BOA Update on Department of Justice Global Settlement

Originally Published: 6/13/2012

Bank of America published the following announcement today regarding the Department of Justice Global Settlement. Please see the attached press release which describes Bank of America’s new program enhancements and changes.

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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…

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…

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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