"So far so good". (knocking on my wooden desk)
I have two short sale listings with Bank of America in Mountain House, CA. Both of these homeowners have fallen under the new HAFA program released on April 5th, 2010. One of the listings was previously a loan modification that was denied by Bank of America. The other listing is a short sale. Always the optomist, I am expecting these transactions to move along smoothly. When asked before my opinion of the program I have said "Only time will tell...the proof is in the pudding." Could it be we finally have a bank that put together a process that works in a timely manner and can help homeowners?
What Do They Have In Common?
Bank of America issued a counter approval within 21 days of notification.
Counters were given for some part of the transaction. One was countered for offer price. Another for Delinquent HOA fees.
Neither had to update their documents. Having been in contact with Bank of America previously under the HAMP programs, they did not have to provide updated bank statements, tax returns, paystubs, etc.
What's Next?
We are waiting for the official approval letter to arrive for Escrow to be opened. Anticipated close date to occur within 30-45 days of closing.
What's Different?
These have been lightning fast approvals. Having done alot of short sales with banks like Bank of America, Chase, Wells Fargo, Downey, IndyMac, etc this has been a simple process. Bank of America rolled out their short sale Equator plan at the beginning of 2010. As an Agent I can start the process online and open the short sale request on my clients behalf. My clients can also log on and view the process with Bank of America. I upload the documents and can communicate with the negotiator all online. There are no more lost faxes and no more waiting for documents to be routed to their accounts. The appraisals and BPO's are ordered and uploaded just as quickly too. What a refreshing change.
Can I help You?
~ Has your loan modification been denied?
~ Have you been approved for a loan modification but can't continue with your payments?
~ Have you filed Bankruptcy?
~ Is your home less than what you owe?
~ Are you tired of dealing with the banks? No responses?
~ Are you a Real Estate Agent that needs some guidance with your current transaction?
I have phone numbers and email addresses for Executives that I would love to share, privately.
If you would like to talk to me about your options please send me an email or give me a call. I have successfully processed many transactions and would like to share my personal and business experience with loan modifications and short sales.
I never thought I would be saying this, but....
GOOD JOB BANK OF AMERICA!!
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