21 Day Law?

I don't think so. That wouldn't even make sense. All you would have are turn downs.

I think this "source" may be mixing a couple of different things up.

There are programs in the works but most are doing next to nothing. Of course, they come from the goverment :>)

Yeah, I didn't think so too. I asked him if he was talking about loan mods (not that I would even know a thing about loan mods), but he said that he was referring to short sales.

I did hear about a new 21 day decision law that was in the works. The mortgage holder would need to make a dicision on whether to allow a short sale within 21 days. It was not clear if they would need to fully approve the short sale within this period of time or to agree to start the process. It is not set in stone yet but is supposed to be in the works.

The law can not force a lender who is already having a problem with the flow of work as it is to complete a task with in a reasonable amount of time. What is true though that Bank of America is in the process of work with a company that used to be called REOTrans (which is how they assign there REOs and complete BPOs) and have not given a date but it is supposed to fully automate the short sale process. Online uploads, fewer calls, and 24 hour access; Sounds like heaven!

We'll see how easy it is at the end of the time but we hope it will make our live easier because when you work at our volume our agents all expect the best results but with lenders like bank of america... We have to constantly tell them that we know what we are doing and that they make everyone feel like nothing is ever getting done.

Good Luck and we'll keep everyone posted on our Blog (www.MLReport.com) as the regulations change. Take care.

Jonathan Katz | Account Manager | Absolute Consultant Group

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BOA is in beta testing with the REOTrans platform now. It will be a little while before being rolled out.