In La Quinta and across the state of California, Bank of America has announced that for a limited time, they are offering enhanced relocation assistance payments to qualified California homeowners who initiate a short sale without an offer. Those who qualify could be eligible to receive anywhere from $2,500 – $30,000 in relocation assistance and owe no more on their mortgage with the short sale of their property.
Many distressed homeowners are not aware of options available to them for avoiding foreclosure. It’s best to be proactive and call your lender before missing a payment. Then the embarassment and credit problems brought on by foreclosing on your home can be avoided. To not call your lender to discuss your options will only hurt your case.
Providing this enhanced Relocation Assistance Payment to distressed homeowners helps them with relocation costs and can also be used to help pay escrow items, such as past due HOA fees (a fee the banks will not pay for in a short sale situation). Banks are now more willing than ever to work with their borrowers to come up with a solution that works for all parties involved.
Remember that the Listing Agent in a Short Sale is your key to success, both for the Short Sale seller as well as the new Short Sale buyer. If you need help with your underwater mortgage, or simply doing your investigative work, give me a call at 760-285-3578. I am
experienced and short sale certified and consultations are FREE! I would be Happy to talk to you.
B of A gives principal reductions???
Bank of America NEVER “gives” anything away for nothing. So..I suspect the devil will be in the details with this new little gig. Part of the 26 billion dollar governement settlement, Bank of America is offering 200,000 lucky homeowners that qualify principle reductions. Isn’t that nice of them???
Unfortunately, alot of things must happen…
1. The borrower has to receive, open and read their letter that they are sending in the mail. I would suspecst that many of these “select 200,000 borrowers” have already jumped ship. If they are still there, they are pretty much hiding from their Lender and are OVER getting mail from them. Wonder how many will even open the letters?
2. You have to qualify. We all know about the qualifying process with B of A for Loan Mods and Short Sales. I suspect the paperwork is huge and the negotiator numbers are not.
3. They will write off up to $100,000..yippee! That will help some, but in my area of the Palm Springs Valley, $100,000 isn’t much..in ANY price point.
Let’s see if this program is a little more efficient that Bank of America’s 48 hr. buyer substitution program is. That is a complete disaster. But..I’m an positive thinker and I choose to believe this one is “going to work!” Good luck to all!
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Bank of America appraisers..dazed & confused
The appraisers for the Servicer in a Short Sale can make or break the acceptance of the offer. If they are not familiar with the area, the development, the price trends in the neighborhood…your deal could sink like a HUGE stone. That’s what happened to me..more than once. Each Lender is different (Lender being the Servicer here.) Bank of America has more bad notes than any other bank so the numbers of bad appraisals tilts to them.
In the Laguna Niguel home that has been the longest, most ill-handled of any I’ve had with Bank of America, the latest appraisal is so far over market value that it defies common sense. But..common sense and Lenders/Investors is not in the same sentence..EVER!
My offer is for $865,000. Fair Market Value. Their appraisal came back for this Buyer (#4) at $1,050,000. As I mentioned before..this just happens to be the List Price I started at almost a year ago. I suspect this appraiser came in at an easy number, never did the appraisal at all..just put the $ in their pockets. A whopping what..$50 or so? I don’t know, but they don’t make much…part of the problem..but that’s another story.
The Bank of America Social media contact did escalate my file and I was contacted yesterday to fill out a form and submit my best supporting comps. There are only 3 SOLD homes in the same gated neighborhood so that wasn’t hard to track down. All 3 of them support my price/sf. Where did that appraiser come up with that inflated value. Hmmm…very interesting and suspiscious that their appraised value just happens to match original list value. Really smart and creative of the appraisal company.
Should we all hold our breath and see if Bank of America over rules the high valuation? I’m not going to..that would take some common sense. If they do however, I will fall off my chair and then hit the blogs..
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In La Quinta and across the state of California, Bank of America has announced that for a limited time, they are offering enhanced relocation assistance payments to qualified California homeowners who initiate a short sale without an offer. Those who qualify could be eligible to receive anywhere from $2,500 – $30,000 in relocation assistance and owe no more on their mortgage with the short sale of their property.
