I attended Bank of America’s Short Sale seminar in Elizabeth, NJ this week, which was informative. But like lots of seminars, sometimes the benefits aren’t always obvious until after you reflect on the topics of discussion.
The speaker from Bank of America’s Short Sale Department made an off the cuff remark about the perception that many distressed homeowners do not open their mail from their lender.
It got me thinking, and I considered some of the recent pieces of mail that my New Jersey Short Sale clients have received. And whether or not the perception of distressed homeowners sticking their collective heads in the sand is true, it is important to open and read mail from your bank.
One of my clients, who is short-selling her Newark, NJ condo, forwarded me this letter from Bank of America’s Home Equity Line dept. The letter states that Bank of America is giving her full principal forgiveness on her HELOC. Just like that, out of the blue, the second lien is being wiped out. Now, if my client didn’t open that piece of mail, we wouldn’t have known that her Bank of America NJ Short Sale just got a lot easier.
Another client of mine with a Verona, NJ Bank of America Short Sale, received the attached Bank of America Cooperative Short Sale acknowledgment letter. The letter states that not only is his Verona, NJ home eligible for a Bank of America Cooperative Short Sale, but he is entitled to up to $30,000 in incentive fees, and he won’t be pursued for any deficiency balance.
$30,000 is a pretty good reason to open your mail!
Many other important documents will arrive via mail, including HAFA Eligibility and Approval documents for your Bank of America New Jersey Short Sale. If you don’t open and read your mail, you won’t know about great offers like these on your NJ Short Sales.
Lesson here is – open and read your mail – it’s not always bad news.
If you have questions about your Bank of America NJ Short Sale, please contact me for a confidential consultation.
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