Considering a short sale as a Bank of America mortgage holder? Well make sure you hire an experienced, proven short-sale agent and that they are current on that lender’s process.
Below describes some new changes to B of A’s shot sale process imperative tot he successful completion of your short sale.
(Re-Printed from B of A email correspondence 07/31/2014)
The new Initiation Package assists a homeowner through the Short Sale process. Starting mid-July, homeowners will receive a short sale Initiation Package upon initiating a short sale and not being reviewed for a home retention option. Included in the package is the Borrower Election Form that will now be required before proceeding with a short sale.The short sale transaction will no longer continue and no other homeowner documentation or offers will be reviewed until the signed Borrower Election Form is received and verified by the Short Sale Specialist. As a reminder, for your agent, a valid Third-Party Authorization Form is also required and must be verified in order to proceed with the transaction.
As a homeowner, thoroughly read this package including the Homeowner Checklist. This package contains a list of financial documents that may be required to complete a short sale. B of A’s ability to evaluate the homeowner for a short sale, as well as postpone collection and foreclosure efforts, depends on their receipt of all necessary documents. Upon initiation, a Short Sale Specialist will continue to contact your agent, to discuss the next steps in the short sale process.
Initiation Package Includes:
Information on Loan Assistance Programs
Frequently Asked Questions
Important Notice to Help You Avoid Foreclosure Scams
Borrower Election Form – now required upon initiation
Request for Mortgage Assistance (RMA) form
IRS Form 4506-T
Please note: initiating directly into a short sale, through Equator, is not an option for Federal Housing Administration (FHA) investor properties. Homeowners must always discuss their situation with their Customer Relationship Manager (CRM), who can help them identify if they qualify for an exception to proceed with a short sale without doing a full home retention review.