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 payoffA sale in which the lender accepts the net proceeds at closing in full satisfaction of the mortgage debt. with BofA are required to submit: