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Putting the “Short” Back in Short Sale

In the last couple weeks, additional proposed legislation has gone before Congress to get banks to do what should only be common sense and common decency. U.S Representative Robert Andrews (D-NJ) and Tom Rooney (R-FL) submitted H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010.”

The bill is at least some kind of effort from Congress—albeit rather belated—to help keep potential buyers of short sale properties from walking away due …

The bombshell news of the day is that Bank of America, the largest bank in the U.S., has issued an official statement, announcing it has expanded its foreclosure stoppage from the 23 states to all 50 states.

The Bank of America website said, in part, “”Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed.”

Sen. Christopher Dodd, D-Conn, and chairman of the Senate …

RISMEDIA, September 7, 2010—The housing market is showing signs of life. Historically low interest rates and greater home affordability in many areas are beginning to attract prospective home buyers to the market. And with a slow yet steady economic recovery, consumers and real estate professionals are positive about opportunities for today’s first-time and repeat buyers.

Enabling Success
With the changing economy and regulations surrounding lending standards, today’s home buyers have questions. They often look to real estate professionals to help …

Is Bank of America ever going to learn that bullying people and pulling deceptive switches do NOT make friends? I guess the mega-bank just doesn’t give a ‘hoot’ about the consumer. Neither the seller in distress or a buyer can rest assured that Bank of America will follow anything by the book.

Mention Bank of America to anyone working short sales and you will get an immediate emotionally toxic response. The only way to bully back is to tell the …

Seems like this week has barely started and I have enough lender short sale and loan modification fodder to make me dizzy.  Those of us in the field assisting homeowners through a foreclosure alternative are always butting our heads against lender policies that seem to make no sense.  You’ve seen it: homeowners with a true hardship are put through more hoops than necessary, banks want more than the property can ever be sold for, second mortgages want to squeeze blood …