Bank of America sells millions of its mortgages and is no longer reviewing most short sale applications?

There has been speculation about this but this article came out today: http://www.newstimes.com/business/press-releases/article/McGeough-L...

The opening paragraph reads:

"Bank of America sells millions of its mortgages and is no longer reviewing most short sale applications, causing confusion for borrowers and delays in the short sale process, reports McGeough Lamacchia Realty."

They're referring to this article BofA released here: http://newsroom.bankofamerica.com/press-release/corporate-and-finan...

Has anyone started to see their BofA short sales getting cancelled due to this major change, or is this huge wave of transfers still yet to come?

-Neil

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Replies to This Discussion

Permalink Reply by TOP END Properties on April 2, 2013 at 3:25pm

If BOA sells their servicing rights to another servicer then yes, they won't be servicing those loans (duh) ,, however, you can contact the new servicer and either continue or reinitiate the short sale.

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