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On April 2, Bank of America announced the latest round of changes to their short sale process. The changes, aimed at streamlining and expediting the process, include new requirements for initiating a short sale and changes to Equator. Beginning April 13, 2012, Bank of America will require the following five forms to be submitted to [...]
Last month, Bank of America announced a pilot program that will provide some distressed property homeowners with a new foreclosure alternative. This new “Mortgage to Lease” program will allow homeowners facing foreclosure to remain in their homes by converting from home ownership to rental. In this program, participating homeowners will transfer their home titles to [...]
ATTENTION Agents! In October’s CDPE Industry Broadcast with Bob Hora, SVP Mortgage Servicing Executive at Bank of America Home Loans, Hora affirmed Bank of America’s commitment to streamlining their short sale process. In keeping with this commitment, Bank of America is simplifying their third-party authorization process for short sales. On March 20, Bank of America [...]
There’s both good news and bad news on the foreclosure front. The good news? According to RealtyTrac’s Year-End 2011 U.S. Foreclosure Market Report™, total U.S. foreclosure activity and the foreclosure rate were both at their lowest annual level since 2007. The bad news? Foreclosure levels were artificially lowered due to delays following the robo-signing scandal. [...]
In an effort to shorten overall cycle times, Bank of America has reduced the window for submitting a backup offer on a short sale from 14 days to eight days after the initial offer becomes invalid. Once a backup offer becomes necessary: Contact your short sale specialist immediately to let him or her know you [...]
In an effort to reduce cycle time and improve customer service, Bank of America (BOA) announced several changes to their Home Affordable Foreclosure Alternatives (HAFA) short sale process, which agents should be aware of. Highlights include: When a short sale is submitted with an offer and the homeowner is HAFA eligible, BOA will no longer [...]
Recently, CDPE author and Charfen Institute CEO Alex Charfen hosted an exclusive broadcast with Bob Hora, Senior Vice President of Mortgage Servicing at Bank of America Home Loans. Bob Hora provided insight into Bank of America’s evolving approach to managing their distressed mortgage portfolio, which includes plans to increase short sales by as much as [...]
Our CEO Alex Charfen is quoted in a recent New York Post article on the growing popularity of short sales as a viable option for homeowners who are underwater on their mortgages. The article references major lenders—including Bank of America, JPMorgan Chase and Wells Fargo—that are offering cash incentives at closing for distressed homeowners who [...]
Alex Charfen and Bank of America’s Bob Hora during industry-wide broadcast When the book is written on how our country emerged from the foreclosure crisis, chances are that Bank of America’s broadcast from the Charfen Institute studio last week will be cited among the turning points. If any of you missed my interview with Bob [...]
SPECIAL REAL ESTATE INDUSTRY BROADCAST Exclusive Interview with Bank of America Short Sale Exec Kim Dawson Bank of America recently announced a major change in the way they work with agents – positioning themselves to approve short sales within two weeks of an offer. Join us for a LIVE BROADCAST as Distressed Property Institute CEO [...]
We are excited to announce Bank of America Home Loans Retail Sales Executive Matt Vernon will present at our annual Momentum 2011 Conference taking place June 1-3, 2011, in Orlando, Florida. Given the accelerated infusion of investor dollars into the residential real estate market, Vernon will share his insights on the loan options, processes and [...]
that [the foreclosure scandal] is going to lead to a substantial number of foreclosures being permanently forgotten,” Rep. Barney Frank said during Congressional hearings yesterday [reported by the Washington Post]. Strong words from the outgoing chairman of the Financial Services Committee, and even stronger when paired with the new mortgage delinquency numbers. Following are the [...]
Some of the nation’s largest banks will appear before the Senate Banking Committee today to explain their actions regarding the “robo-signing” scandal in which lenders allegedly filed thousands of inaccurate documents in foreclosure cases. This scandal initially led to the recent foreclosure freezes by major lenders. A 125-page report just released by the Congressional Oversight [...]
Ally Financial (GMAC’s mortgage unit) has lifted their temporary foreclosure freeze, joining Bank of America in proceeding with the foreclosure processes in the 23 states requiring judicial review. While Bank of America maintains their moratorium in the non-judicial states, Ally is now continuing the foreclosure process for its entire non-performing portfolio, and expects that individual [...]
Bank of America announced today it is in the process of lifting its foreclosure freezes in 23 states that require a judicial foreclosure proceeding. On NPR this morning, a spokesman said that the bank has approximately 195,000 non-performing mortgages that have not been paid in more than two years. Next week, Bank of America will [...]
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