Bank Of America Changes Approval Letter For Nevada Short Sale Sellers

Las Vegas, Nevada Nevada Real Estate Agents will soon notice major changes to the short sale approval letter issued by Bank of America. Bank of America has changed the verbiage of their standard short sale approval letter, deleting verbiage referring to the banks right to pursue a defiency judgement against a homeowner.

A deficiency judgement is a lawsuit which a bank may file against a homeowner whose mortgage foreclosure sale did not produce sufficient funds to pay off the loan in full. Since each state has different laws pertaining to short sale and foreclosure, banks have created different short sale approval letters for each state. For example, a Bank of America short sale approval letter issued to a California homeowner may contain completely different verbiage than a letter sent to a homeowner in Nevada.

Most Nevada Realtors and Real Estate Attorneys will agree that the short sale approval letter which Bank of America has used in the past contained verbiage which intimidated many homeowners from pursuing a short sale on their home. According to Bill Myers, Nevadas top short sale Realtor and owner of The Myers Team with Century 21 MoneyWorld, Bank of Americas new approval letter changes everything for homeowners considering a short sale. This is a huge victory for Nevada homeowners.

While Bank of Americas new short sale approval letter is much better for Nevada homeowners, the fact remains that Bank of America has been slow to react compared to other financial institutions. According to Myers, Most major banks no longer include deficiency verbiage in their approval letters. We are very pleased that Bank of America has revisited their policies and made a decision which actually helps Nevada homeowners in distress. The verbiage of the old letter was intentionally harsh, and designed to intimidate homeowners considering walking away from their home. We assume that the attorneys who wrote the original Bank of America letter were hoping that harsh verbiage would scare a homeowner into making their mortgage payment, however, this is not reality.

It is believed that the recent surge in Nevada bankruptcies has played a role in Bank of Americas decision to change the verbiage of their approval letter. Homeowners are unsure of their options, and many have chosen to file bankruptcy for protection from the bank, however, according to Myers, Filing bankruptcy only makes things worse. Myers said, Filing bankruptcy to protect yourself from the bank is like cutting off your hand because of a hangnail.

According to Myers, The reason to do a short sale is to minimize damage to your credit and avoid being sued by your bank. If you file bankruptcy, your credit is destroyed. We have closed hundreds of short sale transactions, and have yet to see a bank file a deficiency judgement lawsuit against one of our clients. Unfortunately, some bankruptcy attorneys have capitalized on the fear of Nevada homeowners, and convinced people that bankruptcy is their best option. This could not be farther from the truth. Myers said.

The Myers Team is ranked the #1 Short Sale Team in Nevada. In 2010, they closed more short sale listings than any Realtor or Broker in Nevada. For additional information, please visit www.NevadaShortSaleInfo.com

About the Author:
The Myers Team is nationally recognized as one of the most influential figures in real estate today. Bill and Francoise Myers, owners of The Myers Team with Century 21 MoneyWorld have successfully sold more short sale listings than any Realtor or Broker in Nevada. With many Realtors proclaiming themselves to be Las Vegas Short Sale Experts, Bill and Francoise Myers are the "real deal." They have continually broken sales records, and when it comes to short sale transactions, they are considered by most experts to be the "industry leaders." Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure.

Article Originally Published On: http://www.articlesnatch.com

Tags: nevada short sale

, the myers team

, Nevada short sale expert

Related....

Videos...

Recent Business Articles

Important Aspects Of Global Shipping By: John V | May 28th 2012 - There are many things that one must consider when looking at shipping providers, but having a working knowledge of the industry is a good first step.

global shipping

shipping and freight

How To Leverage The Profit And Loss Statement By: John V | May 28th 2012 - The Profit and Loss Statement Is an Essential Accounting Tool. But It Is Only Useful If You Know How to Interpret and Apply It.

Profit and Loss

Profit and Loss Statement

Business Bookkeeping

The Art Of Finding The Right People For The Right Jobs By: Will Diesel | May 28th 2012 - Tips for potential job seekers on getting hired and employees on keeping your job.

jobs

job candidates

job seekers

A Boon On The Common Man- Used Cars In Indianapolis By: emasis | May 28th 2012 - Used cars for sale in Indianapolis is extremely famous agency of pre-owned vehicles as city. Significance for these kinds of sellers might be because they've got the biggest collection of almost all branded cars. And so the sellers of pre- ...

used cars in indianapolis

used cars indianapolis indiana

Facts To Know About Quality Build Garages By: Paul Zook | May 28th 2012 - The word garage probably originates from French and is similar to a dock. Today, a garage is an indispensible part of the home. You cannot leave your car worth several thousands of dollars out in the open to weather the elements.

Home And Garden Improvements: Adding A Gazebo By: NW | May 28th 2012 - The gazebo is often a superb addition to a backyard landscape, placing an aesthetic appeal and a secure leisure area.

Various Types Of Tables That Enrich The Ambience Of Our Home. By: bobcan | May 28th 2012 - Tables have been a part of our society and our home furniture since time immemorial. Different cultures have formed different patterns and types of tables and similar looking furniture according to their own unique and particular needs.

Dining Room Tables

Jet Grouting And Jet Mixing Techniques By: William Hauselberg | May 28th 2012 - Jet mixing and jet grouting are terms that go hand in hand. These procedures involve using high streams of pressurized grout to mix, replace, erode or cement soil. Rising, rotating and mixing drills are used.

Jet mixing

jet grout

The Popularity Alternation In Custom Sunglasses By: edwinlml | May 28th 2012 - There will be never a better chance to purchase Polo shades at affordable prices. Realizing the fact that people cannot spend much cash on fashion, Polo has attached really light prices to the brand new assortment of shades.

wooden sunglasses

handcrafted sunglasses

Hansel & Gretel

Placing Free Online Classified Ads In Usa/world By: Zack | May 28th 2012 - The energy of press and marketing are well known to us. The trend of press and advertising is changing with the passing of time. The black & white print press categorized ads are no more efficient in creating attention it is now replaced w ...

free Classifieds

la Classifieds

Comments

Still can't find what you are looking for? Search for it!

Site Navigation: