Will someone please set me straight? It appears in 2010 there are two kinds of BOFA short sales.
There have been January posts on ActiveRAIN suggesting a new pre-approved short sale process is happening on some B of A serviced loans.
Thursday, a B of A rep told me that approach was available in only a handful of (highly impacted?) states. California and Arizona were mentioned. B of A has apparently farmed out that process in those states to one particular company. He said they had no internal word of that option being extended to other states in the future. Elsewhere an accepted offer was still going to be required to start a SS.
Does anyone have a cosmic view of just what is happening where on these developments?
Thursday, a B of A rep told me that approach was available in only a handful of (highly impacted?) states. California and Arizona were mentioned. B of A has apparently farmed out that process in those states to one particular company. He said they had no internal word of that option being extended to other states in the future. Elsewhere an accepted offer was still going to be required to start a SS.
Does anyone have a cosmic view of just what is happening where on these developments?
Replies to This Discussion
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Permalink Reply by Dawn Barrier eXp Realty Vegas on
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Hi Jim,
I wonder if you were reading my post on AR, but there are many out there I'm sure. There is a lot happening and it may seem hard to keep up with it all.
BOFA has contracted with Titanium Solutions and REDC to process some of their short sales. Titanium is nationwide, while REDC is the one only processing them in certain hard hit states, for now. BOFA will also still be processing some of the short sales in house. You really will have to research each of your upcoming short sales to see where it will go.
Some of them will be processed using the Equator/REO trans portal system, and this is just basically a management system for BOFA,,,(I think they now own Equator/Reotrans) it is still BOFA doing and approving the short sale.
You will most likely also run up with folks in the short sale dept not knowing all the answers yet, so just be ready,,,this is why it takes a lot to do short sales.
Hope this helps! -
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Permalink Reply by Jim Hale on
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Dawn -
I was actually responding to one by Renee Burrows of Las Vegas on AR.
I can see now that her experience was on a house coming over from BofA loan modification channels. That may be a special kind of case. But from comments by others on her post, it seems BofA may be doing it more broadly in the highly impacted states.
Certainly, in either case, BofA would be playing catch-up as compared to other national and several regional lenders.
They are both "too big to fail" and too big to get with the program.
Meanwhile, I'm in a state where it doesn't seem to matter...for my seller of the moment. -
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