BofA “streamlined” shortsale process an anticlimax
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Do you think Bank of America’s (BofA’s) behavior indicates a willingness to enter into shortsale agreements with negative equity homeowners?
- No (78%, 63 Votes)
- Yes (22%, 18 Votes)
Total Voters: 81
Bank of America (BofA) recently announced more changes to its shortsale procedures, effective April 14, 2012. New standardized forms and companywide timelines will be implemented. The goal: reduce the bank’s processing time from 45 days to just 20.
Under the new, “streamlined” process, sellers negotiating a short payoff with BofA are required to submit:
- a copy of the signed purchase agreement, including BofA’s Buyer’s Acknowledgement and Disclosure;
- A Settlement Statement (HUD-1) [See first tuesday Form 402];
- Internal Revenue Service Request for Transcript of Tax Return (IRS Form 4506-T) [See first tuesday Form 215];
- BofA’s Short Sale Addendum with the Agent Certification Form; and
- BofA’s Third Party Authorization Form.
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loading...About The Author
Sarah Cantino
is lead editor for the Landlords, Tenants and Property Management and Real Estate Property Management books.
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Got to say, my recent experience with Bank of America has been favorable. I describe it here: http://tinyurl.com/7zo8w9k
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