Listen. I know B of A might be frustrating. I’ve needed to deal with them for a long time. We’ve negotiated with B of A to get our clients Loan Modifications, short payoffs and to finish a short sale.
You have no doubt heard the horror stories of dealing with Bank of America. Homeowners working for MONTHS on a short sale, only to have B of A foreclose. Homeowners being required to send identical information to the bank over and over and over and You get the idea. So, just how have we had a whole lot of success where others failed?
Well read below. We took the time to put all of our best Bank of America content in one place for you.
How to get started with Bank of America Short Sales: Did you know what is needed in a B of A Short Sale Package?
The short sale package with Bank of America resembles that of other banks, though they actually do have a few of their own documents. Besides the traditional short sale documents, you will need to sign B of A’s own Authorization Form as well as have the buyers sign a unique addendum to the purchase contract.
What type of a hardship will Bank of America Accept?
Short Sale hardships are easier than you think to define.
Do you owe more on your mortgage then your home is worth?
Have you ever experienced a loss of income?
Has your family experienced a medical emergency of some type?
Are you or your spouse without work?
Are you only able to find part-time work?
Do your expenses outweigh your income?
If you answered yes to any of these questions, there’s a very good possibility of getting your short sale approved.
Were you aware what the timeline is for the Bank of America Short Sale Process?
Bank of America has streamlined their short sale approval process, making it simpler then ever to have your file reviewed and approved. Previously, it might take the bank MONTHS to review the file before they might ever send it off for approval. Now, Bank of America is claiming to be able to get answers out within 3 weeks.
Can you get PAID to do a short sale with Bank of America?
You’ll find quite a few programs out there to help borrowers actually GET PAID to do a short sale. Bank of America has their traditional short sale program (where you won’t get paid), the HAFA program (government sponsored program), and what they call their “Cooperative Short Sale” program. These programs can get you up to $3000 when your short sale closes.