Posted by Dawn Barrier on December 17, 2009 at 12:00pm
Ok, I have to give credit to Robin Rowland for tipping me off to this originally. I made a few calls and here is what I've found out.....Bank of America has contracted withREDCto process their Fannie Mae Short Sales using the REOtrans/Equator portal.They also will be working some of Wells Fargo short sales, Metlife short sales and GMAC short sales as well.The idea is to help speed the process up, but hey we all now how that is!There will be an additional 12 page welcome package to fill out and have sellers sign...UGH more paperwork! But hey if it moves a Bank of America Short Sale down to 60 days WHOA HOO!!I wouldn't count on that just yet, but maybe they can prove me wrong. This is a case where I would love to have them prove me wrong! LOL!Oh, and it is supposed to get even better for the seller .....Debt to be considered Paid or Settled with the Deficiency FORGIVEN!!I can't wait to see one of the Short Sale Approval letters to see if it is true.They are only doing Fannie Mae and they have to be assigned from the bank. They have a way to check your loan to see if they can request it go thru them.They are only processing Nevada Short Sales, Arizona Short Sales, California Short Sales and Florida Short Sales that are Fannie Mae.
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