BofA completes more short sales than REO for last 18 months

BofA completes more short sales than REO for last 18 months

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Because their lender is applying pressure to either make payments, short-sale, or be foreclosed. At least that is the old-fashioned way of banking. It’s possible that, after months or years of delinquency, some might start making their payments again if they receive.

Bank of America [stock BAC][/stock] completed more short sales than it unloaded previously foreclosed homes every month for the last year and a half. In May, BofA completed roughly 9,000 short.

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Update: Bank of America Positive Changes to Their Short sale program. countrywide was one of the largest home loan providers in the United States, as a result they have been overwhelmed with a staggering number of foreclosures and short sales.

How buying a short sale/foreclosed home differs. buying a home in short sale or foreclosure is similar to buying a traditional home, but there are differences: Sales can take months to complete. Foreclosures tend to be a little faster than short sales, but in both cases, the lender has to approve the sale.

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Short sale homes are generally less expensive than other houses and a short sale property is likely to be in a better state than a home that has gone into foreclosure. Trying to buy a short sale house, though, could be more trouble than it’s worth. It could take months for a bank to sign off on a short sale.

Just bought my first short sale. wanted to share a timeline. Bank of America. I had a short sale with them wherein we went through 5 negotiators before I got one that was capable of answering emails and calls and giving me. I’ve seen short sales take 12-18 months to get approved, just.

 · Bank of America, one of the largest lenders in the U.S., has instituted a policy of liquidating as many assets saddled with defaulted loans as possible before repossession, said Matt Vernon, the short sale and REO executive at BofA. Vernon took the position at BofA in February.

Sacramento Realtor and short sale specialist, Julie Jalone, who owns MagnumOne Realty in Roseville, writes about the benefits of short sales and the increasing number of cash incentives being offered by lenders to homeowners. Incenting homeowners to complete a short sale rather than let the home go to foreclosure is not new but Julie believes it is a growing trend among mortgage lenders.

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