Home Buying in Rockville>Question Details

Rapidmd, Home Buyer in Rockville, IN

Shortsales with Bank of America"

Asked by Rapidmd, Rockville, IN Mon Oct 25, 2010

Has anyone had any good response from Bank of America on shortsales in the past couple months?al details about your question

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B of A is still the same as a year ago...The Equator system is just as fast as it was a year ago, and if you stay on the negotiator (once assigned), you can have it done within 3 months, sometimes more depending on how many mortgages you have. It is all in who negotiates it for you. Get someone experienced and with a proven successful tract record.
0 votes Thank Flag Link Tue Nov 9, 2010
B of A is in a very precarious situation with foreclosure fraud allegations and "put-back" demands from their investor base, including some of the largest investment groups in the U.S.
The situation could possibly get more complex and make their ability to get things done more time consuming then before.
I have updated info, if it is of any interest, at my blog site; http://www.trulia.com/blog/zmbrennan/
0 votes Thank Flag Link Tue Nov 9, 2010
I just had a closing on a Bank Of America short sale -- it started over a year ago with attempts to do a loan mod - three attempts and three rejections! Finally we switched to a short sale, and it only took about three months to get an approval-the only hold up was the assigned negotiator was in India, and worked hours that did not meet our open times, so we were always leaving messages, and his leaving us messages-real bummer came when title co missed the closing date and getting him to approve another HUD1 was a real hassle-bu if you have the patience, it can be done - Id rather work 10 Litton short sales to 1 Bank Of

Bill Wootan-Team Leader Team One
Century 21 Associates - Waldorf, Md.
Web Reference: http://www.billwootan.com
0 votes Thank Flag Link Mon Oct 25, 2010
Brian has a great answer. If its Bank Of America or any short sale for that matter it just takes patience. If you don't love the house it will take to long in most cases for you to hang in there. I hear Bank of America is moving faster but I would have to suggest its going to be 4-6 months with them.
0 votes Thank Flag Link Mon Oct 25, 2010
BoA has gotten a lot better in the last 6 months, but it is largely a case by case basis question. Not only does every transaction have its own peculiarities, but there is a wide spectrum of negotiators who work there - some are very pleasant to work with and follow up in a timely manner, others are at the opposite end. They now use an electronic portal system called equator to process all of their short sale files, where homeowners and agents upload their critical information and documents, including financials, contract offers, HUD's, etc. This is supposed to assist in the process, and it is true that it has cut down on the wait time, but (by design) it takes out most of the personal interaction that can assist in facilitating completion of these. It is very tough to get out of that mold in order to escalate files, order new appraisals, or just get a response when the file is stuck. Good negotiators can circumvent some of this, but we are all stuck with their procedural framework. One person's perspective.....
Web Reference: http://www.legalgoto.com
0 votes Thank Flag Link Mon Oct 25, 2010
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