bank of america: Bank of America Did it Again
- 09/11/11 06:51 PM
Well Bank of America did it again. They foreclosed on a home owned by a single mother of five children, one a newborn last Monday after we were told numerous times that her short sale was approved. This hard working mother of five commutes to work every day from Victorville to Manhattan Beach, a 103 mile one-way trip in order to keep a roof over her family’s head. With the job market in such a slump she cannot afford to risk her current employment and has been making this commute for nearly 4 years now. Until now. She attempted a … (4 comments)
I’m witness to some odd occurrences with several of my clients, especially those associated with Bank of America. Some clients were in foreclosure, but their trustee sales were cancelled and never rescheduled. Or, the client makes partial payments for a year, gets turned down for a loan modification, and then B of A starts foreclosure proceeds. Or, the client attempts a loan modification over and over with no approval but once they list their home as a short sale they receive paperwork for a trial loan modification. Or, the client has been discharged from bankruptcy with no attempt by … (7 comments)
bank of america: If you are considering walking away from your mortgage, you must read this first!
- 09/04/11 06:25 PM
I’m not sure if you have heard about or experienced the “bank walk away”. If not, it’s coming to a neighborhood near you. A bank walk away is generally a property in one of the following situations: 1. The bank begins foreclosure, the occupants move out, and the bank figures out they don’t want the expense of foreclosing on the property for whatever reason, so it sits empty. The borrower assumes that the foreclosure took place and moves somewhere else not realizing they still own it as the title continues to show. 2. The bank begins foreclosure, the borrower files for … (1 comments)
bank of america: Question? How long can a home remain in foreclosure?
- 08/21/10 01:17 PM
How long can a home remain in foreclosure? Is there a statute of limitations on the amount of time a lender has until they must refile a foreclosure action or can it go on indefinately? I have a colleague who has his home in foreclosure with Bank of America for four years now. I cannot locate the statute on this. Does anyone know the answer? Thank you in advance! Diane Wheatley, Broker
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bank of america: B of A requests $54k more than payoff on HELOC short sale
- 04/17/10 04:12 PM
I'm just sick and can't seem to find my way. My client has a first and a HELOC with Bank of America. The first is not short, only the HELOC by about $35,000. Within 2 months we received our approval! Buyers signed docs and put their remaining funds into escrow to close. Bank of America declines our final estimated HUD-1 and the deal falls flat. B of A remarks that they cannot approve the net. They are insisting on a payoff for the first for $244,000 when the principle balance is only $190,000 with only $12,000 going towards the HELOC. B … (12 comments)
bank of america: DID BofA MAKE AN ERROR ON THE SHORT SALE APPROVAL?
- 04/11/10 08:01 PM
I represent a seller who has a first and a second with B of A. The second is a HELOC. The file is hardly short but just short enough that we needed to request a debt relief on the HELOC. This file went very smoothly through Equator since we started it on January 19th. By March 18th we had a counter offer and on March 23rd we had an approval letter for escrow to begin closing the file. Very cool! The buyers completed all of their inspections, new loan contingencies are completed, seller vacates the home for possession by April 1st, … (2 comments)
bank of america: Fannie Mae Expedites REO Sales
- 01/09/10 06:14 AM
Offers may be accepted without notifying loan servicers By Inman News, Wednesday, January 6, 2010. Inman News with Commentary by Diane Wheatley, Broker My office recently went over Bank of America's head out of pure frustration and poor communication and called Fannie Mae direct to inquire about why B of A was telling us that our approval letter good until January 11, 2010 was no longer valid due to new Fannie Mae requirements. Low and behold, Fannie Mae got right on the file, contacted Bank of America to notify them that they would be postponing the trustee sale in … (2 comments)
bank of america: BANK OF AMERICA TRIAL PERIOD LOAN MODIFICATIONS - Long Term Solution?
- 10/22/09 03:14 AM
I'm interested in what your opinion is on the recent "trial period loan modifications" that were sent out to homeowners beginning in June of this year. If you received a "trial period loan modification" from your lender this summer, I'm interested in what action you took, if any and if you chose to accept the terms, were you approved for a long term solution as well? It was my speculation that President Obama's Homeowner Affordability and Stability Plan may have been a hollow attempt to achieve its main objective - enable homeowners to afford and remain in their homes. … (1 comments)
bank of america: BANK OF AMERICA REVEALS WHAT LIES AHEAD FOR HOUSING INVENTORY
- 10/21/09 06:50 PM
This story may be of no real surprise for those you study the reasons for the restrictive hold the banks appear to have on the evident lack of inventory of homes for sale in the current market place. But I wanted to share a recent discussion I had with a Bank of America representative yesterday with you anyway. I'm interested in what your opinion is on the recent "trial period loan modifications" that were sent out to homeowners beginning in June of this year. For those homeowners who received such an offer seemingly "out of the blue" what did you … (4 comments)
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