I was sent a very interesting video clip that I felt the need to share.  My mortgage broker feels (and I see her point) that this is why some banks have no interest in really helping the homeowners with either short selling their home or with loan modifications.  We hear too many stories from homeowners that are saying that they are trying to modify, but the bank its just not cooperating.  According to this video, some banks may be profiting a whole lot more with a foreclosure.  They would have a true loss with a short sale or gain nothing with a mod.


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  • This seems to be the experience with Bank of America - I have two complete short sale packets into the bank on 2 separate listings. Not missing one document and both have been going on for over one year with no decision by the bank. I just put another into reotrans with them and I did get a response from B of A - they want more than any sold comparable in the area for the property, which has been on the market at various price points for 9 months!!! I do not see any incentive large enough at this time for the servicers such as B of A to cooperate.
    • Banks always have and always will follow the money. They are only interested in making money - that's what banks do. If they can help a homeowner while doing so, great, but if it comes down to helping a homeowner or making money (and lots of it).... the homeowner will always lose, every time, no matter what the scenario.
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