america (26)

Bank of America Short Sale

Bank of America Short Sale

Is your mortgage or mortgages held or serviced by Bank of America? Are you considering a short sale or do you have questions about the short sale process and how it affects your potential success of a short sale?

Bank of America has a few different short sale programs to help homeowners contemplating short selling their house. Plus, you may receive between $2,500 to $30,000 in short sale incentives, depending on your specific situation.

To find out details of Bank of America's Short Sale Incentive Programs <--- Just Click Here. Or call us and let's discuss your unique situation:

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Call Now: (888) 9-List-It.

That's (888) 954-7848.

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While prices are rising in the Silicon Valley there are still homes that are underwater and you may need to short sale your South San Jose home. If this is the case, don't wait!

Bank of America has instituted some new policies which can have a major influence on your South San Jose short sale.

Co-operative Short Sales: Bank of America has a program where they will let you know ahead of time how much they are willing to accept for you South San Jose home in a short sale. Once you agreed to do the short sale they would put a hold on foreclosure activity and give you some money at close of escrow.

The new policy is that there will be no holds on foreclosure until the offer is fully accepted by Bank of America. What this means is that if you can not make your payments  on your South San Jose home and want to short sell you can not wait. You will not be allowed to stay in your home for months trying to modify your loan and trying to get a new job. Once the notice of default has been recorded you will have 3 months to get your South San Jose home sold as a short sale before the notice of trustee sale is recorded. At that point you have another 3 weeks before foreclosure on your South San Jose home.

As any real estate agent familar with south San Jose short sales knows, they take time for approval. Even a Bank of America co-operative short sale can take time. 4 months is not unheard of to obtain approval on a South San Jose Short Sale, so if you can not make your payments, do something or you could lose your home to foreclosure.

If you have any questions about Short Sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

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I was reading about short sales, as I do every Sunday morning on a great site for short sale information Short Sale Superstars. There was a discussion about a Bank of America Short Sale that had been approved, and then denied after the approval, a few days before closing. The reason:

The seller was a real estate broker and the listing agent works for the seller. The buyer used the listing agent to represent her.

Surprise Surprise, B of A said this is not an Arm's Length Transaction and rescinded the approval.

Blossom Valley Short Sale

 

There are multiple things wrong with transaction so let me see if I can organize the problems coherently.

1. All short sales must be an Arm's Length Transaction and an affidavit needs to be signed by all parties saying they are not related to each other in any way. The listing agent works for the seller so that is not arms length.

2. The seller may be offered a closing incentive by the bank, but is not allowed to receive any money from the buyer. Since the buyer is using the the listing agent who works for the seller and would have received commission for the sale, a portion of which would go to the broker, then the seller is getting money from the buyer.

3. Again, since the listing agent works for the seller and would get commission from the sale, a portion of which would go to the broker, the seller would be receiving money from the sale outside of the closing incentive.

4. The buyer has agreed to a dual agency and is entitled to the information that the listing agent works for the seller and that this can cause potential problems with The Arm's Length Transaction.

I do not know if the seller was trying to pull something over on the bank, or if he was just not familiar with short sales but this was totally avoidable.

Buyers: get your own agent to represent you.

Sellers: If you are a broker, get a different company to represent you. If you are an agent, get another agent to represent you, not your broker, and ask the bank if it is ok to be represented by someone else in your campany first, not after you are about to close.

If you have any questions about buying or selling a short sale in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

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I am so excited about this news! I know, it doesn't take much for me to get excited, but this is really big news in my opinion.

Up until now if you were involved in a Silicon Valley Bank of America Short Sale they did not take electronic signatures. This would have been ok if the bank could sit with you in your conference room and look at the offers. We all know this does not happen and the paperwork will often be faxed several times before B of A gets to see a document. Since they cannot accept illegible documents it made things harder for the participants.

Also, despite the sometime lengthy process of a short sale, Bank of America will often say they need a document now, and not being able to get electronic signatures is sometimes tough.

Now, for any new short sales, you can send all documents with electronic signatures. This makes me very happy. As a Silicon Valley Short Sale Specialist anything that can make a short sale more efficient is ok with me.

So if you have any questions about short sales in San Mateo or Santa Clara Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

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If you have a home loan through Bank of America and you are currently concerned about making your payments or your home is worth less than you owe, you may qualify for a short sale incentive from BoA. They refer to it as an 'enhanced relocation assistance payment'. To qualifying home owners/sellers, this could mean a check given to you for up to $30,000 after a successful short sale closing! Trust me, this is no scam. Here is a recent email that was sent to Bank of America Short Sale Specialists, like myself.

BoA Short Sale Incentive at Closing Letter

My name is Michael Collinsreal estate agent and broker at Rock Realty. If you are currently considering a short sale in Wisconsin, I would be happy to walk you through the process and answer any questions you may have. I am certified as a Short Sales & Foreclosure Resource through the WRA.

Realtors® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk. Call my cell at 608-921-8536 and we can see if you qualify for any of these incentives.

Is a Short Sale right for My Home?Also feel free to fill out our simple
Short Sale Home Evaluation Form

Additional Short Sale Information

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When I first heard about the Bank of America Cooperative Short Sale Program, I thought it might be more blah blah and less ah ha!

I was initially skeptical, A) because banks are famous for coming out with “new programs” that don’t end up getting squat done! And B) because I was told that with this program, the bank does the appraisal BEFORE an offer is received for the property.

Issue “B” was what I was more concerned with. I thought that with an appraisal being done before an offer is received, that there were great odds of the bank determining a value for the property much higher than we could actually get an offer for.

I thought of a way around this tho! We processed the file through their co-op program, and the seller received a check for $2,500!! So how did we get around the value issues with the lender? Give me a call and I’ll be happy to share with you how we get this accomplished now without having to worry about a high value when dealing with Bank of America co-op short sales. Now I’ve closed several through the Bank of America Cooperative Program, and my clients are getting checks! If you would like to see if you can qualify for the Bank of America Cooperative Program and receive a check for doing a short sale, contact me right away!

A quick side note about the BofA Cooperative Program: The process of going through the Bank of America Cooperative Short Sale program can take a little longer than a traditional short sale with BofA. This is because they outsource a lot of the processing. Of course this may be a benefit to you, depending on your situation. I have also found another benefit to this tho. Hit me up :)

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Why Does Bank of America Keep Rejecting Me?

I was starting to feel like the last player picked in dodge ball. The rejections were really hurting, especially since there was never any reason given. Just messages saying your supporting documents were rejected. Oh the pain!

I finally got a really nice B of A negotiator on the phone today who gave me a simple explanation, the buyer's proof of funds were downloaded as a web page instead of being a PDF of the originals, and the current policy is only original statements are accepted, no web page screen shots.

I guess I should not be surprised. Just yesterday I got an e-mail from PNC saying the same thing. They needed the original October bank statement, not the one that was downloaded from the internet. At least PNC did not tell me I was rejected.

So if you want to keep your ego in tact while doing a short sale with Bank of America or PNC, be sure and give your Santa Clara County short sale agent original bank statements (which you may need to order from your bank if you are paperless), or see if you can download something that does not say web page on the screen. And be sure and ask your agent to get original bank statements for the buyer's proof of funds. There may be other banks requiring that now as well, but these are my two latest encounters.

If you have any questions about buying or selling short sales in San Mateo or Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

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One of the best things that has happened to short sales in the last couple of years is the on line platform for processing a short sale. There are several platforms in use, but Equator is one of the more popular ones, and is the one used for Bank of America and Wells Fargo Short Sales. So, instead of your agent having to fax all the documents, usually several times, the short sale documents are uploaded as PDFs onto the Equator web site. In order to keep the process moving forward Equator will assign a task to be fulfilled by the agent, like uploading an offer or financial documents onto the website. Once the task is assigned they will give you a fixed number of days to upload the requested documents. This number of days is the same, no matter when the task is assigned. So if it isa 2 day task and it is assigned on a Friday, it is due Sunday, period.

So my latest Bank of America short sale assigned me the task of uploading the signed offer on Friday, with a due date of Sunday, which happens to be Christamas.

And that is why this Palo Alto short sale agent is cheerfully working Christmas Eve. 

Enjoy your holidays!

If you have any questions about buying or selling short sales in Santa Clara or San Mateo County please feel free to contact me!

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

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I have read several news and Blog pieces about 2012 being the bottom of the market and how the best time to purchase a home is now. In good conscious I cannot sit idly by without voicing my opinion.

The news and columnists have based their analysis on the low number of inventory currently on the market for sale and the fact that it is 22% less than this time last year. They further site a 30% increase in property searches on Realtor.com which is one of the top search websites where consumers make purchase decisions. The reporters further substantiate their point by stating that interest rates are the lowest they have been since the great depression. Well folks, I am here to let you in on a few things. I am a distressed property real estate broker and live in the numbers and happenings on the ground. Last year alone I personally closed $17 Million in real estate. More than three quarters of my sales were short sales and bank owned property sales. My job revolves around tracking properties that have defaulted on their mortgage payments and listing the property for sale before it ends up in foreclosure. When properties do end up going to foreclosure the banks also contacts me to sell the properties back into the marketplace as a bank owned property. This is also known as a REO (Real Estate Owned) property.

In dealing with the lenders on a daily basis I have the ability to see how many mortgages are current or behind in any part of California. The numbers are staggering! One in three properties in San Diego County is currently underwater (owe more than what the property is worth).
Many of you may have heard of the “Mortgage Debt Relief Act of 2007” which is set to expire at the end of 2012. This means that anyone wanting to do a short sale has until the end of this year to get it done to avoid the enormous tax and deficiency implications. As homeowners scramble to do short sales, the banks are absolutely inundated with files. Banks have increased their loss mitigation departments to handle the amount of short sale requests as the deadline draws near.

So to shed further light on the subject of a “recovery,” I would have to say that the reason there is a 22% decrease in inventory on the market for sale is due to the “Robo-signing” debacle which simply held up the foreclosure process for a few months. Furthermore, the lenders have started issuing three month extensions to foreclosure sale dates rather than the standard 30 day extensions. The numbers are artificially adjusted to modify the supply and demand ratio. Also, the news columnists have stated that the average nationwide sales price has started increasing and the market is recovering. This is not quite correct because the number of higher end distressed sales has dramatically increased. In other words, if 100 homes sell at $200K and 900 homes sell at $500K, the average home price may have increased.  However, what they are not saying is that the home that is currently selling at $500K was purchased in 2005 for $900K.  See how they are messing with the numbers. Just because the average nationwide sales price has increased, does not mean we are recovering.

So I would maybe agree that the lower end has reached the bottom whereas the middle and higher end have room to fall.  Far be it from me to state that 2012 is the “Big Housing Recovery.” New young families or recent college graduates will also add to the lower end recovery as they will need to purchase in this range.

The number of Baby Boomers now wanting to downsize will further hamper the prices of the middle and higher end as they add to the supply. There are currently 30 million Americans in this segment of the market.

The FED made an error in judgment a month ago when they stated interest rates would remain low through the end of 2014, which took away the immediate driving force to purchase now. If interest rates would remain low for an extended period of time, why would anyone be in a hurry to purchase when they know how much shadow inventory the lenders are sitting on?

As the world has become a global economy, few have shed light on the fact that China has begun their housing crisis with more than half the cities reporting huge decreases in home prices. This may have an influence on our economy further down the road as this may affect the cost of consumer goods locally.

Gas prices are at an all-time high and could further contribute to inflation and gyrations in the consumer price index.

Unemployment is still stubbornly above 8% and steam rises from the printing presses at the Fed.

I don’t know folks. Recovery 2012?  I am not so sure. And over the years I have learned that in the long run it pays to be honest rather than bending a situation for personal gain. There is a reason I am renting right now. Though the rents are higher, cash will soon be back on the thrown to be crowned King. Don’t be in any hurry to purchase unless you find a great deal.

This is my honest humble opinion.

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Is Bank of America Still Terrible at Short Sales?andresr16687-300x225.jpg?width=300


I would have to reluctantly say no.  Bank of America is no longer terrible at short sales.  This coming year will mark four years since my first Bank of America short sale, and as critical as I am of Bank of America, I must admit they they have improved.  That first short sale took 8.5 months and at least 3 buyers to complete, and most of the time we were lost in a wilderness of bureaucracy.  The market was still rapidly declining, so by the time they approved the short sale, the property did not appraise.  Thankfully, the property was unique enough to the last and final buyer that they didn’t just move on.  And, it didn’t hurt that the buyers were also using Bank of America for their loan.  The loan officer did help in escalating the file as there was at the time no clear cut and effective method for escalating a file.

I think Bank of America has improved their processing time and in general they are becoming more accountable.  Two improvements in particular stand out 1) They now use Equator. Equator is a secure online platform that allows you to upload documents and communicate directly with Bank of America about your files. 2) The Twitter Team.  BofA_Help on Twitter has proved to be a fantastic resource when ridiculous issues crop up on files.  After you’ve exhausted the traditional channels to no avail, the Twitter Team can help you push that short sale off the tracks before the oncoming train arrives.

business_man_3-300x175.jpg?width=300In my experience, Bank of America currently takes about 5 – 10 weeks processing short sale files.  What is frustrating is that often they are capable of having approvals in 5 – 6 weeks, and there seems to be no rhyme or reason as to why one file takes 5 weeks and another 10 weeks.  Often they get into a really great rhythm, and then they decide to tweak something in their internal processes, and if you happen to initiate a short sale at that time you end up being a 10 week file instead of a 5 week file.  In my experience, currently most of the delays happen up front in their efforts to qualify every borrower repeatedly for HAFA or the Bank of America Cooperative Short Sale program, or because of a delay getting an appraisal ordered on the property.  In addition, they often outsource their HAFA files and BofA Cooperative Short Sale files to outside entities which include UTLS, AMS Servicing, and REDC and getting a file back to BofA in Equator once it has been sent out can be difficult and time consuming.

Bank of America still has a ways to go.  I don’t particularly care for the fact that they constantly tout their real estate agent website as a resource for short sales, but last time I looked I couldn’t even find any standard forms for a short sale on that site.   And of course their new “introductory calls” are also annoying — on a recent one I told the rep that I would call her back if I ran into a problem down the road and she informed me that it was only a one time call and I couldn’t call her again.  Kind of like when you go into a store and look for a salesperson to help you and can’t find one, but if you look like you don’t need any help, five different people offer you assistance.  So, although they have improved, a certain amount of it is just showmanship.  As a person that values substance over show — I find that part of it annoying, but the part that actually works — such as the Twitter Team, I like.

Before deciding whether to short sell your Santa Maria home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent.She is a Certified Distressed Property Expert (CDPE) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.


* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.

Copyright© 2011 Tni LeBlanc *Is Bank of America Still Terrible at Short Sales?*

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Bank of America is making a process change that will reduce the processing time and improve customer service for HAFA Short Sales (Home Affordable Foreclosure Alternative Program) that are submitted with an offer.

The proposed change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.

Instead, real estate agents specializing in short sales can indicate a homeowner's HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale.

This change is being made because we are transitioning the processing of all HAFA short sales with an offer from our outsourced vendor partners to Bank of America associates. A Bank of America specialist will be able to seamlessly transition a file from our traditional process to the HAFA process, thus improving customer service and the borrower and agent experiences. Homeowner's and agents should be aware that Bank of America's outsourced vendor partners will, however, continue to process all short sales submitted without an offer.

Action required:  

Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.

-  If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days.  (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.) 

-  If you are unclear about which documents to submit, contact your short sale specialist via Equator messaging. 

Additional Recommendations:

Homeowners interested in understanding the benefits a HAFA short sale, including the $3,000 relocation incentive at closing are encouraged to review HAFA Program or the HAFA education guide to learn more.

Bank of America also has put together a HAFA Eligibility FAQ for interested homeowners

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Bank of America Short Sale in Los Angeles

Are you thinking of a Bank of America Short Sale in Los Angeles? Many homeowners in the Los Angeles area have their 1st mortgage, 2nd mortgage or both 1st & 2nd mortgages with Bank of America. You might not be able to pay your monthly mortgage payments anymore or are in danger of falling behind on your loan. If so, a Bank of America Short Sale may be an option. Many of my clients have also tried to get a loan modification with B of A and have been unable to. Bank of America may suggest the short sale of their home. Bank of America uses a special online platform known as Equator to process their short sales.

The number of Bank of America Short Sales in the Los Angeles area has increased. Some homeowners bought their homes when the values were high and are not able to refinance due to the decrease in home values. Others took advantage of the previous market and refinanced. If you live in your home or have lived in the house in the last 12 months, you may qualify for the Bank of America HAFA Short Sale. Otherwise, you can attempt the traditional short sale.

Feel free to contact me directly at 818-903-2040 with any questions regarding a Bank of America Short Sale in Los Angeles and the surrounding areas. I also provide a FREE estimate of value of your property.

 

Areas Serviced:

Agoura Hills, Arleta, Beverly Hills, Box Canyon, Burbank, Calabasas, , Canoga park, Canyon Country, Castaic, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lakeview Terrace, Los Angeles, Mission Hills, Newhall, North Hills, North Hollywood, Northridge, Pacoima, Panorama City, Pasadena, Porter Ranch, Reseda, San Fernando, Santa Clarita, Saugus, Sepulveda, Sherman Oaks, South Pasadena, Stevenson Ranch, Studio City, Sun Valley, Sylmar, Tarzana, Toluca Lake, Topanga, Universal City, Valencia, Valley Glen, Valley Village, Van Nuys, West Hills, West Hollywood, West Los Angeles, Westlake Village, Woodland Hills, Winnetka

Bell Canyon, Camarillo, Moorpark, Newbury Park, Oak Park, Oxnard, Simi Valley, Thousand Oaks, Ventura, Westlake Village

IF YOU DO NOT SEE YOUR AREA HERE, PLEASE CONTACT ME. THANK YOU

Sara Mehrpouyan, CDPE

818-903-2040

Dre#01712757

Rodeo Realty

Los Angeles Real Estate - Los Angeles, Ca Foreclosure & Short Sale Realtor Specialist

www.Short-Sale-Vs-Foreclosure-Help.com

 

Source: http://activerain.com/blogsview/2571162/bank-of-america-short-sale-in-los-angeles

 

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Bank of America's Bogus War Against Short Sale Dual Agency

Let me begin with the fact that I have never been a dual agent on a traditional equity sale.  The only sales I have ever “double ended” were short sales.  In fact, I began doing dual agent transactions out of necessity on short sales in order to hang on to buyers and get the transactions closed.  I find that if I can communicate directly with the buyer they are less inclined to walk, and I also find that I am better able to locate a buyer who will be patient enough to wait through the process.  So, I had to consider dual agency to truly help my seller clients who were in financial distress and up against powerful bureaucracies.


12433923070?profile=originalNow apparently, Bank of America has decided that dual agency is “problematic,” and has adopted policies to discourage it, including a substantially lower offer of commission to real estate brokers who work both sides.  For a short time this year, Bank of America even adopted a mandatory addendum prohibiting it -- but they backed away from that pretty quickly and instead adopted policies to create large financial incentives against it.  Further, they dictate that even if the seller or buyer could make up the difference in the negotiated commission (which most can not) they prohibit that as well.  Wow.  



I spoke to a Bank of America negotiator just this week that told me that dual agency was “problematic” and cited the fact that it wasn’t allowed in certain states to support his claim.  Now in that particular instance, they had a full appraisal of the home and accepted the price and major terms of the sale -- the only big problem they had was with the commission.  He categorized their position as “not negotiable.” Another negotiator freely admitted that the commission I negotiated with the seller would be paid in full if two agents were on the file. Wow.



My problem with their stance is that my state (California) has not outlawed dual agency, and I really don’t think Bank of America should be in charge of that decision.  And of course, since they are so large (in fact “too big to fail”) the policy decisions they make are beginning to have de facto legislative effect on the real estate market.  By discouraging dual agency to the point where it is not economically feasible for a smaller or one person brokerage to do it, they are in effect restricting the kind of services I can provide to clients in distress.  And, I feel it interjects Bank of America too far into my client relationships.  



12433923095?profile=originalFurther, I find their policy, dare I say it … hypocritical.  In my area MLS, agents are required to disclose whether they have a “variable rate” of compensation for dual agency, i.e., if you are going to discount your commission when you represent both sides, other agents must have notice of that fact.  I have seen no such disclosure on the many REOs that are listed by Bank of America REO agents.  So, apparently dual agency is not as “problematic” when Bank of America wants to get their own listings sold quickly and off their books.  Wow.  



At the close of my discussion with this particular negotiator, he did try the old  “investor guidelines” routine.  However, because I have run this issue up the chain in Bank of America before, I feel confident in saying that this is coming from Bank of America.  And, I think it is a dangerous and disruptive policy that does further harm to homeowners in financial distress in California and in other states where dual agency is allowable.  The irony for me personally is that bank/servicer inefficiency actually inspired my own decision to begin doing dual agency.  My question now is --  what will Bank of America do next?


And haven’t they done enough already?



Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent, Certified HAFA Specialist (CHS), and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

* Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice and is for information purposes only.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Copyright © 2011 Tni LeBlanc *Bank of America's Bogus War Against Short Sale Dual Agency*
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12433922659?profile=originalWell Bank of America did it again.  They foreclosed on a home owned by a single mother of five children, one a newborn last Monday after we were told numerous times that her short sale was approved.

 

This hard working mother of five commutes to work every day from Victorville to Manhattan Beach, a 103 mile one-way trip in order to keep a roof over her family’s head.  With the job market in such a slump she cannot afford to risk her current employment and has been making this commute for nearly 4 years now.  Until now.

 

She attempted a loan modification with Bank of America two years ago but was declined.  She attempted the process again only to be turned down for allegedly not returning her documents to the bank by their deadline.  When we met her earlier this year, her loan was not in default yet.  With the news of her recent pregnancy, she began falling behind in her mortgage payments. 

 

In April 2011, we listed her home in attempt to short sell it so that she could retain some hope of home ownership again by making every effort to avoid foreclosure.  I am a HAFA certified real estate broker trained to work out short sales.  She was a prime candidate for the program.

 

In May 2011, we received a full price offer on her home at $99,000 all cash.  She was also served with a notice of default that same month from Bank of America.  We tried to assure her the best we could that the short sale would be approved and not to worry about the bank foreclosing on her.  We had plenty of short sale negotiations on homes with Bank of America that have been postponed for months if not years before the threat of foreclosure. 

 

After submitting her complete short sale package, the new offer and estimated HUD-1 through the Equator system, we received a counter offer from the negotiator basically accepting the terms of the purchase agreement with some minor tweaks.  The closing date was to be completed by September 23, 2011.  Not a problem.  We accepted all the terms.  This was in July 2011.

 

This process was moving along quite quickly in comparison to other files we have worked.  But no indication of any red flags or reasons to question the system.  After submitting her most recent updated pay stub and bank statement, Bank of America stated that they were waiting on final investor approval before we would open escrow. 

On August 10, 2011 she received a notice of trustee sale notice posted on her front door.  The sale date is scheduled for September 6th at 9:00 a.m., the day after Labor Day (no pun intended but ironic since she just gave birth to her new baby boy). 

 

We began to call the negotiator immediately in an effort to postpone this looming sale date in light of the short sale approval we were waiting on.  Bank of America assured us that the foreclosure date would be postponed but that it may not show up in the system until three days before the sale date.  We called the trustee directly to verify that the sale date had not been postponed yet.  On the first of the three days before the sale date we began to make repeated calls, email requests, Equator notifications regarding the pending sale date.  Each time we are told that it should be postponed at any time.  The trustee notifies us that an opening bid has been published for $64,000.  What?  How could that be possible when Bank of America is working on the $99,000 all cash offer we submitted two months ago?  It must be a mistake.  We kept calling. 

 

Bank of America did not postpone the foreclosure sale as it promised to do.  The home went to sale for $64,500.  Oddly enough, it was not purchased by a third party.  It reverted to the beneficiary to be sold as an REO.  Fannie Mae failed this hard working woman, Bank of America failed her.  And ultimately, we failed her miserably too. 

 

How could this happen?  What could we have done differently?  We are attempting to contact the asset manager for Fannie Mae to inform them that we have an offer for $99,000.  Bank of America told us that it would take a few weeks for the property to be assigned.  I didn’t believe that and was correct when I was told that Fannie Mae introduced himself to my client by knocking on her door with the news. 

 

My head is still spinning with ideas and attempts to understand why this home went to sale without a single postponement when so many others we have with Bank of America are declared “cancelled” for other unknown reasons.  I’m furious and saddened by this foreclosure system we are forced to bargain with.  Any thoughts?

 

DISCLAIMER:
****DIANE WHEATLEY IS NOT A LICENSED ATTORNEY. THIS INFORMATION IS COMPRISED OF HER OPINIONS, OBSERVATIONS AND INTERPRETATIONS AND IS NOT INTENDED TO BE CONSTRUED AS LEGAL ADVICE.  PLEASE CONSULT WITH AN ATTORNEY BEFORE RELYING ON OR TAKING ANY ACTION BASED ON THE INFORMATION PROVIDED HERE.****

 

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Bank of America Short Sales Made Easier?

Bank of America just announced a change in its short sale program that may make Bank of America short sales just a little easier.

Bank of AmericaUntil today, if Bank of America short sales were entered in Equator and then a buyer walked, the whole short sale process would have to start all over again. Even if the new buyer made exactly the same offer, the process had to start all over again.

 

 

This week, finally Bank of America, decided this was unnecessary. Now the original transaction will continue with just the buyer substitution. This may not work in all cases depending on the actual investor on the loan. Still it's a definite step in the right direction and should help to alleviate the pressure and the wait when a buyer walks as they sometimes do during the Bank of America short sales process.

Originally published at Bank of America Short Sales Made Easier.

 

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Federal Government Disclaimer (MARS) 

  1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
  2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
  3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Click Orange County homes for sale to view all OC homes for sale.

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We are proud to say that another of our short sales listings has received an approval on the submitted short sale contract. This Overland Park KS short sale ha12433920088?profile=originals an existing loan with Bank of America and a 2nd mortgage lien with People's Bank.


The Seller was not required to sign a promissory note and no funds were required from Seller at the time of closing on this Bank of America short sale.

This Overland Park KS short sale is an existing Conventional loan.

Just shows that short sales are a possible option available to foreclosure.


If you are considering a short sale instead of foreclosure, you should consider hiring an experienced Kansas City short sale agent. Request a FREE Confidential, no-obligation, short sale or pre-foreclosure analysis of your home. Serving both home sellers and buyers in Kansas and Missouri.


Contact Me for more information about this home or any other
Homes in Kansas City for sale.

_____________________________________________________________

Suzanne Hinton-Hinton Homes-short sale and pre foreclosure real estate specialists.

Contact Suzanne Hinton at
Phone or Text: (816) 520-0917
Email: shinton@remax.net





©2010 Suzanne Hinton-Kansas City Short Sale agent
Kansas City Short Sales

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5 Reasons Foreclosure Prevention Is Like Halloween

1. Tricks

I don’t know if kids do this anymore, but I remember part of the fun, the anticipation, of Halloween was coming up with a “Trick” to offer in exchange for candy – a joke, rhyme, hand stand, armpit noise or, if you were desperate, a song. Foreclosure prevention is like that, except sometimes the trick is on the homeowner. You go to the lender’s door, ring the bell, ask for short sale approval and the bank requests a trick. You do the trick, even though it’s ridiculous (e.g., provide the birth certificate of your childhood pet), stick out your palm for your treat…and…and…what the?!...the lender requires another trick. Six months worth of tricks and you might get a treat.

2. Treats

Possibly the best part of Halloween – the treats! For a kid, heaven is having to use two hands to lug home a pillowcase weighed down with candy. Sorry, there is no candy in short sales. But there are treats. For a homeowner, the treat is to “hit the reset button”, to be released from an oppressive situation & constant lender harassment, without the stigma of foreclosure. For lenders, the treat is being spared the cost to preserve vacant property and the legal cost involved in foreclosure.

3. Costumed Characters

Every year, the National Retail Federation publishes a list of the most popular costumes (Michael Jackson in 2009; Spiderman in 2004), but some costumes are classic: Zombie, Super Hero, Vampire, Witch. I have yet to encounter Spiderman in any short sale transaction, but I’m convinced that a prerequisite for hire as a bank’s short sale negotiator is Zombiehood. Bank Negotiators and Zombies. Not. Human. Not human! Both have that risen-from-the-dead, jerky, robotic shuffle. And they l-l-l-o-o-o-v-v-v-e feasting on human flesh. As a Realtor specializing in short sales, I have witnessed scenes of chaos and panic as whole neighborhoods are consumed by Hells Fargo’s (Goo-For-Brains) Zombies.

4. Terror

Halloween and Short Sales elicit more than just fright; they both give birth to Terror. Fright is like a sudden shock – painful, but not enough to leave a noticeable scar and it’s over quickly. Terror implies something more intense. Dictionary.com’s definition of terror is “extreme fear in the presence of danger or evil”, and describes it as “prolonged…and may refer to imagined or future dangers”. For months, homeowners behind on their mortgage payments (1 of 5 Florida homeowners) dread opening the mail or answering the phone. They lose sleep at night, imagining the worst, nightmare images of the Bank of Evil tossing their belongings in the street as the neighbors look on. Halloween terror is also prolonged, but only until the movie is over.

5. Spooky Houses

For homeowners, the place that once represented the future, their piece of the America Dream, is now laced with cobwebs. Windows that formerly framed Norman Rockwell holiday scenes are now hidden behind tightly drawn curtains. Crabgrass replaces flower beds. Picket fences, once proudly painted white, fade to gray in the moonlight.



Disclaimer: My husband, the historian, read this and explained that “trick or treat” actually referred to a bribe, as in, “Hand over the sweets and I won’t egg your house.” Whatevs, Honey.
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Thanks to Tim & Julie Harris for getting the information on this this program Bank of America is hopefully going to implement soon. It is in the "testing" phase now.

This is what we all have been hounding the banks to do for a few years now. This will be AWESOME!!

This program is being quietly introduced, using only a hand-selected group of top short sale agents across the country.

* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative'.

* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.

* No documentation.

* No bank statements.

* No tax returns.

* No financial worksheets.

* No deficiency judgement.

* No financial contribution from the seller of any kind will be requested.

* Only requirements? -A listing contract -A purchase contract -An appraisal, though we've been told the appraisal will not have an adverse bearing on the final acceptance.

* 2 WEEK approvals.

Lets hope this becomes mainstream soon!!

Go to Bank of America 'Secret' Short Sale Program BoA HPO Short Sale Program to read more.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home. Copyright © 2010, Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing.

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BAC - Let's Start A Movement!

I would like to start a movement with BAC. All their approval letters should include the following:

Buyer (insert buyer's name from contract). **Replacement buyer subject to BAC approval.

Now wouldn't that eliminate being in escrow 3 to 4 to 5 times - assuming net to BAC was the same and no change in close of escrow date?

I say that while having 6 short sale escrows with them, and 3 approved - but it's absolutely pulling teeth and insanity.

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