Thursday, January 21, 2010

More BofA doom and gloom?

Pin It

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.


Aragon greyhounds said...

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.

Post a Comment

Note: Only a member of this blog may post a comment.