Manatee Moves - The Joe Murphy Team » bank of america

Bank of America announces that Foreclosures are back on

Joe — Fri, 19 Nov 2010 13:42:54 +0000

Bank of America today announced that the freeze on mortgage foreclosures in the 23 states that have Judicial foreclosure is lifted. That includes here in Florida.
Over 100,000 new foreclosure filings will take place next week.
This was probably expedited to get nervous stock holders more comfortable. Since many investors have worried that a protracted foreclosure cycle will cause losses for the lenders. Which it will of course.
Let us hope that Bank of America decides to get more proactive with real loan modifications, and short sales.
Then we would not have to deal with as many foreclosures.
Foreclosures help no on except the loan service r, Like Bank of America, which will make money no matter whether a home foreclosures or stays current. A true win-win for Bank of America. Plus now, their stock prices are sure to rally with this news.
To bad for all those investors who shorted that stock!

Understanding HAFA when you are doing a short sale

Joe — Fri, 29 Oct 2010 02:09:46 +0000

Download now or preview on posterous

HAFA.pdf (3111 KB)

There has been a lot of issues in the past few weeks with Bank of
America and Wells Fargo with regards to complying with HAFA. I have
had to actually start over a short sale that was in process on a
Bradenton home that Wells Fargo states has to be canceled and then
resubmitted in order to be considered.

In particular, I want to make sure that homeowners realize that you
have to contact your lender BEFORE submitting a contract to purchase
your home. Please make sure to contact your lender prior to having
your Real Estate agent submitting any purchase contract for the sale.

This is a dramatic change from how things were done prior to HAFA
being actually implemented by the major lenders. In the old days
before HAFA most often my customers were told to not submit anything
until there is a valid, executed contract to purchase the seller’s
home.

In one instance with Wells Fargo, my seller was actually told they had
to cancel the purchase contract on their home, and withdraw the
listing in order to “start over” and apply for HAFA. In that
instance, I received two offers for the home with 24 hours of the home
being active. They had already been in very frequent contact with
Wells Fargo as they had applied for a loan modification
(unsuccessful), and then notified them that they were going to short
sale the home. They were told by the rep from Wells Fargo that to do
a short sale they needed to get a real estate agent to list the home,
and then submit the listing agreement, their typical supporting
paperwork, and a purchase contract when it arrived. The listing
agreement, their bank statements, hardship letter, and tax returns
were submitted with the purchase contract. Wells Fargo then ordered a
BPO shortly there after.

All good, or so we think…

Then the news comes that they are being denied for the HAFA program
because they did not submit the listing agreement ahead of sending in
the contract. So much for doing my job and getting a good buyer under
contract to purchase this Bradenton short sale!

I make sure that all my home owners here in Sarasota and Bradenton
that are considering a short sale review the HAFA guidelines, and
contact their lender(s) ahead of starting the short sale process.
Unfortunately not everyone that answers the phone at Bank of America
and Wells Fargo understand their own process with applying for HAFA
and even the requirement that you have to apply ahead of submitting
any contracts.

I have included in this post a video from NAR explaining the workings
of the HAFA program and also a link to the official HAFA guidebook for
consumers.

Joseph C. Murphy, Broker-Associate, BS, Previews Certified
Coldwell Banker Residential Real Estate
11215 State Road 70 Suite 105
Lakewood Ranch, FL 34202
941-780-3260 cell/text
941-739-6777 office
941-739-9120 fax
www.manateemoves.com

Are you curious what Bank of America thinks your home’s worth?

Joe — Tue, 26 Jan 2010 23:21:24 +0000

This entry discovered a great site that Bank of America uses to evaluate home value.

If you ever wondered what Bank of America thinks your home is worth, you can just type in the address and there you go!

It's surprising why they need to do so many appraisals and BPOs on their short sales when they have this program that gives them a number on the fly.

http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular&app=OMA&state=NC&origin=

Thanks,

Joseph C Murphy P.A.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

Posted via email from Joe’s posterous