Bank of America Short Sale Initiation Update
As a Realtor most of us are aware of Bank of America's Short Sale Initiation Process. A new process has been established this week that should benefit all Realtors across the nation.
Please see the below Bank of America Short Sale Initiation Update:
(This also impacts Equator procedures)
New fields will be required when initiating short sales in Equator. Realtors should be prepared to provide the following information regarding the loan and the homeowner's situation:
1) Loan Number
2) New: Borrower First Name
3) Borrower Last Name
4) New: Property Best Contact Telephone
5) Reason for Default
6) New: Do you have a signed purchase contract?
7) New: What is the property's primary purpose?
8) New: Who currently occupies the property?
9) New: When was the property last occupied by the homeowner?
How This Change Will Improve the Bank of America Short Sale Initiation Process:
Providing this information upfront will help Bank of America identify if the homeowner is eligible to participate in the federal government's Home Affordable Foreclosure Alternative (HAFA) program. If the homeowner is eligible, Equator will generate a message informing the agent that the homeowner must contact Short Sale Customer Care at 866.880.1232 to discuss their interest in the HAFA program. Although several attempts to contact the homeowner will be made, agents are encouraged to ask the homeowner to contact Bank of America as soon as possible, which will speed up the process.
The above Bank of America Short Sale Initiation Process update through Equator is a huge improvement! It will force inexperienced Realtors to learn the HAFA short sale process to the benefit of consumers. This change will encourage Realtors to become more educated with all available versions of a short sale.
Experienced Realtors will already understand the benefit of Bank of America checking for HAFA eligibility automatically.
I hope this information is helpful for all Realtors and consumers alike!
PLEASE CALL REALTORSTAPLES AT (407) 619-6249 IF YOU HAVE ADDITIONAL QUESTIONS CONCERNING THIS BANK OF AMERICA SHORT SALE PROGRAM or the HAFA Program!
HAFA provides you CASH for selling your home!
Thomas Staples AKA REALTORSTAPLES
SFR (Short Sales & Foreclosure Resource)
CDPE (Certified Distress Property Expert)