New Directive on Short Sales from Bank of America
Bank of America has recently announced a reduction in the number of days it will take to decide on short sale cases. The lender has directed that the approval process should take not more than 20 days. This is a step in the right direction in resolving these cases faster and giving borrowers a chance to move on with their lives quicker. It is a direct contrast to what is happening in Florida courts. Residents of the state can now expect a foreclosure case to be concluded in no less than 861 days from the date of filing. That is a whopping 60 day increase from another survey conducted in late 2011.
Now Florida laws give borrowers the right to recover their property at any time before the case concludes as long as they have the funds. With the slow pace at which foreclosure cases are taking to get to court, these home owners have a huge grace period in which to salvage the situation and regain their property. With housing prices appearing to be reaching rock bottom, it seems likely that more borrowers will have the desire to take back their homes. For those however who would rather be done with the issue, the 2.4 year delay is a heavy burden. It adds to how long their credit scores will suffer and will be an unresolved issue for a long time. Tampa Bay foreclosure properties are in the same situation as others in Florida. For those eager to dispose of their property and move on with their lives, a short sale may be the better option.