watkinsville preforeclosure: Bank of America short sales approved!
- 05/04/10 05:33 AM
Bank of America has been one of the most difficult banks to work with on short sales. Their representatives say it's because they have so many requests and that's probably true. However, I must say that my recent experience with Bank of America short sales has been great! I submitted offers on 2 properties about 6 weeks ago and received approval last week. They are using a new process through equator.com where agent upload all required documents (financial statement, bank statements, tax returns, offer... and more). As each step is completed, the agent is notified and sent an e-mail as the … (2 comments)
watkinsville preforeclosure: Interesting facts about Foreclosure vs. Short Sale
- 03/08/10 06:56 AM
APPLYING FOR A NEW LOAN: For future loans, some lenders will not approve a loan for homeowner who loses a home to foreclosure for 5 years. With a short sale, a homeowner may be eligible for a new loan in 2 years. CREDIT SCORE: Credit score may be lowered from 250 to more than 300 points with a foreclosure. Only late payments on mortgages will show, and after sale, mortgage is normally reported as "paid as agreed", "paid as negotiated", or "settled". This can lower the score as little as 50 points if all other payments are being made. A short sale's effect … (2 comments)
watkinsville preforeclosure: Treasury sets guidance to simplify "short sales"
- 12/01/09 06:20 AM
This is a part of an article just out today on requirements for banks to speed up the short sale process. When buyers are made to wait 2 or 3 months to find out if their offer will be accepted, it makes it difficult to hold out for the final approval. It looks like help is on the way... NEW YORK (Reuters) - The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program … (0 comments)
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You will be able to search by area, price range, number of bedrooms, etc.
Bank of America has been one of the most difficult banks to work with on short sales. Their representatives say it's because they have so many requests and that's probably true. However, I must say that my recent experience with Bank of America short sales has been great! I submitted offers on 2 properties about 6 weeks ago and received approval last week. 
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