Suddenly Bank of America has become one of the best banks to work with when it comes to short sales. They are one of the only banks that has responded to the high volume of short sales by hiring the proper staff and creating an infrastructure to deal with it. Over the last 6 months my short sale team and I have had great success with them. They rarely come back with unrealistic values and demands making it much easier to close the sale. This is great news for the general public. Bank of America happens to be the largest owner of under water mortgages in the United States. To their credit they are working to alleviate the problem.
I’m looking to meet any property owner with a Bank of America loan that is having trouble or has stopped making their payments. This is the time to act while Bank of America is actively approving short sales. Things can change with the economy or government at any time that could affect Bank of America’s willingness to accept short sales in the future. We have had success with getting Bank of America short sales approved for as little as 10% of the loan balance. In most cases the notes have been marked paid in full for less than the amount owed. They did not have to pay any commissions, fees, taxes, back utilities etc. Owners are able to settle their debt without having to bring any money to the table at all. Despite what many think, banks realize that if you are having trouble making payments it is futile most of the time to require a homeowner to pay at closing. They opt to write off bad debt and move rather than the alternative, which is foreclosing on the property.
After doing short sales for the past 4 years it is apparent that now is the best time to initiate a short sale with Bank of America. Anyone who believes that getting out from under a Bank of America loan will improve their financial outlook and save their credit should act now. Don’t hesitate to ask questions.