Mortgage loan forgiveness is for real and it is here. How? Back in the spring of 2012, federal banking regulators settled with 14 major mortgage servicers over alleged foreclosure abuses to the tune of $25 Billion. Among the 14, included industry leaders such as Bank of America, JPMorgan Chase, Citibank and Wells Fargo. Now, homeowners are opening letters from these companies and nearly fainting when they read the substance of the letter which describes complete mortgage loan forgiveness. Here's … [Read more...]
Value Disputes and Bank of America Short Sales
May 22, 2012 By Leave a Comment
Value Disputes and Bank of America Short SalesIf you have completed more than a handful of short sales, then you have likely have been involved in a value dispute with the short sale lender. During the course of the short sale, the short sale lender sends out another Broker to complete a Broker Price Opinion (BPO) for the short sale listing. The bank then, in most cases, bases their price on the value stipulated in the BPO. However, often times, there is a discrepancy between the value … [Read more...]
Changes at Bank of America With Short Sales
April 17, 2012 By Leave a Comment
Changes at Bank of America With Short SalesAs of April 13th 2012 Bank of America made a few major changes that may make our short sale processing times more efficient. The goal of these changes is to make short sale processing through Equator (the Internet-based platform) at Bank of America so efficient that short sale approval can be received in less than one month.First off, Bank of America will require their new third party authorization for all short sales being processed through … [Read more...]
Distressed Borrower Programs The Current Scoup
April 3, 2012 By Leave a Comment
Distressed Borrower Programs The Current Scoup Bank of America Offers Principal Reductions Up to $100,000 According to the Los Angeles Times, these principal reductions will be made on loans that were originated by Countrywide Financial and packaged into securities. Bank of America acquired Countrywide in 2008, along with their good and bad assets. According to Reuters, qualified borrowers are expected to receive principal reductions averaging over $100,000. Those receiving the reductions … [Read more...]
Short Sales: Test and Learn, and Pay
October 27, 2011 By Leave a Comment
Bank of America is trying to get the short sale ball rolling even faster in hard-hit Florida. That state is prime location for short sales considering how insane the foreclosure rate is there. So they're trying to pay out actual cash for successful short sales.Read the full post here... … [Read more...]
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