Failed Bank of America Loan Modifications are Short Sales in Disguise

I was reading a client response letter this morning. My former client wrote, "Elizabeth was excellent and made our short sale process so much better than it could have been. We have heard horror stories . . . " And it made me wonder how does she really know how awful it could have been? I try not to focus on the negative crap in a short sale. I don't always share with a seller every little horrid thing that happens either because I try to spare feelings. But the truth of it is short sales are not always a pleasant experience. When things take a left turn, it's often the messenger who is left dodging bullets.

Diplomacy will only take an agent so far, though. Sometimes, you've just gotta lay it on the line and tell it like it is. Not everybody likes that approach. Not everybody wants to take responsibility for their own actions, either, and it's often easier to point fingers and try to reflect blame, rather than looking at the real culprit. People create so much of their own misery. But one can't tell clients that because they don't want to hear it and it doesn't change a single thing.

What they do need to hear is if you think your bank was terrible when you tried to do a loan modification, the attitude is slightly different in a short sale. And the response time is faster. Take Bank of America, for example. I have clients describe in excruciating detail what they would like to do to Bank of America. It's not pretty. It makes me wonder why I don't see more dried-up eggs splattered on Bank of America signs around Sacramento.

But if Bank of America rejected your loan modification, it will most likely do a short sale. That's the unvarnished truth. A Bank of America short sale is so much easier than a loan modification and more likely to succeed. The bank wants you to get rid of the property. It wants you to dump that house so badly it might even pay you to do it. That's how much Bank of America wants to erase its underwater inventory from the balance sheets.

So, don't make the mistake of thinking that just because your loan mod was denied that you can't do a short sale because it's not true. In fact, a loan mod rejection increases your chances of success with Bank of America. Come see a different side of Bank of America. Talk to this Sacramento short sale agent who closes a lot of Bank of America short sales. There are many different types of Bank of America short sales. Maybe one of those short sales is right for you?