California Real Estate Fraud Report

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12
Jul

Bank of America Warns of Fraudulent Short Sale Letters

Real estate agents who perform short sales on BofA properties should make note of the following announcing by BofA regarding the appearance of fraudulent short sale approval letters. The original information can be found on the Harris Real Estate University website:

Bank of America has notified national underwriters that a short sale fraud scam is being perpetrated involving properties on which Bank of America is the holder of a note secured by a mortgage or deed of trust. In its letter Bank of America has indicated that the perpetrators of the scam send approval letters to title companies that mimic legitimate approval letters from Bank of America, including the bank’s logo, formatting and language.

In response to this issue, Bank of America states that it has updated its existing short sale approval procedures. On all transactions for which the original principal amount of the loan exceeds $500,000 all Bank of America approval letters will contain the following statement:

Bank of America appreciates all of your efforts and cooperation in this matter. If you have any further questions, please contact our Short Sale Customer Care Department at 1-866-880-1232, Option 1.”

The letter from Bank of America goes on to say that if that number is called that it will verify the following information with the title employee who calls:

1.     Loan Number;

2.     Property address;

3.     Closing deadline date;

4.     Original borrower’s name;

5.     Approved buyer’s name;

6.     Short Sale price amount; and

7.     Net proceeds amount to B of A.

Fund Members who are involved in closing a short sale involving Bank of America should validate the short sale approval letter by calling the number above.

If you have any questions concerning this matter, please contact The Fund’s Underwriting
Department at 800-4332-9594 or send an email to underwriting@thefund.com.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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