Another local home-grown BULLY BANK

Okay-- I have to vent. TCF come on! I understand that you are a big "little" bank. I understand you're no Bank of America, Wells Fargo or Citi and that you can't absorb losses like those monstrousities can. But that gives you no excuse to be foolish.

Sometimes, taking a small loss upfront beats the HUGE loss you will be taking later.

Let's talk specifics. I have a client. He has two mortgages. TCF holds the second mortgage for $60,000. This client is in foreclosure. He hasn't worked a steady job in a year and a half... and he's single.

Being the proactive, smart guy that he is, my client decided to attempt to short sale his home. We work hard-- we get an offer in the $120,000 range. The first mortgage company allows TCF $3000.

TCF is not satisified with $3000. They want more (don't we all want more--- I do!). So the ask for $10,000 from my seller at closing (CASH, $10,000 from a guy who isn't working!!) and a promissory note to repay the $60,000 loan in its entirity.

So what happens? Well, the client can't come up with $10,000. He offers to bring ALL he can to closing (about $400) and I offer to reduce my commission by $1000 to help. TCF still say no.

The deal is off... the first mortgage will foreclose and take the house. TCF will not get $3000. They will have to persue the client personally for whatever they can get.

But guess what--- the client doesn't have money, you took his last asset. So maybe bankruptcy?

TCF! You could have taken $4400. But you chose door number 2 instead--- you now get NOTHING!

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