lasvegasrealestate411

Bank of America: Bailing Itself Out?

So -- are they going to be more receptive for homeowners with a hardship who need to do a short sale and get out of the homes they are in -- before they go to foreclosure?

Loan modifications really don't help out homeowners who have lost their jobs, divorced, or have been hit with unexpected bills -- all of which seem to be on the rise. We have over 6,000 short sales available for sale on our MLS, another 2,000+ in escrow, yet only 273 homes classified as a short sale closed escrow last month.

Banks could be doing a better job of bailing themselves out by releasing the bad loans (before going to foreclosure in the first place) and doing some good loans on real estate that has had a significant reduction in prices.

Just my thoughts as we deal with all of the short sales we currently have for sale --- who all tried working something out with their respective lenders in the first place.