Has your Bank of America loan been service transferred to Specialized Loan Servicing, LLC?
In San Diego, where most of my short sale business is done, three of my current short sale clients have received notices from Bank of America that “Beginning [DATE], your new servicer will be Specialized Loan Servicing, LLC”. I’ve checked around with other members of my short sale team here in San Diego and have found this is happening on many other files as well… so this is not a coincidence.
1st liens and 2nd liens are being transferred, sometimes even after we’ve received short sale approval from Bank of America. Obviously, this causes problems with the short sale timing, since we will have to start from scratch with the new servicer. Just as deflating is that many of my clients are in line for BofA’s Cash Incentive program where they are getting $5,000 to $30,000 to short sale the property. Once the loan is service released (if it’s the 1st lien) to SLS or another servicer… they will lose this cash incentive. Often times, this incentive was the only reason they were short selling in the first place. BofA is dangling a carrot in front of homeowners faces and then ripping it away in many cases.
It’s my personal opinion that if any borrower is enrolled in Bank of America’s short sale program, there should be rules against service releasing that loan. Especially because of the cash incentives that are promised and then can disappear.
If you reside in San Diego County and would like for information on short selling your home with Bank of America, Specialized Loan Servicing (SLS) or any other lender please contact me for a free consultation.
The Ruhl Team (Top 1% on Trulia and Zillow 5 Stars)
REALTOR – Over 1000 Successful Short Sales
Lic# 01493664 / eXp Realty