Bank of America Revises Short Sale Process

Good News — Bank of America (BOA), the financial institution that holds and/or services more mortgage loans than any other lender in the US, has streamlined the process for short sale transactions with an effort dubbed the “Cooperative Short Sale Program”.  In response to the numerous challenges associated with the sale of properties where there is less value than homeowners owe on their loans, BOA is seeking to streamline both the approval and closing process. To date, the approval and closing process has been fraught with multiple delays causing frustration and time pressures relating to foreclosure auction dates. 

BOA will be contacting defaulting borrowers directly and working with Realtors with the initial goal of keeping homeowners in their homes by focusing on a variety of retention options. However, if a homeowner’s only option is to sell and qualifies for a short sale by demonstrating a hardship (along with other criteria), BOA’s goal is to expedite the approval process by utilizing an Internet-based document system that will also provide management with the tools to ensure accountability for timely reviews and decisions. The bank cautions that the implementation of this program will be an ongoing process with revisions as necessary.  

The good news is that Bank of America is working closely with Realtor’s that have their CDPE designation because they know we are trained on the short sale process.  Not only do I have my CDEP but my newest team member, Jim Pearce, will have his CDPE by next week.  

For more information about this program, or to find out whether you qualify for a short sale, visit www.ShortSalesinNC.net or www.realestateexperts.net.   You can also call either Jim or I directly as well.  I can be reached at 919-697-5014 or [email protected] or contact Jim Pearce at 919-672-1035 or [email protected]