I just spoke with my mailman who I have known for years. He has been in foreclosure with B of A for 2 years now. He has submitted three loan mods and each one failed for him, but B of A prospered just fine. I knew he would find out what I already knew, but why spoil his experience? Sure enough, he turned in his report to me just now...
BANK OF AMERICA PROCEDURES FOLLOWED
Each time he was prompted to apply for a loan mod, he followed his instructions to the tee. He also has been using a Real Estate agent for that extra edge of performance. Each time he was told after submitting numerous documents and jumping through all the hoops that he just missed getting the mod sorry..This happened three times
THAT IS NOT THE STORY HOWEVER
Here is the insult to it all. Each time they bumped his payment up. He started out at $1200, went to $1500, and now is at $2000 a month for something that should be going for $700-800 a month. If you could see the look on my mailman's face and hear his voice, it is one of disgust, mistrust and his vowing words..."I will never pay those amounts. I'll move to another place first".
YOU MUST SHORT SELL NOW
Now, because there is a record of not qualifying for loan mods, they are forcing him into a short sale. I want you to know that my mailman can speak mail talk fluently, but when it comes to what what Real Estate agents or banks do, he doesn't understand too much. He is just one of tens of millions of people that just don't know
BANK OF AMERICA STRATEGY...there is none
It is amazing how if you take the time to talk with anyone, they all tell the same story of whatever is going on whether it is at the local market or local bank. You can fool some of the people some of the time, but not all of the people all of the time. Bank of America, don't you know that by now?
post script: I am going to a B of A briefing that sold out last time where B of A will supposedly bring agents up to date. I am eager to attend this briefing and will report accordingly
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