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Short Sales And Modification Improvements
It could be possible that things are starting to change for the better in short sales and modifications for distressed homeonwers. Yesterday I received a couple of phone calls that indicated promise on the horizon for borrowers from Bank of America.
The first call was from a past client that lives in California and has an investment property in Ocala, FLorida. He had his home on the market as a short sale, but Bank of America just offered him a modification that cut his payment in half. PERMANTLY.  His rental home in Ocala now positve cash flows and it is one less property listed in an oversupplied market. His credit doesn't get dinged and the tenant doesn't have to worry about having to move.
The second call was from a representative from Bank of America stating that they will now be using REOtrans for their short sale processing. They have been familiar to me as a third party company for bank owned properties and now they are going to handle Bank of America short sales. I was not clear if this was all the short sales through Bank of AMerica or just some of them.
It has been tough, if not ... more

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