Can mediation with attorneys from bank give you approval on the spot?

I have two short sale listings and seller has an attorney, who advised her about doing a short sale on both properties. Does anyone know about mediation process with Bofa? From what I have heard, it is a process where seller's attorney meets with bank attorneys and they can give an approval on the spot. An appraisal was done on property about a month ago. Please let me know if anyone is going through this process.

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Permalink Reply by Jeff Payne on June 6, 2012 at 4:48am

I do not believe so.  The bank attorney is most likely their foreclosure attorney and not even in communication with the loss mitigation or short sale department.  The mediation could stall the foreclosure date and give you time to get the short sale approved.  looks like the attorney found a good way to get some money from your seller :)

Permalink Reply by Bryant Tutas on June 10, 2012 at 12:03am

xx

Permalink Reply by Peggy Noel Bouchard on June 10, 2012 at 1:48am

Carolina - I have an attorney who negotiates my short sales.  Because his paralegal is very experienced, we get things moved thru the system quickly - we've never had the lawyers meet and get on the spot approval - it's always been a tedious paperwork slog forward!

Permalink Reply by Cyndi Marler on June 10, 2012 at 4:00am

In my personal view anything with BOA is a long slow painful process no matter who is involved

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