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  • March 31, 2011 at 2:59 PM #18680
    sdrealtor
    Participant

    I just spoke to a colleague who is listing a short sale in my neighborhood. The sellers refied out a few hundred thousand. They only have one loan which made what happened easier. They were in a loan mod trial period making reduced payments for 2 and 1/2 years. The lender finally pulled the cord and said its time to go. They sent out an appraiser to set a market value and told them to list it as a pre-approved short sale at that pre-approved price. The lender will lose about $150K. Supposedly its a new program at BOA to do this and it would be great to see more of this to clear the shadows. Just passed the house on my way back from picking up the kids at school. It looks like they are getting ready to put it on the market. They have 2 more BMW’s in the driveway than I do but not for long:)

    March 31, 2011 at 3:08 PM #682274
    Scarlett
    Participant

    Yes, this IS a very good sign. It’s interesting because I also heard very recently from some IT person working for one of the major banks (I believe it was BOA) that “they” are now making a last ditch effort at loan mod before putting them on the market either as short sale, or foreclosures. This person didn’t know details so I thought it was just a rumor…

    March 31, 2011 at 3:08 PM #682328
    Scarlett
    Participant

    Yes, this IS a very good sign. It’s interesting because I also heard very recently from some IT person working for one of the major banks (I believe it was BOA) that “they” are now making a last ditch effort at loan mod before putting them on the market either as short sale, or foreclosures. This person didn’t know details so I thought it was just a rumor…

    March 31, 2011 at 3:08 PM #682948
    Scarlett
    Participant

    Yes, this IS a very good sign. It’s interesting because I also heard very recently from some IT person working for one of the major banks (I believe it was BOA) that “they” are now making a last ditch effort at loan mod before putting them on the market either as short sale, or foreclosures. This person didn’t know details so I thought it was just a rumor…

    March 31, 2011 at 3:08 PM #683090
    Scarlett
    Participant

    Yes, this IS a very good sign. It’s interesting because I also heard very recently from some IT person working for one of the major banks (I believe it was BOA) that “they” are now making a last ditch effort at loan mod before putting them on the market either as short sale, or foreclosures. This person didn’t know details so I thought it was just a rumor…

    March 31, 2011 at 3:08 PM #683444
    Scarlett
    Participant

    Yes, this IS a very good sign. It’s interesting because I also heard very recently from some IT person working for one of the major banks (I believe it was BOA) that “they” are now making a last ditch effort at loan mod before putting them on the market either as short sale, or foreclosures. This person didn’t know details so I thought it was just a rumor…

    March 31, 2011 at 3:31 PM #682279
    UCGal
    Participant

    I agree this is good news for the market overall.

    But the folks this is happening too… were they current on their trial loan mod? It would kind of suck for them if they played by the rules for 2.5 years and still had the bank yank the cord.

    Not saying they’re victims… they borrowed more than they could afford, apparently, (based on them being approved for loan mod.)

    March 31, 2011 at 3:31 PM #682333
    UCGal
    Participant

    I agree this is good news for the market overall.

    But the folks this is happening too… were they current on their trial loan mod? It would kind of suck for them if they played by the rules for 2.5 years and still had the bank yank the cord.

    Not saying they’re victims… they borrowed more than they could afford, apparently, (based on them being approved for loan mod.)

    March 31, 2011 at 3:31 PM #682953
    UCGal
    Participant

    I agree this is good news for the market overall.

    But the folks this is happening too… were they current on their trial loan mod? It would kind of suck for them if they played by the rules for 2.5 years and still had the bank yank the cord.

    Not saying they’re victims… they borrowed more than they could afford, apparently, (based on them being approved for loan mod.)

    March 31, 2011 at 3:31 PM #683095
    UCGal
    Participant

    I agree this is good news for the market overall.

    But the folks this is happening too… were they current on their trial loan mod? It would kind of suck for them if they played by the rules for 2.5 years and still had the bank yank the cord.

    Not saying they’re victims… they borrowed more than they could afford, apparently, (based on them being approved for loan mod.)

    March 31, 2011 at 3:31 PM #683449
    UCGal
    Participant

    I agree this is good news for the market overall.

    But the folks this is happening too… were they current on their trial loan mod? It would kind of suck for them if they played by the rules for 2.5 years and still had the bank yank the cord.

    Not saying they’re victims… they borrowed more than they could afford, apparently, (based on them being approved for loan mod.)

    March 31, 2011 at 3:42 PM #682289
    sdrealtor
    Participant

    Dont know but the loan was up to nearly $1M. You’d need a pretty big income to qualify for that these days. Its unlikely they would have enough equity to sell and cover all costs anytime soon. Its enough already. Time for folks like that to see the writing on the wall and move on. They wont be destitute.

    March 31, 2011 at 3:42 PM #682343
    sdrealtor
    Participant

    Dont know but the loan was up to nearly $1M. You’d need a pretty big income to qualify for that these days. Its unlikely they would have enough equity to sell and cover all costs anytime soon. Its enough already. Time for folks like that to see the writing on the wall and move on. They wont be destitute.

    March 31, 2011 at 3:42 PM #682964
    sdrealtor
    Participant

    Dont know but the loan was up to nearly $1M. You’d need a pretty big income to qualify for that these days. Its unlikely they would have enough equity to sell and cover all costs anytime soon. Its enough already. Time for folks like that to see the writing on the wall and move on. They wont be destitute.

    March 31, 2011 at 3:42 PM #683105
    sdrealtor
    Participant

    Dont know but the loan was up to nearly $1M. You’d need a pretty big income to qualify for that these days. Its unlikely they would have enough equity to sell and cover all costs anytime soon. Its enough already. Time for folks like that to see the writing on the wall and move on. They wont be destitute.

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