Bank Of America - Collections Required on Short Sale Spread - 07/17/09 02:25 PM
We currently have three short sales with BofA (not countrywide).  They just started requiring the homeowner to call in to verbally agree to either a 1099 or agree to a collections settlement before the lender would accept the short sale.
Now, this is where the confusion comes in!
Our clients got three different outcomes from three different people they spoke to.  As did we.  One said they had a choice of either a 1099 or collection of the difference - not a promissory note but from the collection department.  One said a 1099 or a promissory note.  One said they had to agree that … (7 comments)

 
Jim_003 Rainmaker_large

Jim McNinch Short Sale Specialist Houston TX, Spring TX, Woodlands TX

Spring, TX

More about me…

Trademark Loss Mitigation

Address: PO Box 1998, Spring, TX, 77383

Office Phone: (281) 376-5812

Cell Phone: (832) 330-4588

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog

Find TX real estate agents and Spring real estate on ActiveRain.