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Phoenix Real Estate and Homes for Sale | Jonathan Dalton, Realty ONE Group – (602) 502-9693

Jonathan Dalton
ePro, SFR

B of A

B of A Loan Forgiveness And You

Word started filtering down on Friday that some homeowners who have second mortgages with Bank of America are receiving letters telling them that they’re second loan balance has been forgiven. What does this mean for you if you have a second mortgage with B of A? A lot, if you receive one of the letters. And if you don’t … not so much. B of A already has selected the 150,000 homeowners who will receive the loan forgiveness; this isn’t a program for which you can apply, and if you didn’t receive a letter you’re not going to be part […]

Short Sales, Foreclosures and a Sense of Urgency

Saturday afternoon I received a call from someone facing an impending foreclosure who wanted details about a short sale. “Should I contact the lender,” he asked. “Absolutely,” I said. And by the way, when is the trustee’s sale scheduled? “Thursday.” As in, this Thursday. As in five days away. And the seller just now was trying to figure out whether to short sell, file bankruptcy or just surrender. The saddest part of all? He’s not alone. Far too many people ignore the problem for as long as they possibly can and only when it’s all to clear that their house […]

Big Short Sale News from B of A

Today in the inbox was a new message from Bank of America about its Short Sale Relocation Assistance Program. The long and short of it is qualifying sellers can apply to get their short sale through B of A pre-approved. If they go through the program and satisfy all the requirements, they could receive anywhere from $5,000 to $30,000 at the close (though these monies could be used to satisfy a second loan rather than going directly to the seller, depending on circumstances.) This program works similarly to the Home Affordable Foreclosure Alternative program; in fact, the up to $3,000 […]

B of A Short Sale – The End Game is Here

This morning I awoke to blessedly overcast skies and, even better, a short sale approval letter from Bank of America in my inbox. When I first met with my seller back in July, he fully expected to be on the hook for the home equity line of credit he had taken against the house – a not-so-small five-figure total. At the time, I told him we needed to include it in the short sale for two reasons – one, at worst the HELOC would need to be converted into a different type of loan because the house would no longer […]

B of A Short Sale Timelines

For those wondering just how long their short sale might take, here’s the timeframes straight from the mouths of Bank of America (click for the larger version): If you have an FHA or VA loan, or if you’re applying through the Home Affordable Foreclosure Alternative (HAFA) program, the above timeline isn’t going to apply to your particular situation. If you have two loans and B of A is the primary, there also can be some deviation as there’s a second lender to take into consideration. For the most part, however, the time involved is going to depend on two factors: […]

Inside a B of A Short Sale: The Game is Afoot

Here’s where short sales become fun, at least from an agent’s standpoint. On July 12, I put 3205 W Buckhorn Drive in Phoenix on the market. Within four days, it was under contract. On July 18, the short sale package and signed contract were sent to Bank of America. Within the week, the BPO (broker price opinion – akin to an appraisal without being an appraisal, performed by a real estate agent) was ordered and complete. The past 10 days has been spent working through details – whether the hardship was unemployment or underemployment, a date on the hardship letter […]

Inside a B of A Short Sale: A Trail By Any Other Name

Quick … what’s your street address? Humor me and say it out loud. Now, do you live on a Street or a St, an Avenue or an Ave, a Drive or a Dr, a Lane or a Ln? I’m pretty sure you’ll say the former, unless of course you’re addressing something in which case you’ll use the latter in an effort to make the US Postal Service happy. Essentially, the actual word and the abbreviation are interchangeable; they are one and the same without question. Unless … Bank of America’s short sale department has many quirks. No bank spends as […]

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