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Are Realtor Class Actions Against Servicers Next On The List?

Are Realtor Class Actions Against Servicers Next On The List?

“Even the processor at the lender – Flagstar Bank – she thought, ‘Hey, you got an offer full price, we’ll get the foreclosure stopped; we’ll make it go away; we’ll have a sale.’ She calls me back and says, ‘sorry.’”

Realtor, home seller baffled when bank rejects its own offer

By Dan Tilkin KATU News and KATU.com Staff

Story Published: Feb 5, 2011 at 12:57 AM PST Story Updated: Feb 5, 2011 at 1:21 AM PST

VANCOUVER, Wash. – Stacy Baker fought for two years to sell her father’s house and to keep it from being auctioned off, but lost the fight even after her real estate agent said an offer was made to the bank that met its own conditions.

Baker’s father was 61 when he succumbed to complications from a heart transplant, and she said her father probably realized “it was the wrong decision after he bought it.”

Baker’s real estate agent, Aaron Signor, first tried to sell the house for about what was owed, but at $179,000 it didn’t sell. Over the following months, they lowered the price and got an offer at $134,000.

But Flagstar Bank, which services the mortgage on the house, rejected the offer, saying the house was worth $150,000.

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