how to negotiate short sale with bank of america
Bank of America Short Sales and Negotiations
Bank of America has been under attack for their slow approval rate in some cases in the eastern part of America. They have reported to of hired 3500 additional personnel to speed up the process and comply with the new Obama short sale guidelines that will come into effect in April 2010.
In many states Bank of America has processed short sales efficiently and without any problems, such as in California. There will be always locations that have problems due to different loss and mitigation officers and their guidelines. This article is aimed to show a simple way to comply with Bank of America, both efficiently and quickly.
Preparing the Home for Listing on a Short Sale
One of Bank of America's requirements is that the owner of the property must contact the Workout/Hope center to discuss modification of the loan first. The owner of the property needs to prove that they tried to negotiate a reduction in interest terms prior to beginning the short sale process. The telephone number for the HUD center is 1-800-669-0102.
read more: http://www.suite101.com/content/bank-of-america-short-sales-and-negotiations-a200826
Bank of America - Short sale with collectible Debt
Hi,
Home in VA, served as my primary residence for 2 out of last 4 years. $333k owed on primary loan with BofA (Bank of America) $110k owned on secondary which is a heloc with BofA
I have got a very good contract for short sale that has been presented to the bank. Contract price is $401k. Primary/First trust gets fully paid off. The second (heloc) gets $39k.
I was excited that this would be slam dunk but BofA has come up with the following on acceptance letter from the second:
"BofA accepts the short-sale with $39k. The bank will release the lien and charge off the remaining debt as collectible balance. Our recovery dept will be in contact with you to collect this balance. Will report the account to credit bureau as "charged off" with remaining balance showed as owed to BofA"
read more: http://www.loansafe.org/forum/short-sale-outpost/4932-bank-america-short-sale-collectible-debt.html
Negotiating a Short Sale with Bank of America 2nd Mortgage
So the short sale package is submitted and now it’s time for negotiating the short sale with Bank of America. I finally get a loss mitigator assigned to me and she said that if I ever need to call her, call the main number and have them IM her so she can get on the call because she works remotely.
I’ve done this many times and have had to argue with the customer servicer person to IM her now. A lot of them refused at first and then they eventually do it. Why is it soooo hard for them to do something so simple? Then I finally get my loss mitigator on the phone. She looks over the numbers and said the appraisal came back higher and they will not negotiate the short sale….WHAT?!?!?
They are in 2nd position which means they will get wiped out if it gets to foreclosure and they get NOTHING! With dealing with Bank of America, they really don’t care about their customers. I’ve gotten feedback from other people who worked on short sale with Bank of America and they have the same problems. Bank of America doesn’t care if the property goes into foreclosure. We try to save people from foreclosure but Bank of America really doesn’t care.
read more : http://www.examiner.com/real-estate-in-seattle/negotiating-a-short-sale-with-bank-of-america-2nd-mortgage
