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Old 05-08-2012, 09:16 AM   #1
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:stoned Bank of America to forgive mortgage debt

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Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.

The principal reduction offers from Bank of America Home Loans are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures.
“To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities,” Ron Sturzenegger, a legacy asset servicing executive, said in the statement.

The bank said it planned to contact more than 200,000 homeowners who could be candidates for the offers, sending letters to a majority of them by the third quarter of this year.

To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January.

In the statement, the bank said it had started making such offers in March to a narrower group of homeowners — those who were already in the process of seeking mortgage modification. The bank estimated that the earlier wave of trial reduction offers to about 5,000 people could amount to more than $700 million in forgiven principal. But homeowners have to make at least three timely payments for the reductions to become permanent.
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Old 05-08-2012, 09:29 AM   #2
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Everyone bitches about BOA. I had to jump through hoops with them and send in my paperwork six or seven times, but in the end they reduced my principal by half and dropped my interest rate to an unheard of rate.
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Old 05-08-2012, 09:30 AM   #3
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pick me, pick me, pick me
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Old 05-08-2012, 09:32 AM   #4
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wow interesting...i wonder what their incentive is..because you know banks dont give away money for free...i guess by not defaulting, they keep the revenue stream coming in.
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Old 05-08-2012, 09:34 AM   #5
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Everyone bitches about BOA. I had to jump through hoops with them and send in my paperwork six or seven times, but in the end they reduced my principal by half and dropped my interest rate to an unheard of rate.


I've never heard of them doing that for anyone.
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Old 05-08-2012, 09:35 AM   #6
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once again the fucking irresponsible loser degenerates get bailed out and responsible folk get fucked in the ass paying for it all. #MoralHazard
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Old 05-08-2012, 09:38 AM   #7
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dropped my interest rate to an unheard of rate.
What would that be?

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wow interesting...i wonder what their incentive is..because you know banks dont give away money for free..
ummm . . . . The principal reduction offers from Bank of America Home Loans are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures.
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Old 05-08-2012, 09:45 AM   #8
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ONE: They would NOT of done this if it wasn't for
"are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures.
"
Two: You have to be 60 days late, Just shows don't pay get rewards.
just wondering what about the people who are 50 days late or less, just keep not paying and hope something else comes along? Or the people that are past 60 to the date they TOOK the house?
Scary part is over 200K people are over 60 days late!
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Old 05-08-2012, 09:53 AM   #9
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Everyone bitches about BOA. I had to jump through hoops with them and send in my paperwork six or seven times, but in the end they reduced my principal by half and dropped my interest rate to an unheard of rate.
hmm, i mean really....

Generally speaking i think by doing this the general real estate values are being de-valuated, welcome to negative equity...
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Old 05-08-2012, 09:54 AM   #10
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So only the late fuck-ups get a break??? Gotta love Amerikwa
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Old 05-08-2012, 10:05 AM   #11
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congrats on winning the lottery fuckers.
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Old 05-08-2012, 10:07 AM   #12
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Two: You have to be 60 days late,
I need to stop being so damned prompt.
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Old 05-08-2012, 10:09 AM   #13
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Everyone bitches about BOA. I had to jump through hoops with them and send in my paperwork six or seven times, but in the end they reduced my principal by half and dropped my interest rate to an unheard of rate.
Didn't you just buy a new truck to play with?
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Old 05-08-2012, 10:13 AM   #14
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I've never heard of them doing that for anyone.
Everyone says that... But like I said, I had to jump through hoops. I knew this going in and any time they sent me forms to fill out, I made copies. Any time they needed information I quickly sent them copies - via email, fax, and over night mail. (I'm anal like that.)

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hmm, i mean really....

Generally speaking i think by doing this the general real estate values are being de-valuated, welcome to negative equity...
That's just it. My house was worth half of what I paid for it. No matter what, there was no way I was going to stay - It just wasn't worth it. I could bail, go through a bankruptcy, rent for two years, and then buy the same exact house for half of what I owed. I was pretty much gearing up to leave the house, was getting rid of crap we didn't need, and was looking into rental properties. Suddenly one day I got a Fedex package and I thought "This is my eviction notice" and son of a bitch, it was my loan modification.
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Old 05-08-2012, 10:13 AM   #15
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Didn't you just buy a new truck to play with?
I bought a used truck that I'm partially restoring. Not a big deal really.
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Old 05-08-2012, 10:18 AM   #16
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Everyone says that... But like I said, I had to jump through hoops. I knew this going in and any time they sent me forms to fill out, I made copies. Any time they needed information I quickly sent them copies - via email, fax, and over night mail. (I'm anal like that.)



That's just it. My house was worth half of what I paid for it. No matter what, there was no way I was going to stay - It just wasn't worth it. I could bail, go through a bankruptcy, rent for two years, and then buy the same exact house for half of what I owed. I was pretty much gearing up to leave the house, was getting rid of crap we didn't need, and was looking into rental properties. Suddenly one day I got a Fedex package and I thought "This is my eviction notice" and son of a bitch, it was my loan modification.
What I don't understand is YES, your house went to HALF value, but that didn't change the payments you agreed to?
Sure it sucks paying way more for something than what it is worth, but you were doing that when you bought the house.
Lots of people with bad credit have to do this every Day. Paying super High interest rates one something to just get a loan.

I assume tehre was an income problem, but then again if you were making the same amount, when the value of the house crashed, you would still be making the same house payments.

a 1909 S vbs Penny at the bank is worth $.01 But to a collector it is several hundred.
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Old 05-08-2012, 10:25 AM   #17
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Didn't you just buy a new truck to play with?
go easy on him. hes claimed bankruptcy and his wife is leaving him.
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Old 05-08-2012, 10:27 AM   #18
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It's cheaper to write down the asset (the loan) and bring it current than to have non-performing loans or repossessed collateral.

Actually, this is supportive of real estate values -- the real estate was worth
less than the loan anyway so what's the difference?

The difference is that the loans become performing assets and the real estate doesn't get dumped on the market -- that would depress values further.

At some point you have to take a loss when you see there is no recourse.

Greece's bondholders get the drift ...
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Old 05-08-2012, 10:41 AM   #19
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once again the fucking irresponsible loser degenerates get bailed out and responsible folk get fucked in the ass paying for it all. #MoralHazard
Why keep paying exorbitant loan payments for an underwater asset ... and hence, "Strategic Default" to dump and/or force a renegotiation by the lender - common practice in business.

Ask yourself why it's ok for corporations and the rich to default to dump overvalued assets, and yet somehow is wrong for the "regular" people.

Increasingly, the general populace can see through the double-standard and have come to realize that only chumps keep paying on a loan with lousy terms on an asset that's underwater.
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Old 05-08-2012, 10:55 AM   #20
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not helping their stock lately, its been falling like a rock.
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Old 05-08-2012, 11:39 AM   #21
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FUCK THEM! how about they return the $24,000 they stole out of my account three years ago?!?!
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Old 05-08-2012, 11:50 AM   #22
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FUCK THEM! how about they return the $24,000 they stole out of my account three years ago?!?!
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Old 05-08-2012, 11:51 AM   #23
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BofA got my mortgage from Countrywide and then sold my mortgage after they could no longer collect PMI on it. Doesnt matter as I didnt meet any of their criteria anyway. I bought my place before the housing boom & crash, never refinanced it or got a 2nd mortgage and its worth more than I owe. But the good thing is, I no longer have to deal with Bank of America.

My next door neighbors didnt pay their house payments for 18 months then they just moved out and its been sitting empty for three months now. I sure hope they dont get their house back, I was doing the happy dance the day the moving truck showed up at their place.
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Old 05-08-2012, 11:52 AM   #24
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Dayum! How are investors supposed to pick up houses for a fraction of their former prices if the banks aren't going to kick people out and liquidate them.

What a bunch of dicks, keeping people in their homes.

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Old 05-08-2012, 11:54 AM   #25
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Wow, I wish I had borrowed money and defaulted rather than paid cash
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Old 05-08-2012, 12:20 PM   #26
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Wow, I wish I had borrowed money and defaulted rather than paid cash
Seriously. What the fuck is going on???
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Old 05-08-2012, 12:27 PM   #27
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Why keep paying exorbitant loan payments for an underwater asset ... and hence, "Strategic Default" to dump and/or force a renegotiation by the lender - common practice in business.

Ask yourself why it's ok for corporations and the rich to default to dump overvalued assets, and yet somehow is wrong for the "regular" people.

Increasingly, the general populace can see through the double-standard and have come to realize that only chumps keep paying on a loan with lousy terms on an asset that's underwater.
2 Wrongs do not make a right. It sucks when Corporations do it also. My point is, MOST cars are underwater as soon as you drive them off the Lot!

You have to be 60 Days Late, just because your house is Underwater, does NOT Change what you were to pay before it was Over Inflated in Price!

I am NOT against the banks making the mortage adjustment of the loan to be what the house is Now worth. But you have had to already be Late on payments you already agreed to.

I sure do not see people or banks asking for More money when the houses go UP in Value.
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Old 05-08-2012, 12:57 PM   #28
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What I don't understand is YES, your house went to HALF value, but that didn't change the payments you agreed to?
Is sure did change the payments. I'm now paying 1/3 of what my original monthly mortgage was.

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Lots of people with bad credit have to do this every Day.
I didn't have bad credit. Other than having a home loan for the house in Phoenix, and the usual utilities, I didn't have any open lines of credit since before 1999 or so.

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Sure it sucks paying way more for something than what it is worth, but you were doing that when you bought the house.
When I bought the house, that was the going rate. It was either pay the price or live in a hotel.
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Old 05-08-2012, 12:59 PM   #29
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go easy on him. hes claimed bankruptcy and his wife is leaving him.
I did not declare bankruptcy, nor has my wife left me. I keep trying to get her to leave me but she won't go.
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Old 05-08-2012, 01:05 PM   #30
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When I bought the house, that was the going rate. It was either pay the price or live in a hotel.
They don't have rentals there? It should have been obvious to everyone it was a bubble. The fact that I was offered a no money down mortgage in my early 20s with what I considered to be little income was all I needed. That and the two bedroom condo I was renting was getting $950 in rent, but the mortgage would have been more. After I moved out it went on the market and sold for $225k. Plus the new owner had to pay the $200 monthly condo fees that were inclusive in my rent.
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Old 05-08-2012, 01:06 PM   #31
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BofA got my mortgage from Countrywide and then sold my mortgage after they could no longer collect PMI on it. Doesnt matter as I didnt meet any of their criteria anyway. I bought my place before the housing boom & crash, never refinanced it or got a 2nd mortgage and its worth more than I owe. But the good thing is, I no longer have to deal with Bank of America.
We were the exact same thing - originally through Countrywide.

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My next door neighbors didnt pay their house payments for 18 months then they just moved out and its been sitting empty for three months now. I sure hope they dont get their house back, I was doing the happy dance the day the moving truck showed up at their place.
A lot of people in my area defaulted on their homes, but everyone here had new homes and new loans. People just walked away from their homes, or lived in them as long as they can.

At one point exactly half of the houses on my street were vacant. Out of twenty houses, ten were empty. Now we only have one, and it's a rental.
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Old 05-08-2012, 01:31 PM   #32
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So only the late fuck-ups get a break??? Gotta love Amerikwa
All these fuck ups did ???
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Old 05-08-2012, 02:05 PM   #33
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So in order to be able to use this offer you have to have probably lost your house already (60 days late? 90 days is foreclosure starting).

Also if you somehow are still in the home you cannot afford the new rate because you basically have nothing left to give...

Win-win for the bank.
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Old 05-08-2012, 03:16 PM   #34
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Yep, blows big fat rhinoceros cock

I setup a wire transfer at the bank, then cancelled it right before I sent it. Two days later I see the funds out of my account. I call and turns out the branch manager found it and thought the wire transfer wasn't done so she pushed it through.

Years later after TONS of emails, letters, phone calls and complaints, I am fucked. They said there is nothing they can do and ironically, a few weeks after I started demanding my money was returned they fired the branch manager.
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Old 05-08-2012, 03:19 PM   #35
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So in order to be able to use this offer you have to have probably lost your house already (60 days late? 90 days is foreclosure starting).

Also if you somehow are still in the home you cannot afford the new rate because you basically have nothing left to give...

Win-win for the bank.
There are so man foreclosures happening right now that many banks are way behind. The guy that lived next door to a friend of mine lived in his house almost a year without making a payment before he was finally foreclosed on.

I'm sure some banks are faster than others though.
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Old 05-08-2012, 03:26 PM   #36
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I need to stop making my house payment.
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Old 05-08-2012, 03:47 PM   #37
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Everyone bitches about BOA. I had to jump through hoops with them and send in my paperwork six or seven times, but in the end they reduced my principal by half and dropped my interest rate to an unheard of rate.
Because they are sitting on a huge inventory of foreclosed homes that in many areas of the nation continues to grow. My GF (a broker) mistakenly accepted a dozen foreclosed homes from BofA to list. I went with her to a few of them. In most cases they were totally trashed by the owners on their way out - taking appliances, light fixtures, knocking holes in the walls everywhere etc. This is why they have a program called "cash fr keys" where they authorize agents and brokers to give the owners of the foreclosed property 2-3k to turn over they keys and leave without trashing the place.

That said, they are cunts to deal with and something she almost instantly came to regret when she accepted to properties to list. They pay the mon commission allowed ny state law... But whatever if youre not doing anyhtjing other than listing it. They require the agent/broker to connect the utilities at their own expense which remains connected until the property sells. They require the agent/brokers to pay a lot of repair expenses upfront to be reimbursed later. The list goes on and on. She has to end up financing BofA, interest free, with her own money for the 6-12 months it takes to finally bitch and complain enough to get reimbursed and last time I asked her, she had a few grand tied up in each, can't get reimbursed. On some she cant get reimbursed because the asset manager at BofA for those properties either moved, quit or was fired and no one at BofA knows who to talk to. Many of the homes are in the 120k-150k or so range and I think they were paying only something like a 2.5% comission (I want to say 2%).

Anyway, when you see it all from the other side and see how a huge bank is trying manage 1000's and 1000's of foreclosed properties and how terrible they are at it combined with how much damage previous owners do to a property in addition to the fact the value may be falling daily anyway in many areas, it's pretty easy to understand why they would bend over backwards to avoid foreclosing on more properties

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Old 05-08-2012, 03:55 PM   #38
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Everyone bitches about BOA. I had to jump through hoops with them and send in my paperwork six or seven times, but in the end they reduced my principal by half and dropped my interest rate to an unheard of rate.
Can you explain why they should have done that for you?
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Old 05-08-2012, 04:14 PM   #39
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how about those idiots who paid down their equity to be able to refi, man did they get screwed..
i guess it is the new new.
and ironically they gave it to you, obviously you COULD afford the payments but choose NOT to.
I am sure those who CANNOT afford the payments, they are not offering any modifications..
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Old 05-08-2012, 06:45 PM   #40
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Because they are sitting on a huge inventory of foreclosed homes that in many areas of the nation continues to grow. My GF (a broker) mistakenly accepted a dozen foreclosed homes from BofA to list. I went with her to a few of them. In most cases they were totally trashed by the owners on their way out - taking appliances, light fixtures, knocking holes in the walls everywhere etc. This is why they have a program called "cash fr keys" where they authorize agents and brokers to give the owners of the foreclosed property 2-3k to turn over they keys and leave without trashing the place.

That said, they are cunts to deal with and something she almost instantly came to regret when she accepted to properties to list. They pay the mon commission allowed ny state law... But whatever if youre not doing anyhtjing other than listing it. They require the agent/broker to connect the utilities at their own expense which remains connected until the property sells. They require the agent/brokers to pay a lot of repair expenses upfront to be reimbursed later. The list goes on and on. She has to end up financing BofA, interest free, with her own money for the 6-12 months it takes to finally bitch and complain enough to get reimbursed and last time I asked her, she had a few grand tied up in each, can't get reimbursed. On some she cant get reimbursed because the asset manager at BofA for those properties either moved, quit or was fired and no one at BofA knows who to talk to. Many of the homes are in the 120k-150k or so range and I think they were paying only something like a 2.5% comission (I want to say 2%).

Anyway, when you see it all from the other side and see how a huge bank is trying manage 1000's and 1000's of foreclosed properties and how terrible they are at it combined with how much damage previous owners do to a property in addition to the fact the value may be falling daily anyway in many areas, it's pretty easy to understand why they would bend over backwards to avoid foreclosing on more properties
My neighbors were evicted. They didn't speak English (Polish), and they took every fucking thing including the glass for the shower. It was nasty.
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Old 05-08-2012, 08:50 PM   #41
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If they do it, that would be wow, from my point of view... who knows why they really do it, lol
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Old 05-08-2012, 11:23 PM   #42
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Because they are sitting on a huge inventory of foreclosed homes that in many areas of the nation continues to grow. My GF (a broker) mistakenly accepted a dozen foreclosed homes from BofA to list. I went with her to a few of them. In most cases they were totally trashed by the owners on their way out - taking appliances, light fixtures, knocking holes in the walls everywhere etc. This is why they have a program called "cash fr keys" where they authorize agents and brokers to give the owners of the foreclosed property 2-3k to turn over they keys and leave without trashing the place.

That said, they are cunts to deal with and something she almost instantly came to regret when she accepted to properties to list. They pay the mon commission allowed ny state law... But whatever if youre not doing anyhtjing other than listing it. They require the agent/broker to connect the utilities at their own expense which remains connected until the property sells. They require the agent/brokers to pay a lot of repair expenses upfront to be reimbursed later. The list goes on and on. She has to end up financing BofA, interest free, with her own money for the 6-12 months it takes to finally bitch and complain enough to get reimbursed and last time I asked her, she had a few grand tied up in each, can't get reimbursed. On some she cant get reimbursed because the asset manager at BofA for those properties either moved, quit or was fired and no one at BofA knows who to talk to. Many of the homes are in the 120k-150k or so range and I think they were paying only something like a 2.5% comission (I want to say 2%).

Anyway, when you see it all from the other side and see how a huge bank is trying manage 1000's and 1000's of foreclosed properties and how terrible they are at it combined with how much damage previous owners do to a property in addition to the fact the value may be falling daily anyway in many areas, it's pretty easy to understand why they would bend over backwards to avoid foreclosing on more properties
As a former REO agent exclusively, she should get out if she doesn't have $50k to float those dozen listings. REO agents are used to having to do that, but someone not prepared can easily find themselves over their heads.

Having said that, if the cash is there, you can easily manage 70-80 REO listings with an assistant and the money and hassle becomes worth it after you have a system and good contractors in place.

A bank won't think twice about a $12k repair bid and expect you to front them. If you submit your expenses right you'll get it back in 30-45 days typically and if your asset manager likes you and it's a considerable outlay, they can get it expedited.

The secret to REO is to make the asset manager like you. My biggest client admitted to having a crush on me. People fuck at conventions for listings. It's a lot like adult.

Oh and then in six months when they change everything internally you get to start all over again.

It's really fun when the new asset manager doesn't like you or has another favorite and you wake up to a dozen reassigns.

The worst is the asset manager that uses the agents to cover their asses to the VPs and then fires you when you try to show them you did what you were supposed to.

Oh the stories I could tell...
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Old 05-09-2012, 12:38 AM   #43
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wow, just wow

mind you the overinflated house prices in many areas, esp California, was the bank's fucking problem. They gave out mortgages to everyone and their dog, creating more buyers unnaturally driving up prices.
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Old 05-09-2012, 06:51 AM   #44
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As a former REO agent exclusively, she should get out if she doesn't have $50k to float those dozen listings. REO agents are used to having to do that, but someone not prepared can easily find themselves over their heads.

Having said that, if the cash is there, you can easily manage 70-80 REO listings with an assistant and the money and hassle becomes worth it after you have a system and good contractors in place.

A bank won't think twice about a $12k repair bid and expect you to front them. If you submit your expenses right you'll get it back in 30-45 days typically and if your asset manager likes you and it's a considerable outlay, they can get it expedited.

The secret to REO is to make the asset manager like you. My biggest client admitted to having a crush on me. People fuck at conventions for listings. It's a lot like adult.

Oh and then in six months when they change everything internally you get to start all over again.

It's really fun when the new asset manager doesn't like you or has another favorite and you wake up to a dozen reassigns.

The worst is the asset manager that uses the agents to cover their asses to the VPs and then fires you when you try to show them you did what you were supposed to.

Oh the stories I could tell...
She refused to take anymore properties from them just because of how much of a pain in the ass it is to deal with them and the fact that you have to front your own money for a tiny commission and then beg and beg and beg to get reimbursed for all the upfront cost they insist get paid by the one listing the property.

It's fine to say that you need to front XX,XXX etc etc. But my point was more that for a successful broker or agent, its not worth dealing with them because of how they operate as a business. BofA contacts her all the time to valuate properties (whatever that is called - where they pay $300.00-$500.00 for an opinion/report on a properties value) and she agreed to accept those foreclosed homes and quickly realized what a mistake it was. If someone has an inventory of 10,000,000.00 + of commercial and residential property as she does, its not necessary to deal with their BS and unprofessional behavior.

And btw... no one with $50,000.00 cash lying around should be lending it to BofA interest free to pay expenses associated with selling the property and then have to beg and beg and beg and beg to get reimbursed? Thats a little crazy.

For an agent or broker to be listing properties like this, they pretty much have to be struggling, given the retarded demands of the bank in terms of time, effort and money upfront, the lower commission and the problem of not being able to get your money back in a timely manner.
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