BofA to pay $8.5B housing crash settlement
http://www.msnbc.msn.com/id/43569643/ns/business-us_business/
I would love to see a figure on how much money BofA cost their investors by dragging out and not approving short sales vs foreclosing and then selling as REO. I know there are hundreds of thousands of those horror stories like "We had a buyer for $200,000 and BofA denied the short sale only to sell the house for $125,000" Or "We finally closed after the 5th buyer and that was for $100,000 less than the original buyer offered" I am sure that we could write a book with those stories.
Somewhere I read that in Florida it costs the lender an additional $50,000 on average to foreclose on a home vs short sale.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Harry, I agree with you for sure. If 8.5 Billion doesn't bring them to their knees then I guess they are too big to fail.
They are making money on their short sales since they service 80% of these and only own 20%. They are quick to approve their portfolio loans. As some point the investors had to do something.
I probably can add up several million dollars that I have seen them lose by dragging their feet on short sales and not approving them quickly and I am just one agent in a tiny market. Take that add mutilply it by hundreds of thousands and the 8.5 Billion is just a drop in the bucket.
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Permalink Reply by Christina Conrad on
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There are a few other banks that do the same thing and Ocwen is one of them...I hate dealing with Ocwen...we were going to pay the loan in full and they still wouldn't stop the f/c....fools.
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