taking this particular stand. It could be because of the market conditions or they’re simple not allowing people to do what are called strategic short sales but nonetheless they are very difficult to deal with than they are much more have in the previous years.
We are still getting some short sales done with them but a lot of our clients right now are getting initially declined. So we kinda have to go through the process and testing out and determine if they are able to do it or not. I personally would not want to work the Bank on a personal level that takes that stand and actually forces people to foreclosure. That is one reason I will never bank with San Diego Country Credit Union but it’s up to you if you want to work with them but if you do have a loan with them and are considering a short sale , I highly advice to you give me a call and talk about what’s currently going on with them and some of the changes that they are making, what the likelihood of being able to have a short sale done with them.
Thank You very much for listening to my presentation: Do You Have A Loan With San Diego County Credit Union?