OMG, Bank of America to take over servicing of Taylor Beans 180,000 loan portfolio

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Education & Training with HD Realty BK662006

OMG, Bank of America to take over servicing of Taylor Beans 180,000 loan portfolio

I think anyone that has dealt with BofA on ANY type of loan servicing situation in 2009 (short sale, loan mod, answering the phone...) knows that BofA does not need any more loans to deal with.

 

Why would the servicing portfolio of a company that has been taken over by the feds be turned over to THE company that is probably the #1 cause of all complaints in the country right now???

I just don't understand, can anyone help me understand this?

Here's the link to the Orlando Business Journal Article

 

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Rainer
2,091
Tim Tolbert
Atmor Mortgage - Longwood, FL

Who makes these decisions?  Makes no sense.  I have not heard the name Bank of America (or Countrywide) with ANYTHING positive in over a year!

Aug 27, 2009 03:44 PM #1
Rainer
8,531
Joseph "Cathan" Potter
Coldwell Banker - Sebastopol, CA

BofA is taking over these loans because they are one of the largest loan servicing operations, 180,000 isn't that many to add to what they already service.  Also, short sales and loan modifications aren't really loan servicing activities (though maybe they are beginning to be considered such).

Aug 27, 2009 04:34 PM #4
Ambassador
891,667
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

Now that is a scary thought, and like everything in the short sale process, simply makes no sense.  Let the good times roll!

Aug 27, 2009 04:37 PM #5
Rainmaker
1,048,146
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Out of the frying pan and into the fire?  Who is the genius that brokered that deal?

Aug 28, 2009 04:27 AM #6
Rainer
128,936
Dan Quinn
The Eric Steart Group of Long & Foster Real Estate - Silver Spring, MD
Dan Quinn

There was an old rhyme we used to say when we were kids about a kid named Peter Percival Patterson and his pet pig Porky who loved pies.  I remember the last line:

"Peter Percival Patterson's pet pig Porky ate so many pies, you know what he did?  He popped!"

Man I hope that BofA doesn't do the same.  It seems to be swelling to an enormous size at an alarming rate.  I guess the govt. is backing them up and they have become one of the "chosen" who will not be allowed to collapse.

Here's the whole rhyme:

 http://www.youtube.com/watch?v=erYIK-mich4

 

Sep 01, 2009 02:24 PM #7
Rainmaker
163,732
Rhonda Burgess
Southern Living Realty Partners - Smyrna, TN
Moving to Nashville TN Real Estate Specialist

This is such bad news.  BOA is already huge - A HUGE PAIN!

Sep 02, 2009 02:43 AM #8
Rainer
15,984
Theresa Struckmeyer, Orange Ca Realtor
Orange, CA

BofA not user friendly? What....? ... no I'm just kidding.. I cringe when I get a short sale with BofA... But I have gotten a handful closed... and yes Rhonda BofA is a HUGE pain... here is some BofA advice....when you get a good negotiator...make sure to compliment them...and thank them... (do this for the not so good negotiator too and see the miracles this may work) also....ask the negotiator for the contact information of their superior such as email and phone number so that you can write your letter of recommendation for them.... then write their superior a short email about how great they are.... BIG BONUS and the main reason for you doing this is now you can start up a list of higher ups at the bank... when you run into problems try giving them a call or email... this could help you save a deal!!! Good luck all!!

Sep 02, 2009 09:01 AM #9
Rainer
379,419
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Not all of Talylor Bean's files went to BoA. Here all of the files where I am went to a regional company (First Mortgage Company).

Sep 02, 2009 03:01 PM #10
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Andrea "Andy" Tolbert

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