Bank of America Launches 'Test-and-Learn' Short Sale Program in Florida

Have you read about the latest "TRIAL" program for underwater borrowers?  Bank of America Short Sales calls it either "test and Learn" or more commonly referred to as "Cooperative Short Sales".  Based on past history and our experience completing short sale transactions with Bank of America, I would expect this program to be extremely limited in scope and success.

If you remember back in the summer of 2011, Bank of America announced that it would be participating in California's Principle Reduction Program which has not seen a tremendous amount of success with people in California trying to Short Sale or get a Loan Modification.  How do I know?  Well, I "GOOGLED" the program with all the first page results showing the ANNOUNCEMENTS and nothing after or discussing any results or success. 

It seems that with most of the "HELP for Home Owners" programs of the past...  The biggest flash and flare is with the announcement of the new program.  Then we hear tall tails (LIKE BIGFOOT SIGHTINGS) now and then of this great deal a particular borrower received because of the "PROGRAM".  But we never meet this homeowner in person and never hear lots of people talking about how great it worked for them.  We hear that borrowers "DID NOT QUALIFY" or the "PROGRAM IS NOT IN YOUR AREA" or the "PROGRAM IS ONLY FOR A SPECIFIC SET OF MORTGAGES"...  Etc, etc...  So with that, I would just say to all those reading about this new BIG announcement "PLEASE DON"T GET YOUR HOPES UP".

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