Those of us who have short sales as part of our brokerage business can relate to Mike's frustration. Short sales allow distressed sellers to leave their home with dignity, get a fresh start, and avoid foreclosure or bankruptcy. But that's not the reason for banks to streamline the process.
When a bank approves a hsort sale on a non-performing loan, theyliquidate a toxic asset years ahead of time, save on the legal fees related to foreclosure, avoid selling a repossessed property for a far lower price, and avoid the complications related to the robo signing scandal. Simply put, they get more money for their non performing loan, faster. More money faster.
YET- getting a bank like Chase or any other entity to approve a short sale in a reasonable period of time is like wishing for world peace. And they often have to be dragged to the closing table kicking and screaming.
Look, the banks did a fine job of wrecking home values and decimating the economy. They shouldn't complain that they can't get more to pay off these loans. They should devoate triple the resources to getting short sales approved and closed so we can rebuild the housing market.
Cornerstone Business Group, Inc.
P.O. Box 1864
Winchester, VA 22604
December 22, 2011
Mr. James Dimon
Chief Executive Officer
J. P. Morgan Chase
270 Park Avenue, Manhattan,
New York City, New York
Dear Mr. Dimon:
I hope you and your family are preparing for a wonderful holiday celebration. It is a magical time of year. The Christmas season is a time when excitement and hope rise in the hearts of people. The freshness of cool winter air and the sounds of Christmas music abound. Children wait in great anticipation for the 25th to arrive with the promise of presents and family and hours of laughter and fun.
It is so magical, unless of course you’re a J P. Morgan Chase Bank customer waiting on an answer to a short sale. The economy has been good for many in our country. Take your bank for instance. It did receive a $25 billion dollar bailout from the U. S. Treasury. That’s great! No American wants to see a friend, family member or even a business fail. I'm so glad we were able to help you out.
It’s interesting that you said, “JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they? … They approved all these banks. Now they're beating up on everyone, saying look at all these mistakes, and we're going to come and fix it.” Yet, you still accepted a bailout.
Now, I find it fascinating that your customers, who did not receive any kind of bailout, but are just trying to do the best they can to overcome a bad situation, cannot even get a returned call from your employees. The bank who has “plenty of capital” is going to spend 60 - 90 days to determine if a young couple who are in the biggest struggle of their lives can complete a short sale. I find it interesting that your bank, who is government “approved,” spends millions of dollars dragging their names through the mud by posting a second, third and fourth foreclosure notice in the local media. Wouldn’t that money be better spent helping them find a solution rather than simply kicking them to curb?
They just wanted a part of the American dream. And, speaking of the American dream, congratulations on being voted as one of America’s highest paid men in 2006. I bet that was exciting. A salary of $41.2 million probably looks like chump change today, right?
Well, anyway, when you and your family sit down to a grand holiday meal, and you’re toasting your success, your family and your many blessings, please toast the families associated with J. P. Morgan Chase who are explaining to their children why there are no gifts under the tree.
On a side note, could you please get your short sale department a second phone? I noticed that the dozens of calls I make to that department are never answered and always go to voice-mail. It might be good to hire another negotiator or two as well. Since you have “plenty of capital, ” it might also be helpful to have someone return calls periodically. My clients get testy when I can’t answer their questions. It makes me look bad, but don’t fret over me, I do explain to them that your bank doesn’t care about its clients and Chase doesn't bother to communicate with me or anyone.
I realize your family isn’t living under the stress of a soon approaching foreclosure, but millions of Americans are today. When your customers call your bank and your staff acts flippant or demonstrates that they really couldn’t care less about the clients, it does leave a bad taste in your mouth.
I can only hope that someone you love deeply ends up in the same place one day, and in the process calls a bank, just like yours, and receives the same sub-par services that your bank delivers. Have a very Merry Christmas, and hopefully you’ll make that highest paid men list again. Wouldn’t that be special?
Mike Cooper, Broker
Give me a call for all your real estate needs, and let's make something amazing happen.
Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029
Real Estate Sales and Property Management
(Disclaimer: All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment. Feel free to cackle.)