Posted by: Catherine | January 20, 2011

Bank of America Short Sales in Contra Costa, now streamlined!

Bank of America has announced new processing guidelines and ways to streamline the short sale process.  Ask me how you can get into this innovative new short sale program with Bank of America if you have a B of A loan in default, or at risk of default.

We can get you qualified for the right kind of short sale.  There are three options of short sale with B of A:

1.  Traditional short sale

2.  Cooperative short sale (NEW)

3.  HAFA short sale

In a webinar today, Bank of America’s short sale senior executive let us know that there may be ways to streamline the process and not even have to submit the mountains of financials that used to be required.  Bank of America is also acknowledging now (finally!) that there are different kinds of hardships.  Sometimes it’s not financial – have you been transferred for a job?  Family change?  They will look at it on a case by case basis.  Do you have a traditional hardship?  Yup.  How about doing a short sales with your payments current?  Yes – it’s possible.

In the new cooperative short sale with Bank of America, we can now contact B of A at the time we list the home for sale, and even before a buyer comes in.  Bank of America can then review the file, the homeowner, and order the valuation (appraisal) right up front.  Then when an offer is received we can (theoretically) have a short sale approval within a couple of weeks.

Remember, a HAFA short sale does go through a different process and requires different paperwork up front.  B of A is now reviewing all sellers for HAFA up front and will enter you into that program if you qualify.

Interestingly, this B of A executive said that they DO NOT like working with third parties.  She noted, third party negotiators can sometimes be a trigger for fraud and may add a layer of review.  They also say there is no advantage a third party would have.  Agents can do these short sales, and B of A is working to make the process as streamlined as possible.  They will most likely NOT approve any additional third party fees – so beware of WHO has to pay for that third party to negotiate the short sale.  By the way, are they negotiating for you?  Or are they just “processing?”  Just something you NEED to know.

Both HAFA and Cooperative short sales can result in a moving incentive; 3000.00 and 2500.00 respectfully.

B of A likes the homes to go from homeowner to homeowner – they don’t want REO’s, they don’t want to take the properties back as a foreclosure.  They want to work with homeowners to avoid foreclosure – and the #1 priority would be to try to keep the homeowner in their home if possible.  Contact B of A as soon as you think default is imminent.  Do not delay, there may be help for you.

So let’s be pro-active on your Bank of America short sale.  Do you have a B of A loan?  Need to look into a short sale?  Call me now, as I’ve said above, Bank of America is making it easier – we can contact the bank now and get the process started even before the house is on the market, even before we have an offer.  This is good news.

Remember homeowners, Bank of America has a terrific resource center to see if a short sale is right for them:

Bank of America Short Sale Resource Center

One point the B of A executive noted when asked about the difference between a short sale and foreclosure is that (beyond the credit and future impact) is that a short sale is something that is done cooperatively, with you retaining control of closing dates, moving, and the process in general.  A foreclosure is something that is done TO you, where you lose much control of when and how things happen.  So take control, if a short sale IS your option, call me now.

If you need to call Bank of America, call their Loss Mitigation (liquidations) phone number for customer service:  1-866-880-1232.  The reps at this number can help you get started down the right road.  Also remember, all short sale work, documentation and communication is done online through their Equator system.  So be sure to engage your realtor in the process early to be sure all the documentation is uploaded appropriately.

Catherine Myers
Broker Assoc
DRE Lic 01337828

Windermere Bay Area Properties
Walnut Creek, CA
Concord, CA
Clayton, CA
Pleasant Hill, CA
Martinez, CA

Serving Contra Costa and Alameda counties – helping homeowners seeking information about short sales, and the options right for them.  Attorney, and tax professional resources available.

Call a realtor in Walnut Creek – 925-683-2125 (Catherine Myers)

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