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When my clients say their loan is with Bank of America …

January 27, 2010

…I gotta really feel for them or have known them forever to actually agree to work with them because:

1) Loan Mods/Short Sales are 1000 x harder than they could/should be
2) I can close 4 “normal” houses in the time it takes me to close a short sale.
3) Bank of America is tied for First Place in the ” I’D RATHER BEG ON A STREET CORNER IN THE RAIN THAN DO BUSINESS WITH YOU” contest!!

With much reservation, I hope that just maybe perhaps Bank Of America is noticing how much money it loses by being nasty to their clients.

Boost for Obama’s foreclosure prevention program – Jan. 26, 2010

Bank of America steps up foreclosure prevention efforts
By Les Christie, staff writerJanuary 26, 2010: 6:23 PM ET

NEW YORK (CNNMoney.com) — One roadblock slowing President Obama’s foreclosure prevention program seems to be clearing away. Bank of America, the nation’s largest mortgage lender, said Tuesday that it was the first lender to agree to lower or eliminate payments on second mortgages.

This federal initiative, called the Second Lien Modification Program, pays incentives to second mortgage holders to work closely with first mortgage holders under the Home Affordable Modification Program.

One last sarcastic side note: Bank of America is also the one lender that I have ever dealt with that “reserves it’s right to continue collections” after a short sale.

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2 Comments leave one →
  1. January 28, 2010 4:03 pm

    I couldn’t agree more. A borrower of mine had a short sale declined because the estimated net payoff was $300 less then expected. And this process took well over 2 months to even get to that point. I’m glad to see other people voicing their frustration with BOA.

    • rebiegirl permalink*
      January 28, 2010 5:59 pm

      Sad but true. I don’t do short sales for the money! I am sure my local barrista makes more per hour than I do on a short sale! My all time record is 36 weeks to finally close. But, we did close.

      I do them for the cute client that waits to the last minute because she’s so embarrassed that she’s not worked for 18 months, has gone through her entire 401K AND maxed out every single credit card trying to stay in her home for her daughter’s sake. It’s just so heartbreaking I can’t help but want to help 🙂

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