LogFAQs > #935846822

This situation and response by the bank is pretty standard. Everyone on this thread is acting like Phil is in a bad way....no the bank is the one in the bad way right now.
As soon as Phil started the process for filing, the bank cannot move forward. They aren't even allowed to contact him.
THeir biggest concern right now is minimizing the amount of money they are going to lose. No matter what, the bank loses.
The first thing they need to do is secure the unit. Most likely its been unoccupied for a while. They need to figure out what repairs need to be done and they need to get this onto the market ASAP.
What they don't want is for this condo to rot from the inside out.
This doesn't really have anything to do with getting money out of Phil because...they just simply are never going to get the money they are owed out of him.
Its all about limiting their losses.