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Have a Bank of America Mortgage and need to Short Sale?
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Bank of America has been under attack for their slow approval rate in some cases in the eastern part of America. They have reported hiring 3500 additional personnel to speed up the process and comply with the new Obama short sale guidelines that came into effect in April 2010.
In many states Bank of America has processed short sales efficiently and without any problems, in Arizona and California the process has been slow. There will be always locations that have problems due to different loss and mitigation officers and their guidelines. Our short sale pros have successfully negotiated many loans with Bank of America quickly and effeciently. The Bank of America short sale process may have started to speed up due to their new Equator short sale processing system. Equator is an automated short sale processing and often will not have any updates until the file is assigned to a negotiator. Many anxious sellers, owners, get fairly irritated with not being able to get an answer immediately. Short Selling with Bank of America is a case where Patience is a virtue.
We always encourage our short sale sellers to contact their lender and have a converstaion about the entire process. Bank of America's short Sale team can be reached at 1.866.880.1232. When you call the short sale department, a discussion is held regarding the Short Sale process and the documents that need to be faxed to Bank of America Home Loans to begin the short sale process.
Bank of America Home Loan Borrowers Please Note: The borrower must have a current or eminent financial hardship and the loan must be delinquent.
While the discussion and upfront verbal agreement to begin the process are important, the formal process officially starts when Bank of America receives the signed purchase contract, listing agreement, copy of MLS history and preliminary HUD 1 statement.
Once Bank of America has received the entire short sale package of documents, - If the offer is possibly viable, an interior appraisal will be ordered, usually within a week.
- Within an additional 3 days an appraiser will be assigned, they will contact the us to schedule an appointment to conduct an interior appraisal, aka, BPO.
- Approximately 7 to 10 days after the appraisal is ordered, the results of the appraisal will be received by Bank of America.
- Bank of America conducts an analysis to determine if the Short Sale offer is aligned with the fair market value.
Additional negotiations or information may be requested, (examples of but not limited to):
Increase of Purchase price Changes to the HUD 1 statement Funds and/or a promissory note from the borrower, especially if there is junior lien Information about the buyer A deficiency letter signed by the borrower Explanation of the hardship Most recent month's income verification or if self employed, last 3 months P&L Most recent year's tax return. Once all parties, including additional lien holders, have agreed to the negotiations, Bank of America Home Loans and/or its investors/insurers will render a decision within approximately business 5 days.
The decision to accept or decline the short sale will be communicated to us within approximately 48 hours of the decision.
If you are considering a short sale of your Bank of America Home Mortgage, please call 480-422-1999 or complete the form below to determine the current value of your property. |
Bank of America (BAC) Short Sale Approval Letters
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These are just some of our approved short sales with Bank of America, (BAC). We have redacted our client's personal information to protect their privacy. Because we have successfully negotiated so many short sales with Bank of America, we have established vital inroads and established good rapport with critical individuals in the Bank of America Short Sale department. These relationships, often, help us expedite the short sale approval process. If you have a Bank of America mortgage, you need to talk to us.
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bank of america approval
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Find out How much your Bank of America Mortgage is worth today!
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Please complete and submit the following Online Home Evaluation form. The more information given, the more accurate the evaluation. All information you provide is secure and will be kept strictly confidential.
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Short Sale Steal in Chandler
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