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Thoughts on the New Bank of America (former Countrywide) Short Sale

By Melissa Zavala

Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

April 28, 2009 09:15 AM

This is a follow up to my blog post yesterday on Bank of America's new short sale policies. If you missed the post and do not feel like clicking on the link, the deal is that Bank of America announced that they will be more lenient when acting in the junior position on short sales (details in the other post).

Today, as an after thought, something occurred to me. Countrywide, effective yesterday, is now Bank of America. If you phone them or they phone you, they now identify themselves as Bank of America. But . . . does this mean that former Countrywide loans will now be dealt with using the new Bank of America short sale policy?

If that is the case, then that is no good. Countrywide almost always accepts $3000 for lien release on the junior liens. If the new Bank of America policy is 5%, that will have a negative impact on the swarms of deals going through former Countrywide right now.

Hhhmmmm. I guess I will just have to wait this one out and see how it goes.

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Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Will now being part of BoA speed up the process? I doubt it. BoA hasn't dealt with the reality of the masses of short sales that Countrywide is bringing to the table. I'd like to be optimistic but in the short time I think it will be business as usual. And usual isn't great.

Apr 28, 2009 09:38 AM

Roy Kelley

Retired - Gaithersburg, MD

Keep us posted as you get answers to your questions. We have informal advice that Countywide policies would continue.

Apr 28, 2009 09:44 AM

Stuart Dobson

eLoanRates.org - Thornton, CO

I have some opinions and experience with Countrywide that are not fit for print as well....

Apr 28, 2009 10:14 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I will not lie, I'm not sad about Countrywide going away! There were the worst to deal with from my experience and hopefully things will go smoother with Bank of America.

Apr 28, 2009 10:34 AM

Kim Knox

Landline Real Estate, LLC of Southern Oregon - Medford, OR

Principal Broker

I wonder how this will effect the short sales I currently have in review with Countrywide?

Apr 28, 2009 10:47 AM

Robert Schwabe

Herron Real Estate - Orange Park, FL

Orange Park Real Estate

Melissa - That is very interesting. I guess we'll just have to see how it is going to work out.

Apr 28, 2009 11:50 AM

Kathy Toth

Ann Arbor Market Center Keller Williams - Ann Arbor, MI

Ann Arbor Real Estate Experts - Kathy Toth Team

I agree with Todd. We can't get Countrywide to even respond to our offers.

Apr 28, 2009 01:05 PM

Satar Naghshineh

Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Just a head's up on the new policy change:

Short Sale support now gives you the negotiator's number. Also, all negotiators have the following e-mail: first.last@bankofamerica.com

Apr 28, 2009 01:11 PM

Mario Banuelos

The Agency - Palm Springs, CA

Real Estate Superstar

I had a great experience this morning. I called SS Dept to follow-up on one of my CW short sales. The package hadn't been received, and the SS Rep gave me her email address to email her the package, she would scan it into the system herself. I am optimistic that it may be a change for the GOOD! We will see...

Apr 29, 2009 04:57 PM

Thoughts on the New Bank of America (former Countrywide) Short Sale

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