Hat tip to JimG for leaving this comment yesterday:
Really can’t say if this is a one day event or will be something more but LPS, who is a outsourcer of REOs for many banks just dropped 609 REOs in California today, all from Bank of America. Guess that means BAC has been sitting on foreclosed properties and who knows how many they have in their little piggy bank. About 40 of the 609 are in San Diego County today. Normal California daily assets for LPS is around 20-30 as a point of reference with 2 to 3 in San Diego County.
We’ll never know if there is any big changes afloat with any of these banks, unless they come out and say it. But I’ve had a couple of new items too.
I got Bank of America to sign off their rights to pursue a deficiency judgement on a short sale, when the mortgage was purchase money. You’d think it would make sense for the lenders to cooperate when the borrower can walk without recourse, but it’s not automatic.
Maybe this example is a sign of BofA trying to clean out the drawer? This short sale has been in process since September, and we already lost the buyer.
In addition, for the first time they’ve issued a prompt for me to hurry up with my BPOs. They are making their agents produce two opinions of value before listing, which is annoying, but getting some additional pressure from them might mean they’re trying to pick up steam?
I was also told that they are giving their loan managers some pull with the supervisors to push short sales through. The Equator system is still hit and miss, but a good idea. If we can get some assistance with return calls/emails, it could only help.
Let’s get this ship moving!