Posted by: Catherine | September 20, 2008

Short Sale Successes, when all else fails . . .

We want nothing more than to have you save your home. We will help you find resources.  Sometimes a referral to a HUD approved housing counselor yields results, sometimes a referral to an agency that researches your file for evidence of predatory lending violations is an option . . . Believe it or not sometimes foreclosure is a BETTER option than a short sale (for tax and legal recourse reasons). Some though are offered no alternative but to try to sell their homes.  If after you consult with your attorney and/or CPA, a short sale is your option you should know that short sales are closing.  They’re closing, in some cases, quicker than before.  I submitted four short sale packages last week and two of the lenders have already ordered their appraisals or BPO (Broker Pricing Opinion).  Many banks are quickening their process, while still others are stuck in their own red tape.  We have many successes with and /or currently have in process short sale requests with:

Wells Fargo
Bank Of America
Downey Savings
Aurora Loan Services

My vote for the WORST bank to deal with this week is:  BANK OF AMERICA!    Bank of America is not on any kind of track to even pretend to be helping people.  We had one deal that was three months in the short sale process.  They called with the good news that we had an approval.  When we finally received the approval letter the fine print showed that any balance remaining was going to be turned into a collectable debt. Bank of America reserves their right to SUE for the amount not paid.  What kind of “short sale acceptance” was that?  Why would anyone agree to that?  In a foreclosure this client would’ve been COMPLETELY protected, yet in a short sale they’d open themselves up to a judgment or lawsuit? WHAT? Whether Bank of America can actually do this in the State of California with their consumer protection and “single action” rules remains to be seen and should be researched with a knowledgeable attorney. In the meantime, if you have a short sale with Bank of America, be very very careful with their additional verbiage – it could cost you dearly in the future… consult your attorney.  Bank of America… I would love to talk to you… call me.

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