Category — Arizona Short Sales

Great home in North Phoenix!! Short sale – fantastic price!

Bank of America continues to outdo themselves with their ridiculous short sale policies & procedures and one of the biggest time-bombs that they are setting to go off is the future HELOC mess they are creating for themselves.

Bank of America HELOCS (Home Equity Line of Credit) are basically handled by the charge-off department of Bank of America. In a short sale situation banks usually approve the short sale thereby releasing the lien on the property so the property can be sold. So far, this is all good.

The problem is that Bank of America will NOT RELEASE THE DEBT!! This means that the borrower is still responsible for the mortgage amount, even though they no longer own the property! This is where their future problems begin.

They “charge-off” this debt to their collection department where it is then “collected” in the future. Now I’m not an accountant but I believe this still shows on the Bank of America books as an asset, at least for a certain period of time. So let’s multiply the average $50,000 HELOC that has been charged off by thousands of customers who NEVER will end up paying any of this.

I’m not sure what that number is but its a lot! So how does a bank have the right to show that much money as an asset on the books when in reality they will probably collect less than 10% of that amount? And why won’t they just go the route of 95% of the other banks out there that will settle the debt up front for an amount feasible for both parties, rather than dragging it out and collecting even less money??

That just doesn’t make any sense to me, unless of course you were trying to show that your company was worth a lot more than it really was…and they certainly wouldn’t be doing that!

Scottsdale Luxury Home –

Sold first week on the market but we are accepting backup offers! Call 480-241-4406 for private showing appointment!

Reduced price on this gorgeous Waterfront property in Chandler! Call 480-241-4406 for more information or for a private showing!!

We received a wonderful email this week from one of our  clients that we just helped short sell their Phoenix-area home.  Here is part of the email:

Hi Sean,

We are so glad to have worked with you for the short sale of our house.  I can’t say it was a pleasant experience, but your efficiency, hard work, negotiations, expertise and timely responses helped us stay informed and rest easy. It was easy to recommend you to others in the same position.  I am so glad it is over!

We love to hear from our clients and it’s wonderful testimonials like this that help keep us going even when the short sale goings get tough!!

If you are looking to short sell your home or know someone who may need our services you can be assured that we take care of our clients like family!  Please call us at (480) 241-4406 today and we’ll be glad to help!  We have a full list of references, past clients, and professional resources to help you along the way!