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Halt on Foreclosures by Bank of America, Does this help short sales?

By
Real Estate Broker/Owner with Utah Realty 5451933-PB00

Last Month Bank of America and the Equator system foreclosed around one of their own approved short sales? 

Thats right! Approved a short sale then foreclosed. I might add the the fact they did not follow the proper notice of trustee sale protocol for Utah. The property has remained in the name of Seller to date. However we cannot process the buyer who was approved months ago now. (Taken off Equator) So this home just sits in limbo unattended, unoccupied, getting weeds and looking bad. 

The banks are real good at calling past due homeowners daily. But just getting a short sale processed seems to be a real trauma for them.  Again the mortgage monster is missing the connection between the left arm of loss mitigation and the right arm of the foreclosure department. 

I seriously doubt halting foreclosures will fix this problem.  We can only hope.  The secondary investors must be scratching there heads?

Comments (1)

Justin Duh
Aero City Realty - Middletown, OH

Bank of America that is all we have to say! I have lost out on 2 homes this yesr because Bank of American wants all buyer pre approved throught them to make an offer on their ROE listings. I think the goverment should make them write off all debts owed to them and let the people stay in there foreclosed homes. Getting anything done with them is worse that going to the dentist.

Oct 14, 2010 04:19 AM