Costa Mesa's Neighborhood Blog

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

Bank of America Short Sales Made Easier?

Bank of America Short Sales Made Easier?

Today, Bank of America announced a change in its short sale program that may make Bank of America short sales just a little easier.

Bank of AmericaUntil today, if Bank of America short sales were entered in Equator and then a buyer walked, the whole short sale process would have to start all over again. Even if the new buyer made exactly the same offer, the process had to start all over again.

 

This week, finally Bank of America, decided this was unnecessary. Now the original transaction will continue with just the buyer substitution. This may not work in all cases depending on the actual investor on the loan. Still it's a definite step in the right direction and should help to alleviate the pressure and the wait when a buyer walks as they sometimes do during the Bank of America short sales process.

Originally published at Bank of America Short Sales Made Easier.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Federal Government Disclaimer (MARS) 

  1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
  2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
  3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Click Orange County homes for sale to view all OC homes for sale.

11 comments • Christine Donovan Costa Mesa CA Homes Broker/Attorney 800-610-7253 DRE01267479 • July 15 2011 01:04AM

BofA's Matt Vernon Says It's Getting Better at Short Sales & It Really Is!

BofA's Matt Vernon Says It's Getting Better at Short Sales & It Really Is!

 

 

Matt Vernon is the Short Sale and REO Executive for Bank of America.

 

He explained to a group of several hundred real estate professionals who handle distressed properties that BofA has had a paradigm shift, that they now see their borrowers as their clients rather than just their investors.

 

Matt Vernon BofA Short Sale REO Executive

 

They are also working hard to get more efficient in responding to the huge number of short sale requests that are being transmitted to BofA each month. 

 

According to him, BofA had 67,000 short sales initiated.  This is compared to the 27,000 initiated in November 2009 or the 12 (yes - 12) that were approved in November 2007.

 

In explaining the trials and tribulations experience by BofA, its customers and agents trying to help their sellers, he explained that no one was prepared for the explosion of short sales that has occurred in the past couple of years.

 

 

Still skeptical about BofA's commitment to change?  I was the first time I heard this speech a month or two ago on a teleconference.  However, in an attempt to help those of us with questions, Matt brought a group of 6 or 8 negotiators with him today and had them answer questions on individual files today, face to face.

 

I have spent this week trying to finalize a file so we could close this week or early next and was having troubles and being transferred from department to department and person to person and given answers that were not solving the problem.

 

Today, within 3 hours of speaking face to face with this BofA negotiator, I had received my finalized approval so we can close next week and an extension on our original approval.

 

Am I a believer?  I definitely believe that they are working to make changes and that Matt is very passionate about bringing about additional change and getting to his goal of less than 5% of decisions being made on short sales more than 60 days after initiation.

 

 

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Federal Government Disclaimer (MARS) 

  1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
  2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
  3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Click Orange County homes for sale to view all OC homes for sale.

9 comments • Christine Donovan Costa Mesa CA Homes Broker/Attorney 800-610-7253 DRE01267479 • May 21 2010 07:31PM