Bank of America's Pre-Approved Short Sales are here. They call them Cooperative Short Sales. I have a couple now with them. By the looks of it they are taking my oldest files and converting them. Even though when asked what files qualify they say it's a random choice. They took some low level negotiators and gave them new titles, CSS Advocates (Negotiators). Their job is to get the home owner to sign up for the program. Literally all they do is sign on the dotted line, and BOA agrees to give them up to $5000. Plus they wave any right to file or seek a deficiency judgment. Once signed up, BOA sends out for a BPO and gets the realtor or agent the price that BOA needs to get the deal done. The agent submits a contract from a qualified buyer with the appropriate pre-approval or proof of funds. Then the agent submits paperwork from the second if there is one, especially when they are quibbling over only getting $3000 and wanting $11000 (One, in my case). Once all the details are complete the file is approved and the appropriate approval letter is issued, all with in 30 days. Sounds great right?
It does sound great, in a perfect world. But, in our Realtor Bizzaro world that we live in, something always goes wrong. Something like the BOA Bpo comes in way over value and you can not get a qualified offer. The second is charged off and the new company (yes, which still has a lien) doesn't want to play ball. The second demands more money or a note. The second demands to file for a deficiency judgment, and YES they can do this. The second is a HELOC, bad news have the seller get ready to pay. But, in reality, isn't paying $10,000 much better than having a judgment for $200,000 hanging over your head?
At least BOA is doing something to get these files moving. They see the flood coming by this time next year when the 5/1's reset. Now if the other banks will just open their eyes and see what they need to do to stop threading water, life might be better for all.
Have a great day