M&T Bank
I've got an interesting short sale going with M&T Bank. I'm wondering if anybody has had any experience with them?
The loan was a construction loan and the amt is 460K. The borrower hasnt made a payment since May. He has not yet received a Notice of Default.
I have called their corporate headquarters and had a long conversation with a loss mit rep who could not find any evidence of the loan number in their system. I have a copy of the promissory note which cleary states the loan number, borrower name and tax id number, account number, property address etc..and I faxed it to the rep. She verified the loan as legitimate but cannot locate it in their system.
She referred me to the Sr. Vice President of the Oregon Region who stated two weeks ago that he would take 450K inclusive of all fees and late payments. This particular home is an area that is overrun with overpriced homes that are all reverting at auction in the 350K price range and less...nobody is buying these things.
Today, he is still stuck at 450K and said he would rather foreclose than go lower than 450K. His office and employees are the ones who brokered the loan...I see a conflict of interest here if he is truly the decision maker on the short sale. I sense he does not want it to get out that he's got a loan in default...as it will look very bad to corporate. I don't see how he can still be at 450K when the stock market is at 8500 when he was at 450K when the market was at 14,000...it just doesn't seem like he is truly the decision maker on the file.
I have a cash offer at 315K, proof of funds, comparables, reverted auction results..the works...and i'm getting nowhere.
Any thoughts on this? Any experience with M&T?
Thanks in advance.