Pensacola Real Estate News | Short Sales & Avoiding Foreclosure
Here is a little bit of news I got from Bank of America…………
Seems like some of the loans that they are not approving for a “short sale” are being moved toward a “loan modification”. Could not get any details other that are a few select, could be in the thousands, of borrowers that are being offered loan modifications unbeknown to the Borrower. How?
In the short sale process Bank of America has already received the borrowers financial information. If it does not make economic sense for them to do the “short sale” or to foreclose, then they will offer the loan modification. And since they have the information they may send you a proposal to modify your loan.
The loan modification package will be sent to you via FedEx or other overnight service. Also enclosed in your package will be a return envelope to overnight it back to Bank of America. Documents may need to be notarized. The terms will be laid out for you. You will also be required to send in the funds, 1st payment, with your signed loan mod paperwork. Watch your deadline to get it back to them!
So, what does this mean? Don’t give up! Make the calls. Follow up. Be persistent. Keep a level head. Stay focused!
Jack Lara, Broker-Associate, Keller Williams Realty of Pensacola
7140 North 9th Avenue, Pensacola, Florida 32504
Call Jack or Text Jack at (850) 554-9543 or send Jack an Email at JackLara@kw.com
Bank of America Home Retention Division (800) 669-6650
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