CAR Short Sale Soundoff: BofA vows to streamline short sales

According the California Association of Realtors...
Bank of America says it is stepping up efforts to increase the number of short sales it completes, said Bob Hora, senior vice president and mortgage servicing executive with Bank of America, during a recent webcast.
According to Hora, Bank of America is on track to complete 100,000 short sales in 2011, up from about 42,000 a couple of years ago.  The bank plans to increase its short sale completions by 60 percent in 2012.
Bank of America now has 3,000 people on its short-sale account, Hora said. When the market first started to decline, the bank had approximately 200-250 people on its short sale account. The bank also is starting to mail out packets of materials to delinquent homeowners encouraging them to try to short sell.
Only time will tell!

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Comment by Linas K Muliolis on November 10, 2011 at 10:05pm

Antonette, You got stuck with a lame negotiator, overall BofA has been miles ahead of Wells..  And a dumb BPO agent on top of that!     Geez.. I can tell you the vast difference between Wells and BofA in how they are dealing with the foreclosure market.   Take FHA loans..  I have an investor who does his research, buys on his own sometimes.  He dug up a 4 unit in Cleveland, sold for $120,000 in 2005, loan amount was $118,000.   Original notice of foreclosure was in 2007, so obviously mortgagor made few if any payments.   They FINALLY finished with sheriff's auction now, in 2011.  My client sent them an offer.  Wells' response???   If you want to buy it now, you will need to pay $177,800, because that is what HUD will reimburse us for.   --- They will pay Wells back the purchase price, the lost interest, the property maintenance, and legal fees!   They are making a KILLING by dragging it out!  BofA on the other hand, I list their REOs.   I have a prelisting that will probably sell for $5,000 and it was an FHA loan, they are following HUD guidelines to the letter in terms of health and safety, they are spending money to support ceilings that are falling down, loose flaking paint being addressed, etc..  only to sell it for practically nothing...     

Comment by Antonette Solano CSSG, SFR on November 10, 2011 at 7:00pm

Hate B of A, and AMS is even worse.I have not found a person yet in either place that actually knows what the heck they are doing.

just had a deal that my clients bought house at the near peak  of market in 2005 for 257,000 and that area has had values  decline by  at least 20% since 2005, (30-35% since 2006) so value now is approx 200-210. this loan had a 1st with wells that is hafa approved and bpo came in at 210, I asked the wells negotiator to fwd bpo to 2nd neg at B of A , because they do not do their own, she sent it to him ( refused to send directly to me) but as you all know wells sends secure e-mails, well the neg at B of A was too,  lazy or stupid to create a password  and open the file with the BPO, so he did an online estime for BPO and value came in at 271,00 becaue this townhome developement is surroinded by single family homes. of course he sent it to PMI company and the file got td and closed out as the PMI company could get ALL their money if value was really 271.  Now really.... you do not have to be a rocket scientist to know tha the property did not APPRECIATE since the peak market..  Finally after calling in a dozen times and writing letters to wells I got them to send the accurate BPO to me I can submit it with another complete package to B of A to reopen the file  and resubmit to PMI.

 I am thinking positive here and praying that they will consider this BPO rather that the online estimate from last week. Its all uo to PMI co now.... say a little prayer for me :-)

Comment by Darlene Pieracci on November 10, 2011 at 5:16pm

Well, B of A countered a home we are in contract with from our $314k offer to $350k (B of A).  We countered back at original $314 and they accepted.  Looks like they are moving forward a bit all within 3 weeks.

Comment by Tamilyn Simard on November 10, 2011 at 4:19pm

No, I have challanges daily with these monsters, but this is my life now and If I am going to stay in this business I have to have a more positive mind set. I have new agents that I am training right now on short sales and I tell them this will be the hardest transaction you will ever have to do, but if you know what you are doing they will get easier and that's the key. Look we are all in this together like it or not. A few words of encouragement never hurts. And I am seeing postive changes, nothing will ever be perfect with the banks becuase we do not control the transaction, they do. As long as they are reaching out to the RE community for help, things will start to get better.

Comment by Joe Beauchamp on November 10, 2011 at 4:05pm

Hey, I'm still waiting for my flying car from the 1960's Popular Mechanics.  Wonder which will come true first...

I have an "advantage" - I've been management, heavy techy and lived the computer age.  Daily, I see issues at BOA from extremely simple to fix to likely huge projects.  The majority are trivial.  I've wondered how some things have now gone for 3 years w/o a fix when 1/4 of a programmer should be able to fix "it" easily in a month - more likely 2 days (that would be giving the 2nd day to actually try it - something BOA seems not to do with their new releases).  Sometimes, while on hold of course, I wonder how much frustration, time, money, manpower BOA could save while actually really speeding things up with some of these changes.  I loved doing that sort of thing - when a minor change is multiplied across the system a thousand times.  Too bad BOA doesn't seem to have the interest.

I kinda put this BOA announcement in the basket with "REOTRANS is going to fix our short sales problems".  Anybody here actually live through that painful transition?  Anybody actually feel that SS's are a breeze now?

So, uh, rather than build an extra office for all my short sale biz that is going to skyrocket, I think I'll put in that carport for my flying car - go for the odds..  ;-)

Comment by Tamilyn Simard on November 10, 2011 at 4:03pm

Come on Pattie be positive good things are starting to come out of BofA finally.

Comment by Charles H. Lewis III on November 10, 2011 at 3:48pm

I agree with MeLisa & Tamilyn. AMS has been an extra problem, prolonging an already legnthy process.

Comment by Tamilyn Simard on November 10, 2011 at 3:03pm

Yes, I agree completely MeLisa, they do need to get rid of AMS!

Comment by Maggi Kawasaki on November 10, 2011 at 3:01pm

I have not had good experiences with BOA recently.  The lights are on and no ones home.  I had a short sale that could have been easy with only one loan and approved for HAFA but no one was there to administer it effectively and it slide into foreclosure.  Very disappointed with their process.

Comment by Linas K Muliolis on November 10, 2011 at 2:53pm

Just got another BofA short sale done in record time - 25 days from submitting docs to having an approval letter on a house with two BofA liens!




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