Category Archives: Bank of America

The Hard Decline (aka the Short Sale Mulligan)

I currently represent the buyer in a short sale transaction, and the lender is Wells Fargo.  Within a couple of weeks of submitting our purchase contract to the lender, the list agent received a “hard decline” from Wells. A hard decline is short sale lingo for starting over.  The frustrating thing is that there is […]

Also posted in Short Sale Info for Buyers, Short Sale Info for Realtors, Short Sale Info for Sellers, Strange but True, Wells Fargo | Comments closed

Investment Lot – Fairview, NC

lot-photo

This was an investment lot near Asheville, North Carolina with a Bank of America loan.  The final sale price was approximately 44% of the outstanding loan balance.     But that’s not the best part…the best part is that the short sale approval letter from Bank of America waived any right to pursue the deficiency […]

Also posted in Closed Short Sales | Tagged , , | Comments closed

North Carolina Receives Aid for Short Sales

In April, 49 state attorney general offices and several federal agencies reached a $25 billion settlement with 5 major lenders (Wells Fargo, Bank of America, Citi, Chase, and Ally/GMAC).  The settlement was the result of suspect lending practices and automated foreclosure processes (“robosigning”). The state of North Carolina received approximately $338 million from the settlement. […]

Also posted in North Carolina Short Sale News, Short Sale Info for Realtors, Short Sale Info for Sellers, Wells Fargo | Tagged , , , , | Comments closed

Fannie Mae Changes Guidelines to Speed up Short Sale Times

Anyone who has ever attempted a short sale has probably been frustrated by the amount of time it can take to get a response from the bank.  To help combat absurd response times, Fannie Mae has issued new guidelines that should at least provide Realtors, borrowers, and buyers with an expectation of when the bank […]

Also posted in Fannie Mae & Freddie Mac, Foreclosure News, Wells Fargo | Comments closed

Bank of America Foreclosures Expected to Rise

Bank of America has figured out a way to foreclose on even more homeowners.  According to a recent piece in The New York Times, a new deal between the lender and investors who bought its bad loans could lead to faster approval of loan modifications but also shorter foreclosure processes.  According to BofA exec Tony […]

Also posted in Foreclosure News | Comments closed

Uncontested Foreclosures Resume in New Jersey

David Voreacos and David McLaughlin from Bloomberg recently reported on a development that we all knew was coming.  Chase, Wells Fargo, Citigroup, and Bank of America were given permission by Superior Court Judge Mary Jacobson (in Trenton, NJ) to resume “uncontested” foreclosures. All of these lenders, as well as Ally Financial and OneWest Bank, were […]

Also posted in Foreclosure News, Wells Fargo | Comments closed

Meet Linda Green, Your Bank’s Vice President

Disclaimer: Do not read this before you take your happy pills.  This is going to make your blood boil! A recent CBS News article discusses the outlandish lengths banks will go to in order to process a foreclosure.  Their methods can be illegal, unethical, and downright bizarre.  The overall story here is not new…it has […]

Also posted in Foreclosure News, Short Sale Info for Sellers, Strange but True, Wells Fargo | Comments closed

Bank of America Settles with Investors for $8.5 Billion

As previously discussed on this site, Bank of America has quite a few investors none too pleased with the performance of their mortgage-backed securities.  Earlier this summer, BofA agreed to a settlement of $8.5 billion to cover nearly all of their liability from the transfer of Countrywide Financial first-lien mortgages.  According to the article by […]

Posted in Bank of America | Comments closed

Uncle Sam Promoting Short Sales?

According to Jim Puzzanghera and Alejandro Lazo of the Los Angeles Times, a potential deal is in the works between banks and government officials that would force banks to approve short sales for severely delinquent borrowers.  Additionally, servicers would be required to reduce the amount owed on certain home mortgages. There are 2 obvious advantages […]

Also posted in Wells Fargo | Comments closed

Bank of America Creates Foreclosure Unit with 30,000 Employees

If you want to know just how serious Bank of America’s distressed mortgage problem is, here’s a number you can put on it: 30,000.  That’s how many employees will work under the bank’s new “Legacy Asset Servicing” unit, according to a Reuters report released on Feb. 4th. This shows just how serious the country’s foreclosure […]

Also posted in Foreclosure News | Comments closed