Below follows some interesting thoughts on loan modifications.
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Kathleen M. Howley, Dakin Campbell and Danielle Kucera from Business Week bring us an article that highlights the inefficiencies of the lenders and servicing companies that are knee deep in this foreclosure mess.
Another bone that I have to pick, especially with Bank of America, involves short sale “re-approvals”. Does this sound familiar? A short sale is approved for buyer 1….buyer 1 walks…..buyer 2 comes in with the same price, terms and conditions as buyer 1…….Bank of America must “reinitiate” the file, taking months to re-approve the exact same short sale that they had just approved….all because the buyer changed! Buyer 2 gets disgusted with the wait and walks…then the home owner is put in a precarious position. This is the biggest sham and joke that I ever seen! Has this happened to you?
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Also See: Another Loan Modification failure
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