Comment

Comment by Debby Thompson on March 14, 2012 at 4:44pm

Thanks Thom for all the information from the Bank of American short sale forum. I hope they offer one in the Milwaukee area.

Comment by Kevin - Greenville, SC on March 14, 2012 at 4:43pm

I guess technically you could say anytime you sell a property with a Mortgage on it you're settling debt. Whether you're shorting the Loan or not.

Comment by Deidre St. Romain on March 14, 2012 at 4:40pm

Hmm well I have been doing "debt Settlements" for 3+ years.  I think I will just give a call to BOA tomorrow and see what I have to do..can't hurt!

Comment by Thom Colby CA Brkr 888-391-5245 on March 14, 2012 at 4:17pm

It seems the invites went to Agents / Brokers that have been doing Short Sales Debt Settlements for 3+ years.  They asked for a show of hands how many had been doing these for 2 years, 3 years, 5 years - most hands at 3 years and they said that's what they expected from the invited people.

 

I have no idea how they formed the invite list.  But, they did say to spread the word if someone gets invited they should attend.  My group was about 150 people but the room could have easily handled 500.

Comment by joe beauchamp on March 14, 2012 at 3:20pm

HA! Well, that'll teach me to respond to comments hours old - makes no sense... Oh well... that was about the new 3rd party authorization from BOA..

Comment by joe beauchamp on March 14, 2012 at 3:18pm

I always find corporate or political heavy handed edicts repugnant. I am used to BOA doing this, however, they seem to have laid off these tactics for about a year while they jacked around with BPO's and appraisals.

Servicers seem to do whatever they can to kill short sales, and why not? They are paid to "manage" these files and lose income when a short sale succeeds. So, BOA forces lawyers, reators to use their own time to jaw on the phone hour after hour to get BOA to do things, more of us will say "forget it".  BOA wins.  And if they don't, well, maybe they'll say brokers or congressmen next.  Just as valid.  We need to be licensed as a particular professional to talk to their just-off-the-street phone rep with no qualifications. Sure, that's reasonable.

Well, we can always fall back on Power of Attorney.  I've used them several times with BOA edicts.  Unlike their tow-the-line HAFA sub-companies, SS Reps, or their supervisors tend to realize that they better not cross the line of ignoring power of attorney.  I guess we'll see..

Comment by Deidre St. Romain on March 14, 2012 at 3:01pm

Wow Thom. Thank you so much! If it is by invitation only how do I get invited? I am in Arizona. Any input would be appreciated.

Comment by Thom Colby CA Brkr 888-391-5245 on March 14, 2012 at 2:43pm

Uilana -I receivd an e-mail invitation to attend.  It's by Invite only....

Julia - sit at the end of the row in the middle aisle near the audience microphone. They only allow 1 question each from the first 15 people - and they hold it to that with no follow-up questions.

Comment by Uilani De Motta on March 14, 2012 at 2:39pm

Thom, How do you attend the short sale forum?

Comment by Julia Huntsman, 562-896-2609 on March 14, 2012 at 2:36pm

Thom, thanks for that update--I'm attending the BofA short sale event on Friday.

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