Say it ain’t so…
Bank of America/Countrywide are coordinating with an outside company REOTRANS to manage and streamline the Short Sale process.
After months and months of crys and moans over the BofA short sale…we’re getting news that there has been a grouping of these to entities to assist in the processing of open short sale files.
Kim and I heard rumors of this at 5 Star Convention in Fort worth. Low and behold, Kim was on a call with a BofA agent yesterday and it was confirmed. It will be select files at first…the agent could not speak specifically about the process or what fiels would qualify.
A few things we do understand is that it will be an online process…taking the endless calling to BofA negotiators out of the loop will undoubtedly allow for considerable time savings alone.
This news is on the heels of a report or remider that BofA has bout $23Billion (from Countrywide) in Pay Option Arms at risk.
Not many times I have praised Bank of America, however, this is fantastic news and we hope that other banks will fall in line.
God Bless the short sale.
Now go sell…
Kris
I have had an offer in with Countrywide/ BoA for a month and a half. It was a thousand over list and it was a cash offer of $200,000. The sellers bought the house in 2003 for $215,000. No other offers have been submitted and the house has been empty for over a year and is rotting to the ground. There is only one loan with countrywide and $259,000 is owed with fees that have built up. My file has just been escalated. They have just completed the BPO and asked us for proof of funds again from my bank. Does anyone have any idea when this deal will happen. This is a nightmare.
Thanks Amy…
REOTRANS seems to be it.
How do we do it…Only the Good Lord knows?
Just like you…it’s our life here in So Cal,
Best,
K&K