Wednesday, April 18, 2012
Short sales up
Short sales, per an article yesterday, are now outpacing foreclosures which is a good thing. Some of the banks have finally come to realize it is less costly to do a short sale than foreclose. Wow, all I can say is very slow learners. It would have been even less costly for them to have worked with many homeowners, but no they wouldn't figure that out either. The CEO "office" of Bank of America did send us a letter (in response to my letter) on the two properties we are trying to modify. I addressed it to Brian Moynihan, the president and CEO, but that is not who responded to me. He is no doubt too busy counting last years bonus money. A "Customer Relationship Manager" has been assigned to our cases. We've turned in two modification packages as requested (lots of paperwork) however I'm pretty sure we will get a form letter that we don't fit the box, or they will start the endless paperworking us to death---all of this in the name of helping the homeowner. Keep you posted.