6/9/2010 by DinSFLA
This week Housingwire wrote an article about how Bank of America is putting short sales ahead of REO’s. Matt Vernon, who is the short sale and REO executive at BOF made this statement.
“We’re going to do everything possible to liquidate property prior to foreclosure,” Vernon said. “REO will still be available, but we will do everything we can to do short sales.” Vernon said the goal is to get as close to market value as possible, or even over market value. “Short sales is not an investment strategy to get homes on the cheap,” he said.
He added that agents who want a part of that market need to make short sales a major part of their business strategy through 2010 and into 2011.
Does he even have the slightest clue as to what these short sales have done to many agents? Well let me explain in one word…FORECLOSURE!
Why? You may ask. Simply because BOF like many others took their sweet ole, no good, money hungry ass time, I mean 6-12 months to get approvals and by this time anxious buyers lost their financing not once but maybe 3-4 times.
Last week The Wall Street Journal got an overwhelming viewer response on David Streitfeld’s article Owners Stop Paying Mortgages, and Stop Fretting, which leads me to my point.
Are banks growing desperate and concerned that if people begin to walk a way, this will turn them into toast? I’m afraid so.
Well to make another point. A friend of mine in New York got this letter (below) from Wells Fargo asking them if they want to leave their existing mortgage behind? In return Wells with their “direct transfer option” will let you walk a way with $10,000.00! Basically sign, transfer over the title.
Only there is 34 problems, you see there is a video going around that shows how to Cash Out Before You Dash Out…34 ways to make $39K before giving back the house!
I think Wells Fargo needs to step it up a little. Perhaps they lost your note!
Wells Fargo Letter:www.StopForeclosureFraud.com
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