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. […]

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 […]

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 […]

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 – […]

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 […]

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 […]

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 […]