New Policy on Short Sales at Bank of America will Effect Short Sale in Stockton and San Joaquin County
As many of you are aware doing short sales with bank of America has been difficult. Stockton has been ground zero for foreclosures and short sales. B of A is now taking the position that they want to liquidate as as many defaulted loans as possible before foreclosure by encouraging short sales. B of A is adding more than 1,000 employees to the short sale department. Currently the bank has over 477,000 loans that are eligible for the the Home Affordable Modification Program (HAMP) and has provided 600,000 modifications through HAMP. Vernon executive vice president with B of A is making an effort to push short sales, “We’re doing everything possible to liquidate property prior to foreclosure". Bank of America’s goal is to get as close to market value as possible.
The U.S Treasury Department launched the Home Affordable Modification Program and the HAFA program for short sales in April to encourage and provide incentives for lenders and servers to provide short sales and deeds in lieu of foreclosure. Because of programs like HAMP and HAFFA the process is getting easier. Up to this point Wachovia has been a leader in Short Sales and are the standard. Through HAFA servicers are offering incentives of up to $3,000 to sellers for relocation expense along with shortened timelines for processing. This is welcome news to the Stockton Real Estate Market and will help stabilize home values which will be a benefit to all home owners.
These transactions are complex and it is important to use agents that are experienced with short sales and are HAFA and HAMP Short Sale Certified. Hugh Lilly and the Lilly Team are experienced and certified to do short sale and have completed successful short sales. Without the right expertise and Real Estate Agent this can be a frustrating process. Call us today at 209-479-9222 for your no obligation consultation or e-mail us at thelillyteam@comcast.net .