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Atlanta Fine Homes Sotheby's International Realty Blog

Tuesday, February 14, 2012   /   by Lynn Horner Baker

Bank of America Still Plagued With Problems

North Metro Atlanta Short Sales: Bank of America Still Has Huge Problems


North Metro Atlanta  In 2010, an agent I know talked to the person at Bank of America in charge of the Loss Mitigation Department.

He was the top manager in the department that handles short sales, loan modifications, and foreclosures. He contacted this agent because agents were banding together to educate the public on the mistakes he thought that Bank of America was making.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Today, almost 2 years later, Bank of America is starting to make a few, small changes to the short sale process. This agent recommended small changes to how Bank of America handled the short sale process.

He recommended several changes that would be easy to implement. But, it still took almost 2 years for them to implement those small changes. Why?

We think it was because Bank of America has been in crisis mode since the beginning of 2009. ...

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Thursday, February 9, 2012   /   by Lynn Horner Baker

Beware of Mortgage Fraud When You Buy a Short Sale!

North Metro Atlanta Short Sales: Is Renting or Buying Back a Short Sale Mortgage Fraud?

North Metro Atlanta  In many cases, short selling your home and then renting or buying it back is considered mortgage fraud. Because loan modifications are so difficult many homeowners are considering selling their home and then renting it from the new owner.

Many homeowners look at this as the best way to get their loan balance reduced.

"I owe 400k, my house is worth 200k, and the bank won't reduce the amount I owe on a loan modification. I'll just sell the home to my friend, rent it from him, and then but it back in 2-3 years after I fix my credit", they think to themselves.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The Bankers are afraid that if this is allowed, then everyone will want to short sale their house and then rent it from the new owner. To discourage this, some banks are now forcing everyone involved to sign affidavits before ...

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Wednesday, February 8, 2012   /   by Lynn Horner Baker

Your Lender Benefits From a Short Sale

North Metro Atlanta: Why Would a Bank Issue an Extension on a Short Sale Approval Letter?


North Metro Atlanta  The most likely reason why a bank would accept to issue an extension on a short sale is because the bank prefers to do the short sale over the foreclosure.

This is a reason why your agent needs to continue to tell them on why the short sale will be beneficial during the entire process.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The biggest reason a short sale is beneficial is because banks usually make 10-20% more on a short sale compared to selling a property after foreclosure.

Besides, the further out the foreclosure date is, then the more beneficial the short sale. That is because the bank gets to sell the house today, rather than 12-18 months down the road.

The savings can be quite substantial when you sit down and add them all up. Doing a short sale and selling the property now makes more financial sense for t ...

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Monday, February 6, 2012   /   by Lynn Horner Baker

Can You Get an Extension on a Short Sale?

Cobb County & Marietta Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter?


Cobb County & Marietta  Under normal circumstances, banks are not required to extend the closing of a short sale. The last thing a buyer would want to hear is that their mortgage lender can't perform especially after waiting for a number of months to buy a home.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

For the non-short sale transaction the buyer's lender has complete control of the entire transaction and decides on the closing date. This is not the case in a short sale. Why not?

With a short sale the short sale bank usually says the short sale approval is only good for 30 days. If the sale doesn't close before that, then the short sale approval is null and void.

If the buyer's lender can't meet that date, the buyer could end up losing out on the opportunity to buy the home. Even worse, the seller loses their opportunity to s ...

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