Recently I attended a function at the board on REO and Short Sales and the hosts invited a guest speaker, Head Loss Mitagator for Bank of America West Coast Division Ivan Cho who started his talk by stating if you are looking to become an REO Agent we are full and not accepting any new agents to list homes with us. This was startling given the news of several REO's on there way and the lifting of the moritorium. Next he went on to say that Bank of America's belief towards borrowers who have defaulted on their loans and are looking to Short Sale their homes the banks position is to recoup losses and have the borrowers share in the banks loss, they are asking that the borrowers sign and or pay monies in order to be released from debts by selling cars or other items and or borrow the money...
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