We’ve heard the rumblings about Bank of America stepping up their foreclosures, and low and behold, I got another REO listing assigned to me today.
I promptly rejected it, which I figured would secure my spot at the bottom of their list, and boom, they sent me another one, which means 2-3 in the last week when I’ve only been getting one a month. Does it mean something is cooking?
Here are the overall results from the last 12 weeks for all trustees:
Cancellations are due to short sales closing, and loan modifications becoming permanent. There have been 2,623 cancellations over the last 60 days, and in the same period there were 925 short sales that closed on the MLS, or 35% of the total cancellations. Can we say that about 2/3’s of the cancellations are due to loan modifications becoming permanent?
Yes, the loan modders might make their way back to market over the next few years, but for now the extend-and-pretend program is working nicely.
Here is the REO assigned to me today: