Found another one on this website (click here for the full article), this site reviews/rates different banks on their ability to close short sales for 1st and 2nd mortgages. In this case, it is referring to Bank of America. I need to stop reading on the Internet, it's depressing me....
2nds - Bank of America continues to present the most difficult challenges in the servicing industry on Short Sale proposals, on home equity 2nds. It takes approximately 5 weeks for them to acknowledge receipt of the package. They typically demand 5% of the net proceeds which typically equates to 12-15% of the loan balance when other lenders are closer to 10%. (This is still dramatically higher than the $3,000 in the treasury proposal). If the file is charged off and sent to recovery/collections we have heard from some agents that they are surprisingly easier to work with than the loss mitigation department. This may not be true in all instances.
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1 comments:
I have never had problems with Bank of America and home loans. Of course I have never done a short sale. But they have held two mortgages for me and have been great to work with on both. Good luck it will work out.
H2
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