Bank of America – Enhanced Relocation Program

Originally Published: 7/12/2012

Bank of America is continuing to promote their enhanced relocation program (launched in May of 2012) that offers delinquent mortgage holders additional assistance with relocation expenses at the completion of a their short sale. Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property, depending on the investor involved.

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Bankruptcy Follow-up: Short Sales Post Bankruptcy

Originally Published by Berlin Patten on October 12, 2012 With the proliferation of bankruptcy filings over the last several years, we have received a number of inquiries regarding the completion of a short sale following a bankruptcy.  Yes, there are lawyers who may suggest that a homeowner who has been discharged from a bankruptcy (and…

Removal of Second Mortgages in Chapter 7 Bankruptcy Cases

Previously, the general rule in bankruptcy was that if a homeowner wanted to “strip off” or remove a second mortgage, he or she could only do so in a Chapter 13 bankruptcy.  However, that has now changed. In McNeal v. GMAC Mortg., LLC (In re McNeal), 2012 U.S. App. LEXIS 9589 (11th Cir. 2012), the…

FREC Comments on Real Estate Licensees’ Involvement in Short Sales

The Florida Real Estate Commission met to discuss the unlicensed practice of law (UPL) and real estate licensees’ role during a short sale transaction.  The outcome of the discussion is in the attached announcement from FREC.  Please contact our office if you have any questions.    ORLANDO, Fla.  The Florida Real Estate Commission (FREC) met…

FHFA Announces New Standard Short Sale Guidelines for Fannie and Freddie

Originally Published: 8/22/2012 The Federal Housing Finance Agency has directed Freddie Mac and Fannie Mae to align current short sale programs into one standard short sale program and issue clear guidelines to service providers.  These changes will become effective on November 1, 2012. Per the FHFA, the programs being aligned are: Fannie Mae’s Home Affordable…

Home Affordable Foreclosure Alternatives (HAFA) Short Sale Update

Originally Published: 6/19/2012 Effective June 1, 2012, the following changes were implemented in the HAFA Program: TIME FRAME EXTENDED: The program has been extended to Dec. 31, 2013. The HAFA short sale can be initiated up to Dec. 31, 2013; however, the transaction must have a closing date on or before Sept. 30, 2014. ELIGIBILITY…

Fannie Mae and Freddie Mac Set New Short Sale Timelines

Originally Published: 5/26/2012 Please note that we have been advised that starting June 15, the Federal Housing Finance Agency has indicated that it will require Fannie Mae and Freddie Mac to give a final short sale decision within 60 days. Fannie and Freddie must also respond to initial requests for a short sale within 30…

Bank of America Process Changes

Originally Published: 4/13/2012 Several Florida legislature bills, including HB 213, are attempting to make Florida a non-judicial foreclosure state, which would allow banks to foreclose on properties in certain instances without filing a lawsuit or otherwise using the judicial process. This may preclude homeowners from the opportunity to defend foreclosure, which many experts believe is…

Deficiency – What is it and How Much Time Does My Bank Have to Sue?

Originally Published: 3/27/2012 When an underwater home is sold in a short sale or a foreclosure, the greatest concern is almost always over the remaining mortgage balance owed by the homeowner (known as a “deficiency balance”) and how long the lender has to try to collect it.  When a property is sold in short sale,…

BOA’s Florida Enhanced Short Sale Relocation Assistance Extended to Dec. 12

Published December 2, 2011 Bank of America is still encouraging distressed homeowners to consider a short sale as a viable option for avoiding foreclosure, as the Florida Enhanced Short Sale Relocation Assistance Program has been extended to Dec. 12, 2011. This program offers enhanced relocation assistance to help encourage homeowners to engage with Bank of America on…

Bank of America Short Sale Seminar Summary

The Berlin Patten short sale negotiating team recently attended a Bank of America Short Sale Seminar.  The following is a brief summary of what Bank of America advised its seminar’s attendees:  Short sales are about two primary things to Bank of America:  Hardship and net proceeds Investors are reluctant to postpone foreclosures as the buyer…

Short Sales – Working with Second Lenders

Anyone who works with short sales knows that it can be very difficult to get short sales approved when there is a second (or even third lender). To successfully complete a short sale, ALL lenders (among others) must agree. The problem is that in many instances, they do not. In fact, we have seen situations…

A New Buyer Can Be Substituted for One Who Walked

We have learned of a very interesting development with respect to Bank of America. Bank of America has advised that it will permit a new buyer to step into the shoes of a buyer who has walked away from a transaction.  Furthermore, Bank of America has advised that the process will not have to begin…

Bank of America Realtor/Broker Listing Agent Certification – Questions and Answers

The new Bank of America Realtor/Broker Listing Agent Certification (the “Certification”) has fostered some significant concern among real estate agents. The most common questions and our comments/responses are as follows: 1. Question: Does paragraph 1 of the Certification mean that Bank of America will not pay a commission. Answer: No! Bank of America never paid…
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