Alpharetta GA – It appears that Bank of America is getting for another bailout. We had a short sale where the first mortgage is Fannie Mae. Fannie Mae Short Sale Guidelines stipulate that the maximum any junior mortgages can be paid is $3,000. However, the negotiator set it up so the second mortgage is getting paid $5,700. It just so happens that the second appears to be owned by Bank of America.
In my opinion, it looks like the fox is watching the henhouse. It appears that in a roundabout way, Bank of America is getting a bailout from Uncle Sam. First, Uncle Sam gives Fannie Mae Billions. Fannie has gotten 83.6 Billion thus far. Then that bailout money goes from Fannie to Bank of America in a roundabout way. Pathetic. Just goes to show how the banks work the system for their benefit.
Thanks for reading this, Roland Lorans.
Roland is a real estate agent at Keller Williams Real Estate.
Phone: (770) 866-2561
Get the tools you need for a successful loan modification by clicking here.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.