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BofA completes more short sales than REO for last 18 months

The BOA short sale I did took 12 months to complete, yes 12 months!!! Thank goodness the buyer was willing to wait and got a great deal. With any short sale, be prepared that it will take 3 to 9 months typically. If you cannot wait that length of time, a short sale is not for you. Every short sale is different.

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Go into foreclosure only as a last resort. People who successfully complete a short sale might also qualify for a mortgage at a reasonable interest rate in as little as 18 months. For more.

House Passes Foreclosure Rental Bill House passes bipartisan housing package | Ways and Means. – WASHINGTON, D.C. – The House of Representatives today responded to the housing crisis by passing a comprehensive package of measures aimed at stemming the tide of foreclosures, stabilizing local housing markets and providing incentives for first-time homebuyers. The tax provisions in the bill, authored by Ways and Means Committee Chairman Charles B.AGs weeks from filing foreclosure settlement documents AGs, Brown launch foreclosure investigation – There have been reports of some lenders using employees to sign off up to one foreclosure per minute. The employees signing off on those documents are supposed to review the file before signing..

Short sales are often cheaper for the primary lender than foreclosure and a solution. push by these lenders to recover more of their loans is complicating short sales which agents complain can take.

It is rare today to do a Bank of America short sale. Bank of America short sales earned well deserved black marks beginning in 2005 and lasting well into 2009. Bank of America’s reputation was so bad that some real estate agents refused to list a short sale if Bank of America was involved. Buyer’s agents refused to write offers on those listings.

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Bank of America, for example, refused to provide complete files and documents and refused to provide some of its foreclosure policies. 60 to 200 documents per day to more than 20,000. Another. BofA completes more short sales than REO for last 18 months NEW YORK ( – Short sales are the hottest thing going in the distressed.

BofA has a lot of programs for short sales including the coop short sale where the seller gets quite a tidy sum (can be tens of thousands of dollars) to help with relocation and moving expenses. Almost all of problems with a short sale can be avoided or mitigated through the selection of a REA that did more than study for the test over a.

Bank of America [stock BAC][/stock] completed more short sales than it unloaded previously foreclosed homes every month for the last year and a half. In May, BofA completed roughly 9,000 short.

Deal Friday Story #11: 55k Short Sale Wholetail Deal - Real Estate Investing Can I short sale my investment property?" Some people think that the short sale option is limited only to a personal residence. They probably assume this because there is a lot of hoopla from certain types of lenders over whether a person occupies the home or does not occupy the home, but that has little to do with most short sales.

Wells Fargo ups commissions to spur loan production As I told the AEI audience, the avalanche of mortgage defaults now hitting Bank of America, Wells Fargo and other large lenders could force these banks to seek new government bailouts in 2011, an.