bank of america: Bank of America to Pay Fannie Mae $11 Billion
- 01/08/13 02:08 AM
The top four banking giants might soon dwindle to three if this keeps up. The bank settlements for improper foreclosure procedures / robosigning was part of the excitement in the banking industry on Monday, but Bank of America still leads the way with its $11 billion settlement with Fannie Mae. To pay the bill, Bank of America has been releasing servicing like crazy -- to do a service release means to sell the rights to service a loan to another entity -- sometimes right in the middle of a short sale. By dumping mortgages left and right, Bank of America is … (2 comments)
bank of america: Should a Buyer Sue the Bank for Rejecting a Cooperative Short Sale?
- 11/13/12 11:12 PM
The thing about a Sacramento short sale is the fun never stops and the stupidity only gets "stupid-er" as time goes on. The dumbest thing I heard this week -- and this is only Wednesday, so it's possible I could hear something even dumber before the week is over, in fact, I can almost guarantee it -- is a short sale buyer wants to sue Fannie Mae for rejecting a short sale. And probably Bank of America, too. Because Bank of America had preapproved a Cooperative Short Sale and then was fired by Fannie Mae. Because Fannie Mae was the investor … (7 comments)
bank of america: How About This Slogan for JPMorgan Chase?
- 05/15/12 12:07 AM
How did Jamie Dimon, the chairman and CEO of JPMorgan Chase, manage to lose $2 billion? You might ask why did the buyers of a Sacramento short sale cancel yesterday? Or, how did a Rocklin short sale go into escrow the day it came on the market? Why do people always want to know the why when the facts often speak for themselves. The "why" doesn't change the facts. It won't rewind the clock. I had agents yesterday begging me to call them back and explain why a short sale was no longer available. It was no longer available because it … (8 comments)
bank of america: Bank of America Offering Principal Balance Reduction Through National Mortgage Settlement
- 03/17/12 02:02 AM
Remember how yesterday I was joking? Saying stuff like we'll see principal mortgage reductions when June dumps Ward for Eddie Haskell? Good thing I didn't offer to eat my shoe. Because, out of the clear blue sky yesterday, my managing broker sent me a letter from Bank of America to a borrower in response to the National Mortgage Settlement. This is the historic $25 billion settlement that 49 state attorneys general reached with the top 5 major banks. Bank of America is taking the lead. Whether your loan qualifies is pretty unclear, but this particular Bank of America borrower is receiving … (6 comments)
bank of america: Marketing a Short Sale is to Walk That Fine Line Between BPO Agent and Home Buyer
- 11/03/11 03:35 AM
Marketing a short sale in Sacramento is different than marketing a home that is not a short sale. The reason is a home that is not a short sale is an attractive option to almost 100% of the buying public. Not everybody wants to buy a short sale. The number of buyers who will consider buying a short sale dramatically dwindle when compared to the number of all home buyers. Price is typically what drives a short sale. Banks will give a discount because a buyer needs an incentive to go through short sale sale hell. It is hell. No way … (3 comments)
bank of america: Bank of America Short Sales and Equator Have a Gaping Hole in the System
- 04/14/11 03:25 AM
You'd think I would be happy that the Feds have reached initial agreements with some of the big banks over this foreclosure mess, but in many ways it's like the foxes guarding the hen house. So much of it is political bones thrown at starving dogs. The government doesn't do enough and everybody knows it and doesn't care. One of the settlements is the banks have to promise not to move forward on a foreclosure after granting a loan modification. That didn't seem to be the problem. The problem is banks are promising temporary loan modifications yet refusing to put these … (8 comments)
bank of america: Another Wildhawk Short Sale in Sacramento Zipped Into Escrow
- 10/19/10 04:16 AM
Are you kidding me? Bank of America called off the halt to foreclosures yesterday, saying it could find not one single example of wrongdoing on the part of any of its employees. It said it has examined every single foreclosure filing and found them all to be pristine and perfect. Oh, give me a break. Bank of America couldn't find its way out a paper bag with 2 flashlights. You expect me to believe that while it struggles to close short sales in a timely manner -- I'm sorry our negotiator left the company -- we can't find that file -- … (5 comments)
bank of america: Here's What CitiMortgage Short Sales Have in Common With an Airline
- 10/07/10 03:47 AM
It seems that every business is always trying to find a way to make a buck. One of the ways to make a buck is to maximize profit -- increase the amount of money that's already pouring into a business. For example, let's say you sell pencils for $1.00 each. If you increase that price to $1.01 and sell 50 million pencils a year, you've made an extra $500,000. But if you break that pencil in half and package it as 2 pencils at $1.25 per package, you've pumped another $1,250,000 into your business. Don't get me wrong, I'm not against … (17 comments)
bank of america: I Never Thought I'd Say I Love, Love, Love Bank of America Short Sales
- 06/12/10 03:20 AM
I am finally cleaning out my old Bank of America short sales. Believe it or not, I have several Bank of America short sales that I've been working on since early spring 2009, and they are finally closing in June of 2010. These are files in which I've sold a short sale twice or more due to delays from the bank, which was the old way of dealing with Bank of America. In the old days, the bank used to say if the short sale goes to foreclosure, it goes to foreclosure. Today, Bank of America says let's do that short … (88 comments)
bank of america: If Banks Make More Money on Foreclosures than Short Sales, Why Am I Closing So Many Sacramento Short Sales?
- 11/08/09 01:25 AM
A fellow blogger and agent on Active Rain, Pacita Dimacali, wrote a piece that included links which substantiate the theory that banks make more money on foreclosures than short sales. Pacita works in Alameda, about 90 minutes away from me in Sacramento, and she is also a contributor to my book, The Short Sale Savior. Pacita knows her stuff. If the federal government is subsidizing lossses suffered by banks through foreclosure, it would appear that banks such as Bank of America, Wells Fargo and CitiMortgage have very little incentive to do a short sale. Yet, month after month, those same banks … (10 comments)
bank of america: Wells Fargo Sent a Sacramento Short Sale to the Auction Block While in Escrow
- 10/31/09 01:51 AM
Ever since I lost a short sale to the auction block in 2006, I've been trying to keep tabs on the foreclosure activity regarding my Sacramento short sales. On that particular transaction, we were in the middle of negotiations with Bank of America when the next thing I knew, an agent called to say he had just listed that home in Land Park as an REO. Apparently, the loss mitigation department had not been communicating with Bank of America's foreclosure department. But sometimes negotiators simply close out files and don't inform the agents. My first clue that something was amiss was … (16 comments)
bank of america: The Secret to Knowing The Sales Price a Short Sale Bank Will Approve
- 10/23/09 02:09 AM
Short sale buyer's agents in Sacramento are wising up and asking more questions upfront about my listings before showing them to a buyer, but I still get the goofy questions about homes that are new to the market such as: Is this short sale approved by the bank? Some banks such as Wachovia and Wells Fargo are putting systems in place to preapprove the sales price but most banks do not. It takes an offer from a qualified buyer to get a response. I've had only one bank this year tell me that the price on my Sacramento short sale wasn't … (33 comments)
bank of america: Your Sacramento Short Sale Home is Vulnerable to Vandalism if it's Vacant or Abandoned
- 10/17/09 02:20 AM
There is always a good reason to do a final walk-through before closing escrow. Especially when you're buying a Sacramento short sale home that is vacant. Plus, some banks won't approve short sales if a home has been abandoned. In one instance, I had a Sacramento short sale that was approved by the first lender but the second lender submitted a condition for approval. The bank said the home must be occupied by the seller. The seller had moved a couple of miles away and refused to move back into the home, not even for 30 days so it could close. … (11 comments)
bank of america: Not Every Short Sale Bank Will Pay the Buyer's Closing Costs
- 10/02/09 02:39 AM
Because it's generally the investors who call the shots and not the short sale bank, some of my Sacramento short sale listings are not available to buyers who need their closing costs paid. A Bank of America short sale was verbally approved by the negotiator last week at the price submitted by the buyer, but the bank refused to credit the buyer 3% for closing costs. We had room in the price to raise it. It would still appraise at the higher price. Almost all of my Sacramento short sale listings are priced below market and receive multiple offers, which drive … (8 comments)
bank of america: The Perfect Storm for Sacramento Short Sale Sellers
- 09/18/09 02:03 AM
Wells Fargo approved another short sale yesterday for an Elk Grove seller. The negotiator was a chatty guy out of South Carolina who used to live in Sacramento -- on one of the "fish streets" in Rosemont. Very nice guy. I'd like to go on the record as saying that not every negotiator who works for a short sale bank is an evil troll. In this situation, the seller had tried, unsuccessfully on two separate occasions -- one of which was in the middle of our active short contingent status -- to do a loan modification. He was current on his … (12 comments)
bank of america: What Can You Tell Me About That Sacramento Short Sale Home?
- 06/11/09 03:17 AM
Buyer calls about Sacramento short sale homes, I can understand. After all, not every website where buyers find property specify that the listing is a short sale, much less whether it's an active contingent (meaning there are one or more offers with at least one accepted) short sale. And, sometimes buyers just call me from the sign in the yard. But the calls from agents astound me because those agents have access to MLS. I presume they can read. I realize some Sacramento short sales can fall apart if a buyer walks away at short sale approval. Some get tired of … (12 comments)
bank of america: You May As Well Prepare For a Delayed Escrow Closing in Sacramento
- 06/10/09 01:59 AM
I like to tell my clients that we shouldn't cross bridges twice, but sometimes, you've got to. Part of the service I provide for my clients is to anticipate problems before they happen and try to head them off at the pass. There are situations, though, over which I have no control. And that means preparing for the worst and hoping for the best. One of my clients, whom I cherish to pieces partly because his mind operates the same way as mine, can work himself into a lather. He's very analytical, always questioning why people do the things that they … (10 comments)
bank of america: Beware of Dealing With Bank of America on a Short Sale
- 05/20/09 02:21 AM
I can't think of any worse combination of lenders to be dealing with on a Sacramento short sale than having a first with Countrywide and a second loan with Bank of America. (Unless it's Bank of America on the first and Countrywide on the second.) No matter how you look at it, it's double hell. A short sale transaction I'm working on right now has that "winning" combination. Although both lenders are technically Bank of America, the second lender wants 5% from the first. On top of that, Countrywide wants a $5,000 cash payment from the seller, which the seller has … (20 comments)
bank of america: How Many Borrowers Will Choose Bank of America's Rescue Plan Over a Short Sale Attempt?
- 10/07/08 03:33 PM
Thanks to California Attorney General Jerry Brown, an agreement has been reached with Countrywide's parent Bank of America to rescue an estimated 125,000 Californians from foreclosure. The terms are narrow, targeting owner occupants who took out from Countrywide Option ARM or subprime mortgages from 2004 through 2007, with a few provisions tossed in to assist homeowners with prime and Alt-A loans. Starting December 1, apart from freezing foreclosures, Bank of America has agreed to waive prepayment penalties and late fees, plus offer to some ARM holders interest rates as low a 3.5% on a new refinance at 95% of loan-to-value, … (64 comments)
bank of america: Bank of America Messed Up the Short Sale Approval But We CLOSED
- 03/31/08 01:36 PM
I swear, some transactions just come in under the wire. No matter how many precautions you take, and no matter how many times you try to anticipate what could go wrong and fix it before it does, something always happens. After finally receiving the short-sale approval letter, I sent it to escrow on Monday and asked them to immediately check the payoff numbers against the HUD-1. By Wednesday, when the buyer apparently went in to sign loan docs, that's when I heard back from escrow. The word was the payoff was $2,000 short. You know where I'm going with this, right? Because … (17 comments)
Broker-Associate at RE/MAX Gold, Midtown and Sierra Oaks Sacramento office. Co-partner Weintraub & Wallace Realtors. Selling since 1974. Homebuying expert at The Balance. Weintraub & Wallace sells homes from Galt to Lincoln. <
Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying expert for The Balance, a Land Park resident, who specializes not only in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento but sells extensively from Elk Grove to Lincoln. Weintraub is prominently known as the #1 Sacramento Short Sale agent throughout the Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 40+ years of real estate experience to work for you.
The top four banking giants might soon dwindle to three if this keeps up. The bank settlements for improper foreclosure procedures / robosigning was part of the excitement in the banking industry on Monday, but Bank of America still leads the way with its $11 billion settlement with Fannie Mae. To pay the bill, Bank of America has been releasing servicing like crazy -- to do a service release means to sell the rights to service a loan to another entity -- sometimes right in the middle of a short sale. By dumping mortgages left and right, Bank of America is … (2 comments)
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