I posted this
original "report" a few days ago and I basically said, Yea right I'll
believe it when I see it. We'll I ready
to say that so far it looks like they are actually going to do something that
they said they were going to do. Bank of America and the other major bank
players were all talking about doing Loan Mods the "Right Way" (You
know reducing the principle balance) and cutting out the second mortgages. Pipe
dreams right? It was always them saying the right things but never following
through with them. It wasn't until the beginning of this year when all the
major players (the Mega-banks) were slapped with fees by every states Attorney
General, for the Robo signing scandal of years past.
Last month Bank of
America sent out thousands and thousands of these letters, not just in
Kissimmee or Greater Orlando area, but all over Florida and the country
offering people to forgive the second mortgage. Everyone's thought was Yea
right, what's the catch? My fear was that the owners would have to divulge all
their financials, pay history, living status, etc. and probably a pint of blood
and urine sample to boot. So then they would have all your information and
could really determine your financial status. They could have come back to
these people and stated that "Oh you have plenty in your 401K so you don't
qualify" or "We see that you just financed a new car so you don't
qualify" or something like this " We see you have about $7000 in your
bank accounts so you won't qualify for this program". The big issues or
what I call the Scary part of all this was that with this info that they now
had they could also say the "You won't qualify for any of our programs
including a Short Sale". That would mean that Foreclosure would be your
only out or a Deed in Lieu, which is the same thing.
Yesterday I get a
call from one of our sellers in Kissimmee, that we are short selling the
property. They got this letter last month I said don't bother everyone is
getting it. Just like all those Loan Mod letters. They said that Bank of
America called them again and said that they only had 10 days to file for this
or they are out. I asked if they had to send any financials, and they said NO,
They wanted Nothing, they were already qualified. Then they told them that they
see there was an active Short Sale and that this program would take a minimum
of 3 months to complete and once started they could not stop or they would not
finish the program and would Always Owe
The Balance To Them. This means No Chance for a Full Waiver of Deficiency! That
is Big and Important to know. My words to them “Go For It, You Have To". I
then got on the phone and cancelled the Short Sale until they completed the
process. The agent on the other side was in full agreement.
So, to all my
Kissimmee, Saint Cloud and Greater Orlando clients and friends, if you got one
of these letters, CALL THEM NOW before time runs out. Or maybe your one of
those people that are still in denial and just threw the letter in the trash
like all the others from the banks. If that's the case and you or someone you
know, has a second mortgage with Bank of America, call them today to see if you
qualify for this program.
I will post a copy of this letter on my website soon,
www.PaulAntonelli.com
Thank you
Paul Antonelli
La Rosa Realtor and Short Sale Trainer and Property Owner Advocate
321-443-4028
Paul Antonelli
La Rosa Realtor and Short Sale Trainer and Property Owner Advocate
321-443-4028
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