Embattled Bank of America Gets A Clue

: Chris Lee Law Firm

  Filed under: Financial News

bank of america loan modificationsBank of America, one of America’s largest holders of mortgages has been subject to investigation and legal proceedings. Some borrowers claim that BofA has not acted in good faith after agreeing to new mortgage terms, or a mortgage loan modification. BofA, a recipient of federal funding and incentives via the Making Home Affordable program, sought borrowers for delinquency and unpaid balances on their monthly mortgages after they agreed to reduce monthly payments. This has spurred on several legal cases with plaintiffs in nine different states.

There has been some speculation that BofA has finally gotten the hint that its public image is tarnished. Short sale brokers and news websites are reporting that BofA has put in measures to streamline short sales. Instead of the average three-month wait, BofA is helping borrowers and realtors close deals in around thirty days.

This is small bit of news is a small miracle for anyone who has been in a short sale. One of the most painstaking parts of any short sale is that potential buyers often shy away from time-consuming short sales. This expedited process will certainly be attractive to buyers and welcome relief for struggling homeowners.

Prepare yourself and potential clients before the short sale negations start

If you are considering a short sale, sit down with a realtor to see how long it will take to sell your house and set realistic expectations. One of the hard truths of short sales is that potential buyers become less and less attracted when there are more parties involved. You may be able to swoon potential buyers simply by preparing them.

Present potential buyers a clear picture of everyone involved and everything to be expected throughout the short sale process. Most buyers will probably be familiar with short sale rigmarole. Short sales collapse because banks fail to be  straightforward about their conditions or second and third party lenders hamstring the process with their own requirements.

 


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