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bank of america bob lachance business foreclosure Investment loss mitigation north shore enterprises objections Preforeclosure short sale transaction
This week’s Preforeclosure “Tip of the Week” is about how to get Bank of America Loss Mitigators to pay for all of your closing costs while getting your short sale transactions closed and how to plow through standard objections that are totally ridiculous!
Pat and Bob,
I have used this strategy many times. I usually bump the property taxes and water hold up quite a bit. The initial hud gets approved and the lender is quite happy when they get 500-1000 dollars more at closing. Thanks for the tip!
Ben
Bob & Chris,
I have been watching your videos for a while now. It seems like you guys do EXACTLY what I do in many cases. I always pad the HUD with the HOA/tax costs. The funny thing about this is that the negotiators truly think that they won’t pay a necessary fee such as the recording fee. I even had one negotiator try and tell me that they do their own recording! LMAO!! I couldn’t stop laughing. We all know that it’s done at the recorder’s office. Just plain stupidity…
Len
You guys are so funny when you are angry! I could not stop laughing through the whole video. Too true, but I think it is the Congress who are the real idiots.
Another trick, for TOTAL closing costs, try NOT breaking things down and specifying what each cost is. On the HUD total, inclusive of agent commission, just put in total closing costs at 12% – 14% of the contract price. We have used this on our HUD’s successfully with Bank of America and others (again, it avoids the “We will not pay _________ ” nonsense you speak of).
Love your stuff. Glad to compare notes anytime.
Sincerely,
Ben Benita
BBenita@Comcast.net
I have BofA! I have been working on a SS w/them since the 1st of January 09. They have a contract 3k from the BPO and I can’tthem to work me. There is NO communication. I live in Charlotte, NC & I am about to go protest in front of the Corp tower here! I went as to hire a professional company to handle this file. It has NOT gotten any better. What do I do. Loss Mit told me that I would have to submit another package.
Who are you calling to get updates? Unfortunately, the treatment that you are getting is standard for them. With B of A it you just need to put your hard helmet on and keep hounding them!
Thanks for the heads up. As of yet, I do not have a B of A to deal with. Bob, you crack me up.