Bank Of America Changes Selling A Short Sale In Tallahassee
If you are looking to do a short sale in Tallahassee with a Bank of America Mortgage, then there is some news worth noting.
Recently, Bank of America and Fannie Mae settled a long-standing dispute. Fannie Mae, remember, is the government-sponsored entity which “backs” mortgages by buying them and packaging them into securities.
Having heard about this yesterday, I asked our Tallahassee Short Sale Specialist, Titus Nixon, to summarize how the changes from Bank of America will impact selling a short sale in Tallahassee. Here's his thoughts:
Selling A Short Sale In Tallahassee With BOA
The new agreement between BOA and Fannie Mae on "Wall Street" may seem somewhat insignificant to us on “Main Street” at first glance, however if you have a Bank of America home loan, there could be changes coming your way.
Part of the agreement reached will allow Bank of America to transfer the servicing rights of 215 billion dollars worth of mortgages to Nationstar Mortgage.
So, if you are currently in the midst of a executing a short sale in Tallahassee with Bank Of America, it is very important that you keep an eye on your mailbox. If your loan is one of the thousands which will be transferred to another mortgage servicer, you will learn about it by way of letter.
We recently had a client who was days away from receiving bank approval on a short sale in Tallahassee with Bank Of America. They received a letter in the mail saying their loan would be transferred at the end of the month to Nationstar Mortgage.
Fortunately, they brought it to our attention immediately, and we were able to work through the negotiator at Bank of America to retain the servicing rights. We closed on the short sale in Tallahassee with Bank Of America successfully without being adversely affected by the “transfer date”.
Starting A Short Sale In Tallahassee
The best way to prepare for this changeover is to make sure you are working with Titus Nixon, as he has the entire resources of our office to push through a short sale in Tallahassee with Bank of America.
Now that a formal agreement been reached, chances are Bank of America loans will transfer over to Nationstar regardless of any effort from the borrower or real estate professional. These transfers will be taking place over the next 9 months, so time is of the essence for anyone looking to sell a home before the loan transfers are completed.
Unfortunately, experience has taught us that transferring the loan to a new servicer basically starts the short sale process over from the beginning. We also have noticed that these servicers, although promising a smooth transition, often times have a hard time handling these large waves of new mortgages, and therefore struggle mightily in getting these deals done in a timely manner.
Your best bet is to drop me a note to help you establish a plan to sell your short sale in Tallahassee, and keep an eye out for any notice from the bank.
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