Great news for real estate investors who focus on short sales – they are on the rise again. Banks are turning to short sales more and more so they can get around the long process of seizing, maintaining and then trying to sell homes through foreclosure. The pace of new foreclosures has slowed slightly, but […]
Bank of America is offering big incentives for short sales – as in, up to $30,000. The company announced last week that they would offer relocation assistance to those who initiate a short sale by the end of 2012, and close by Sept. 26, 2013. Sellers have to also work cooperatively and proactively with BOA […]
RealtyTrac recently put together a list outlining which lenders/servicers move through the short sale process the fastest and the cheapest. The frontrunners? Freddie Mac, Fannie Mae and FHA have the shortest timelines with 193 days, followed by Ally Financial at 321 days and PNC Financial at 353 days. The short sale timeline being used as […]
Last week, Bank of America announced that they were reducing the amount owed for 200,000 underwater homeowners. This is huge for the homeowners, because it means a chance to eliminate the underwater portion of their mortgages. The anticipated average reduction is $100,000. Homeowners are eligible for the reduction if they were at least 60 days […]
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Last week, Bank of America announced that it will shell out $8.5 billion in the bank’s largest single settlement in the current financial crisis. The money will go to 22 institutional investors that lost money on mortgage-backed securities. Many of the mortgage issues stem from BOA’s purchase of Countrywide in 2008. BOA says the settlement […]
I received this email yesterday and wanted you all to be aware of some changes that Bank of America has made to their short sale process: “In March, fields were added to the initiation page in Equator so Bank of America can identify which short sale the homeowner qualifies for and best fits their situation. […]
From: The Week A Pittsburgh woman is claiming that Bank of America wrongfully foreclosed on her home, and in so doing ransacked her possessions, cut her power lines, padlocked her doors, and confiscated her pet parrot. Angela Iannelli, 46—who was away when repo men allegedly made off with her beloved blue macaw, Luke—says she's still […]
Bank of America to Start Reducing Principal on "Underwater" Mortgages By Ieva M. Augstumms, The Huffington Post CHARLOTTE, N.C. — Bank of America Corp. is giving some of its most troubled mortgage borrowers relief from the threat of foreclosure. The bank, the largest mortgage servicer in the country, said Wednesday it will forgive up to […]
March 15, 2010 - This Week’s Topics: • Freddie and Fannie Bounce Mortgages Back to Banks • Unfinished Construction Offers Investors Another Opportunity to Profit • Builders Look to Prosper from Hidden Transfer Fees • Pittsburgh, Louisville Top List of Best Housing Markets • The American Culture of Homeownership • 30-Year Fixed Mortgage Rates Fall […]
