BofA if you pay your bills NO SHORT SALE

By
Real Estate Agent with JustListedKnoxville.com / Signature Homes

It basically amounts to extortion and bribery to require a seller make a contribution or accept a promisary note at the last moment after going through the process and trying to do a short-sale on non-recourse loans. 

If BofA determines that the seller has continued payments to everyone else they will likely request a promissary note or cash contribution before approving the short-sale according to this BofA employee. 

http://www.brokeragentsocial.com/GoodmanRE/blog/4631/

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Rainmaker
1,757,489
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR, CNE, CRS, ePro, PSA, SRS

Thanks for sharing...and of course thanks for making it RAIN!!!

Mar 16, 2010 04:15 AM #1
Rainmaker
215,807
Wayne and Lynda Gomillion
Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC - Pinehurst, NC

Can't say I blame B of A for trying to cover their assets... especially when a dead beat is paying everyone else!

Mar 16, 2010 04:17 AM #2
Rainmaker
1,402,753
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Although I've sen this happen first hand with BofA, I don't think it's just them. I think other banks pull credit as well and review full financials of the payee(s).

Mar 16, 2010 04:19 AM #3
Rainer
289,775
Daniel J. Hunter
REALTORĀ® - New Port Richey, FL

Wayne & Linda - what if the only way they can pay the rest of their bills is BECAUSE they stopped paying their mortgage?  what makes you think they are deadbeats? should they stop buying food/elec/water so they can pay an upside down mortgage?  When the banks get billions and the avg homeowner gets SQUAT, what are we they supposed to do when they fall on hard times?

 

damn proxy errors are showing up left & right

Mar 16, 2010 04:24 AM #5
Rainer
30,618
Mike Wilbur
Guild Mortgage Company and Oregon Homes For Heroes - Salem, OR

This is just a crazy time we live in isn't it?

Mar 16, 2010 05:15 AM #6
Rainmaker
438,632
Stephen Arnold
HomeSmart Elite Group - Scottsdale, AZ
CRS, GRI, SFR

I have not heard of this and I have had numerous short sale closings with BofA!  Thanks for sharing Steve!  

Mar 16, 2010 05:39 AM #7
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