Comments on: Sarasota Real Estate – Bank Forecloses & Loses Additional $65,000-Part 2!

By: Isabella

Isabella — Sun, 15 May 2011 03:52:52 +0000

I just encountered recently a very unpleasant experience with that D. Jennings from Virtual/Lydian Bank. The guy insulted me, made fun of me and kicked me out of his office. ( I have witnesses)
He ignored an all cash offer WAY ABOVE market value which would have provided all the money he wants. Now. He demands the money from me, the seller ” or else”….foreclosure !
He basically knew nothing about my distressed situation, and could care less.
Now that the CEO of Lydian is gone, I pray Jennings will follow quickly through the most direct ( and widest ) exit door. Stay tuned, that bank will go down soon.
He is just a Bank puppet who hates his job.

By: Sarasota Realtor

Sarasota Realtor — Fri, 04 Mar 2011 00:03:09 +0000

I’m sorry to hear of your horrible experience, John. Apparently, Virtual Bank’s owners/investors are OKAY with Mr. Jennings causing them to LOSE $100s of $1000s. On one short sale where I encountered Mr. Jennings and Dan Downing, both behaved more poorly than on any other short sale (over 100) that I’ve been involved.

When Virtual Bank demanded unrealistic terms, SELLER simply filed for bankruptcy and forced Virtual Bank to EAT about $80,000 MORE than if it had approved the short sale. I guess Virtual Bank’s owners/investors are OKAY with its employees losing its money.

I never will work with Virtual Bank or Lydian Bank ever again. Not long ago, a good friend worth A LOT of money to invest asked me if I knew anything about Lydian Bank. I shared my experience and he chose not to place his money or trust in Lydian. Word travels pretty fast today.

You see, Mr. Jennings and Mr. Downing have every right to reject a short sale, even if rejection appears to HURT the bank. What I NEVER will forget or forgive is the UNPROFESSIONAL MANNER in which Mr. Jennings and Mr. Downing behaved. I have written proof of what I’m saying. Perhaps some day Virtual Bank’s owners will stumble across this webpage and read how its bank’s name is being defined for people throughout the world.

Good luck to you, John.

By: John

John — Thu, 03 Mar 2011 23:24:59 +0000

Wow!!! I type in Doug Jennings Virtual Bank and here we are!! I can’t even sum up my experience with Mrs. Jennings, not enough time in the day! This man is a class act scum bag, A-Hole to say the least!! Dealing with Virtual bank on my short sale was never a problem, until getting Miss Jennings on the line.

I find it hard to believe that anyone has ever had a reasonable experience with this idiot!

By: Sarasota Realtor

Sarasota Realtor — Thu, 23 Sep 2010 19:54:16 +0000

Excellent! Thanks, Dennis, for reporting such good news. Hopefully, your end result will encourage others with mortgages owned or serviced by Virtual Bank.

Mike

By: Dennis Serrao

Dennis Serrao — Thu, 23 Sep 2010 18:54:06 +0000

As it turns out Mr. Jennings actually did a very good job meeting our needs and was very reasonable today when we spoke. I think the main thing we need to all remember is that short sales are like fingerprints, no two are exactly the same. Keep your chins up and continue trying to help your clients. thanks for the networking.

By: Sarasota Realtor

Sarasota Realtor — Wed, 22 Sep 2010 22:49:03 +0000

Thanks, Dennis, for commenting. In California, you have different foreclosure laws…correct? Do you have a non-recourse purchase money mortgage? Am I hearing correctly that many CA attorneys advise borrowers to let the house go back to the bank?

Regarding Virtual Bank & Mr. Jennings, I realize Virtual Bank (or any other bank) is under no obligation to consider short sales or forgive debt.

However, it’s Mr. Jennings’ demeanor that confuses me. To be a debt collector, a person doesn’t have to be an A-Hole. Mr. Jennings’ unprofessional manner exceeds even that of a typical debt collector’s threatening, abrasive & unprofessional demeanor. I have to face many debt collectors (even the NCO Financials of the world). Mr. Jennings personally attacks, even 3rd parties like me who are trying to help mitigate further loss for a debt owner.

Perhaps Mr. Jennings and Virtual Bank have discovered a way to benefit its shareholders by rejecting FMV offers, only to allow properties to plummet an additional $50,000 in value as the borrower discharges debt in BK. Are there more “sweetheart” taxpayer bailouts giving more money to Virtual Bank, et al of which we taxpayers are not aware? Or has Virtual Bank chosen to play hardball, hoping borrowers will not BK the debt away?

I don’t know. I don’t pretend to know the banking business.

What I do know is that if I encounter another Virtual Bank mortgage, I will excuse myself from a listing & strongly urge the borrower to seek an attorney’s help even quicker than I normally do.

I wish you well, Dennis. Please update me. I hope your situation works out for you.

Mike

P.S. Since this post published, I have heard from more than 20 people sharing a similar experience with Mr. Jennings. It was not the bank’s position that most angered people; it was Mr. Jennings’ alleged (unprofessional) behavior that upset people. Unfortunately, many people choose not to put their honest (non libelous or non slanderous) experience in writing. Good luck.

By: Dennis Serrao

Dennis Serrao — Wed, 22 Sep 2010 20:35:52 +0000

Your post caught my eye as I currently have a short sale “ABOVE” fair market value here in California with none other than Mr. Douglas Jennings and he is refusing to budge wanting 200k up and beyond the buyers offer which as I mentioned is already above fair market???

By: sarasotarealtor

sarasotarealtor — Fri, 02 Jul 2010 19:05:11 +0000

I’m sorry, Nasan, to hear of your aunt’s struggles…especially with Virtual Bank. Of course, what other behavior should a person expect from Mr. Jennings, a debt collector? He appears to behave just as ALL other debt collectors behave.

Does your aunt have an attorney? If not, she should get an attorney immediately. Tell me where she lives, and I’ll try to point her toward an INFORMED real estate attorney in her area. Before she pays a penny, she should talk with an attorney.

She certainly can (and should) file complaints with the FTC (Federal Trade Commission) to start. However, before she files complaint, she needs to save her home and not just hand over money.

BTW, foreclosure in Florida (if your aunt is in Florida) takes time – it’s not as simple as a “city inspector” showing up at her door. Did he really say “city inspector?” In Florida AFTER foreclosure, there’s still an eviction process to get tenants out.

It’s not just a knock at the door and you’re out.

Thank you for sharing, Nasan. I hope your aunt is able to save her home.

Mike

By: Nasan

Nasan — Fri, 02 Jul 2010 18:45:43 +0000

My aunt is having a same trouble with Virtual Bank and Mr. Doug Jennings far less then professional behavior. She could not sell her property short sell and is very frustrated with her lender. They are constantly harrasing her, even at work, to the point that her boss picked up the phone and told them not to bother his employees during work hours with personal matters. Even then, they kept calling her with bloked number. She now wants to re-instate her loan and pay up her payments. They told her that they’ll waive her late fees if she pays right away. They did not give her couple hours to transfer her money between her accounts. When she called the next day, they added 4-5 thousand dollars as late fees and attorney fees. If she doesn’t pay that, Mr. Jennings told her that she’ll see a city inspector at her door in 2 hrs. Not sure if thats a threat or just moking her. Do you know where we can file a complaint about these people? I think my aunt needs a long time therapy after this process.