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Bank of America to take a more rational approach to short sales?

If you have ever dealt with Bank of America you know they play hardball... they either received 10% of the amount of the loan they hold in second lien position or no deal at all.
I don't have data, but I can only imagine how many homes have foreclosed because the lender in the first position did not pay the (high) 10% Bank of America demanded and Bank of America just refused to release the mortgage and note.
A Bank of America Spokesperson said that Bank of America is not taking a more "rational" approach and they will now accept 5% of the NET SALES price (much more than 10% of the loan amount in most cases) in order for the short sale to go through.*

No help at all... on the contrary.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Posted by Patty DaSilva, CDPE©- Certified Short Sale Expert- e-PRO®- Ft Lauderdale on 04/28/2009 09:05 PM

Comments (2)

Short Sales in the Home Selling Channel

bank of america short sales

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2 Comments on Bank of America to take a more rational approach to short sales?

APR

Patty- As a short sale buyer I have seen all kinds of wierd math and bad logic.

Hi Kevin,

I bet we would have a great time exchanging stories!! As a listing agent, my mouth drops on the floor the things I see and hear coming out from the lenders.

Half of what the lenders do make no sense at all, even hurting their pockets on the way. The lenders can be quite close minded sometimes.

But one thing I am not.. bored. Everyday is a new challenge, a new rule, a new guideline.....

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