Released on: December 25, 2007, 8:45 pm

Press Release Author: Mia Lutz

Industry: Real Estate

Press Release Summary: \"Say No To The Bank\" is a company devoted to educating
Homeowners and Realtors through the foreclosure and Short Sale process. In our day
to day negotiations with banks and conversations with the homeowners we encounter
many stories and experiences that merit a sounding board for all to review.

Press Release Body: Elsa & her Husband Efrain were happy to get an offer on their
investment property, they were getting nervous since the foreclosure was scheduled
just a couple of weeks away. After waiting for eight (8) weeks they finally got the
short sale approved with Chase Home Loans. The offer was for $195,000 with a net to
the bank of $168,301 and closing to be within two (2) weeks.

The buyer was excited to finally get the process going and get a mortgage. Since
there was no guarantee that the short sale would be approved, the buyer was waiting
on the approval before ordering the appraisal, which was required by the lender.

After submitting the appraisal to the lender, the buyer was informed that it would
be about (ten) 10 days for a clear to close. The only challenge was that the
foreclosure date was just a few days before the closing.

After pleading our case to the negotiator and the Attorney for Chase and requesting
just a few more days to close on this property, we were turned down. Our calls to
supervisors and higher ups went unanswered and the property went up for sale on
September 26, 2007 .Ultimately the bank took back the property after no bids were
made.

As of today the home is listed for $177,000 with $1,500 incentive to the selling
agent, $5,000 to buyer towards closing cost and a $5,500 credit to the buyer for
repairs. Add another $10,620 for the Realtors commission, $1,239 for doc stamps and
$3,667.00 in taxes. This would make the net to the bank $149,974 which is $18,327
less than what they would have netted with the Short Sale, not to mention the cost
to foreclose on the property. Now Chase, I ask you: Do your investors know how
logical and fair this offer was? After all a non performing asset on the books
really is an ass in the way.

Mia Lutz & Luz De La Cruz of Say No To The Bank, are devoted to educating Homeowners
and Realtors through the foreclosure and Short Sale process. They are aggressive
negotiators seeking to assist Homeowners with avoiding foreclosure. They can be
reached at 866-55-Say-No 561-447-0013
You can read more of their stories on their blog at www.lenderhallofshame.blogspot.com


Web Site: http://www.lenderhallofshame.blogspot.com

Contact Details: Say No To The Bank
131 NE !st Avenue, Suite #101
Boca Raton, FL 22323
866-55-Say-No
561-447-0013