Bank of America 'Secret' Short Sale Program | BoA HPO Short Sale Program Details

Home : Blogs : Tim and Julie Harris : Tim and Julie Harris ~ Realtor® Coaching Blog & Real Estate Training

Bank of America 'Secret' Short Sale Program | BoA HPO Short Sale Program Details

Breaking News….

Bank of America is testing and will soon have a national roll-out of a new program that will revolutionize the short sale process.

This new program is called HPO Short Sale. (We know the ‘H-P’ stands for High Performance but, as of this post we still don’t know what the ‘O’ represents.)

This program is NOT a rumor...its real. I have posted actual paperwork including an HPO Acceptance Letter on our blog. Read it now.

Watch the New Harris Real Estate University, Bank of America HPO Short Sale Videos NOW.

Why do you care about this new program?

Here are the details:

(Remember, this program is being quietly introduced, using only a hand-selected group of top short sale agents across the country. HREU will publish any additional information about this new program the second we get it…stay tuned to this site!)

* 6% commissions

* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative’.

* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.

* No documentation.

* No bank statements.

* No tax returns.

* No financial worksheets.

* No deficiency judgement.

* No financial contribution from the seller of any kind will be requested.

* Only requirements? -A listing contract -A purchase contract -An appraisal, though we’ve been told the appraisal will not have an adverse bearing on the final acceptance.

* 2 WEEK approvals.

Listen NOW to the Emergency Harris Real Estate University and Bank of American HPO Short Sale Teleconference…..all the details about this new program are uncovered. <———CLICK HERE TO LISTEN NOW!

Let me be clear, this new Bank of America HPO Short Sale program is what Harris Real Estate University has been an advocating for nearly 5 years.

HREU is the original Realtor short sale training source. When you are ready to go beyond the basic short sale designation and training…when you are ready to build a true short sale business…watch this FREE Accredited Short Sale Designation (ASD) and download the FREE Short Sale Guide Book.

Needless to say, we are very excited about what this new HPO Program will mean to our industry.

Watch the Just Released HPO Bank of America Short Sale Videos. <---------Click Here To Watch NOW.

Agents, REBLOG this story. Every agent in the nation needs to know about this new BoA program!

Posted by Tim and Julie Harris on 08/06/2010 01:50 PM

Comments (79)

BREAKING NEWS: Bank of America 'Secret' NEW Short Sale Program Details Leaked! Agents, READ THIS! in the ActiveRain Channel

bank of america short sale, hpo short sale, boa hpo short sale, short sale forms, hposhortsale, hafa short sale, bank short sale forms

Originally posted at: Harris Real Estate University: Bank of America 'Secret' Short Sale Program | BoA HPO Short Sale Program Details

Generate short URL

Post is included in group: "Whacked"!!!
Post is included in group: The Lounge at Active Rain
Post is included in group: Short Sale REALTORS®
Post is included in group: Realtors®
Post is included in group: Addicted to Active Rain

79 Comments on Bank of America 'Secret' Short Sale Program | BoA HPO Short Sale Program Details

AUG

2010

Wow! How can it be! I won't know what to do without calling Bank ofAmerica everyday for months on end! Hmm, maybe more business can be focused on instead of phone calls. If this really works this will be great!

Hi Amy

We just posted another video about this new program...check it out:

ShortSale Videos. BoA/ HPO ShortSale.

Help me get the word out about this...please reblog!

Tim

AUG

2010

Wachovia Stream Line short sale has been up and running in California for 12 months with a 3 day approval and $2,500 back to the seller plus no requipred documentation.

It's a great program and works like clock-work, it's nice that BOA is getting in the game.

I have enjoyed watching my friend, Caryn Becker, pull her hair out in Colorado Springs while waiting on the phone or other time consuming activities dealing with short sales. Maybe she will be able to take a day off now. The process should be so easy and yet it is so hard.

Thanks Tim and Julie. This is exciting because to be able to handle the 2nd wave of foreclosures coming right now, we need to be able to ramp up production dramatically! This will help, as will knowing about Wachovia's program. Thanks Mike Watson , for that. Keep the good stuff coming guys so we can have the info and tools to really help people!

Bruce@ www.everettshortsaleblog.com

This is great news, they are (or have been) the worst bank to work with. I've told buyers to not even submit offers to B of A short sales unless they are 100% committed to the process.

Too bad they won't retroactively approve the thousands of homes they denied short sales for previously, all the people who's credit is ruined, who's finances are a mess, all the neighborhoods ravaged by foreclosures when short sales could have saved 10% of value.

But at least they are going in the right direction. This could even provide a spark to the national housing market, as buyers get a whiff of the fact that great deals are available WITHOUT the major brain damage of a B of A short sale.

Hopefully other lenders follow suit (is the govt behind this? Subtle pressure to get these bad assets off their books, so they can put their reserves back into the economy via small biz loans that will help end the recession?) Who knows, that would require a whole lot of coordinated common sense between govt and Wall Street.

Thanks for the info, please keep us all posted!

Sorry... but from true experience dealing with Bank of America short sales, this is just another PR campaign.

Why should a new program have to be created? Why don't they just improve their current services? BECAUSE it's just another PR campaign...

I surely hope this is true - BoA (and all of the other mortgage lenders) needs to streamline the short sale process. I'm working a BoA short sale right now (the second trust) - I surely hope this isn't a long tendous process. Thanks for your post.

If this system actually works, that will be great. It may be more efficient all the way around. Instead of spinning wheels, watching properties deteriorate for years in some cases, maybe now we can all get some real work done.

Oh another new program...I'm still waiting for the others to work:)

This is interesting and sounds great, I hope it works and that others follow suit.

Hey, did I die and go to heaven? Man, I'm contacting my guy at Bank of America right now. No hardship? Even Wachovia requires some sort of hardship on the seller's behalf. Although, I've been watching banks approve short sales lately where there is really no hardship at all, so that doesn't totally astonish me. It makes sense to move these underwater properties anyway a bank can. Thanks for this update!

I have another question? This sounds like something for existing listings, If you have a new listing who is upside down can you list it at fair market value and get an advocate at that point or do you need to wait on an offer?

This reminds of a saying...."if it sounds to good to be good, it probably is..." :)

I am at my 3rd year working short sales with Bank of America and like others here, I fell that they still have not managed to learn the systems they have tried to implement.

Lets just hope that it is true.... i am waiting for the catch...

I have just had one out of B of A in 30 days with all that paperwork. I was floored to say the least. The BPO was done the day after we submitted. All I can say is if things are moving in the right direction, I'll take it.

I'll believe it when I see it.....I'm not sure B of A is capable of doing anything streamlined or efficient.

Can you please provide a link to this information on a Bank of America site? All I can find on this are blog reports--no newspaper has reported on this. Thanks

I find this hard to believe. I have worked on Bank of America Short Sales for 3 years and it all about the bottom line number which nets the most amount of money to them. If they did not require financials from it's customers, they could not bleed them for every possible dollar.

Ok, I'm dreaming now. . did you say Bank Of America is doing this???

Well when you look at the stats regarding the folks seeking a short sale, it makes a guy wonder why wouldn't they make it as simply as they can on themselves. Whether there is a hardship or not is very subjective... So, why is it even a consideration when folks are upside down on their home sometimes 2 to 3 times or more than their annual pre-tax income. In my book, that pretty much makes the debt load a hardship in almost every case. In the others, they generally own close to twice what the home is worth... I could go on. Anyway, Wachovia has had it right. BofA may get there. All of the lenders must realize by now that these short sales need to happen in order for them to move on and get "good" borrowers back in the game a couple years down the road. They may be slow, but they (LENDERS) will always move toward a goal that is in their own interest...

Great comments...I have been on coaching calls since 7:30 am and didn't check my email to see the life this post has taken on.

Like all of you...I seriously doubted this information. My source was beyond reproach...one of the best Short Sale agents in the US, no question. What I doubted was BoA doing something that (frankly) made SO much sense!

Side note: late last year there was a little read (and not discussed) article on our blog that discussed the fact that the servicers (banks) earn MORE money when they foreclose vs a mod or SS. The question I was asking in that article was...."where is the banks motivation to do anything other than a foreclosure when they earn nearly twice as much money?". At the time the details of HAFA were just coming out and the money given to the lenders for doing a HAFA SS was close to half that of processing a foreclosure.

(Remember, these servicers (BANKS) have agreements to 'service' these loans for their investors....they are paid to collect the monthly payments etc. AND they are paid for collections if the sellers stop paying....according to my source the servicers earn on average $10,000 when a mortgage goes into foreclosure. Agents, that's NOT including the average $50-75k that the actual foreclosure costs!...needless to say, booting folks out of their homes is big profitable business for the servicers)

My theory is that now that Fannie and Freddie ARE the investor for most every mortgage...they are telling the servicers to 're-do' their servicing agreements. In other words, Fannie and Freddie may very well be demanding that their servicers truly streamline the SS process for the ulitmate sake of slowing foreclosures. Fannie and Freddie are political beasts and you can bet that in a election year we are going to see a few monumental moves made to 'slow the rate of foreclosures'.

Hope this helps!

Tim

Melissa,

The best I have been able to find on this matter for my own purposes is this PDF on NAREB: http://www.nareb.com/Data/News/Attachments/News_85boa-faq-short%20sales.pdf

Agent...re-read Kens comment...2 posts up. What he says IS the bottom line...

I just had a conversation with my lender at BoA yesterday and she was telling me about this program. She said it is coming it's just a matter of time and it will truely help with the short sale process for agents. To tell you the truth I am a bit excited to see how it all really plays out and how well it really works!

WOW! What great news this is!!! If this process is true it would make working with BofA so much easier. The executive offices must have been tired of receiving phone calls from agents around the country escalating files. Their current process, although much better with Equator, still takes a long time. This new process is a dream come true for homeowners, buyers and agents. It would definitely save time and money for BofA which adds to their bottom line.

Didn't I hear the same story at a Maryland Association Meeting about 3 months ago? Based on what I'm hearing around the office: No Change. Maybe they will ACTUALLY improve this time. Hope. Hope.

Seeing is believing. Enough said...

AUG

2010

i am with the other guys on this blog and am hanging on the fence to see if it works and how effective it will be. bofa needs to do something that is for sure.

AUG

2010

I hope this happens. B of A is great at PR. Remember in April when they were telling the public they would do principal reductions?

If this new system actually works, that will be great! Onlt time will tell if we have progressed that far.

Thank you Tim and Julie for the valuable information, I will take the time to read and watch the video this weekend. fingers crossed.

Hmmm a mortgage/ bank that actually get the process? I am skeptical but if it is true I will hop on board. I know Wells Fargo is horrible with foreclosure and short sales. Perhaps they could learn from their competition.

BofA's new program has got to be an improvement - it couldn't get much worse... good news!

Well, something needs to be done. I just had a US Bank short sale go to trustee sale. We'd had a buyer (full-price) hold on for 3 months only to have US Bank say..."nah, well let it go to TS." Oh

Well, something needs to be done. I just had a US Bank short sale go to trustee sale. We'd had a buyer (full-price) hold on for 3 months only to have US Bank say..."nah, well let it go to TS." Oh and

Well, something needs to be done. I just had a US Bank short sale go to trustee sale. We'd had a buyer (full-price) hold on for 3 months only to have US Bank say..."nah, well let it go to TS." Oh and that

offer from the buyer, was an accepted counter we'd received from the lender after submitting the short sale package. We got a responses in 2 weeks and then 3 months later...after an appraisal, BPO, countless phonecalls and aggrevation.....they say "forget about it. Let it go to TS!"

WOW - I "hope" it lives up to expectations given some of the horror stories I've heard about B-of-A.

Hopefully it will work the way it is intended- it is indeed somethng that makes sense!

I sure hope they make some changes. They have not helped their name any the last few years with their short sale track record.

Tim and Julie - thanks for sharing this breaking news. I am reblogging as this is so important. Thanks.

I read in REO Insider that BofA is only rolling the program out with 2,000 properties just a few states. I agree with some of the other posters, I'll believe it when we see it.

These were the instructions I got a couple hours ago from BOA. First I have received in this format. I will fall over and require resuscitation if they truly reply in 14 days.

PLEASE READ IN ITS ENTIRETY

Even if you have sent documents in the past, please use the list below to organize the documents. Please only send a complete package, not multiple emails. Please do not send a document that does not meet my specific request. Incomplete or incorrect submissions will not be accepted.
Please email these items to me directly in PDF format by 8/24/10. THE DOCUMENTS WILL BE REVIEWED WITHIN 14 BUSINESS DAYS OF RECEIPT.
Always include the loan number on all correspondence and use this email as a checklist to help expedite the short sale process.

Documents Needed for ALL Sellers/borrowers on our loan:

1-   Financials - Most current 30 days of consecutive paystubs and most current 60 days of consecutive bank statements, all pages even if blank. Please do not provide online banking activity as a substitute. If the seller is unemployed, we must have a signed letter of explanation advising if they receive unemployment benefits and the amount of the benefit. If there are no pay stubs and no unemployment, please state this in the letter. Be specific about current employment status.
      ***If any of the sellers are self employed, they must provide a signed year-to-date Profit and Loss Statement and 2008 & 2009 personal tax returns. If 2009 taxes are not filed, please provide 2007 & 2008 personal tax returns and also a year-to-date Profit and Loss for 2009.***

2-   Signed and dated hardship letter. Have the sellers be specific. For example: dates, dollars, and details.

3-   Verification of Occupancy. The sellers must write a letter, sign and dated stating the occupancy of the property: owner-occupied, vacant, or rented. They must state if they vacated, WHEN and WHY. If the property is a rental or vacant, has the property ever been occupied by the sellers? If so, what were the dates? If the property has been rented, state the dates it has been rented. BE SPECIFIC. They must also advise us if the home is being maintained as this is required by HUD.** Please see Mortgagee Letter attached.

4-   Listing agreement signed and dated by ALL sellers, not expired. If expiring in the next couple of months, please provide an addendum or new listing agreement.
      ***LISTING MUST CONTAIN THIS EXACT VERBIAGE***
      "Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker and without payment of a commission or any other considerations, if the property is conveyed to the mortgage insurer or the mortgage holder."

5-   The ENTIRE FHA Short Sale packet that is attached. This includes: Short Payoff request, Authorization and Acknowledgment, Authorization Form, and Mortgagor Financial Information.
      ***This must be completed and signed by ALL sellers, no matter what the living arrangement or marital status.***

THE FOLLOWING ITEMS ARE NOT NEEDED AT THIS TIME, BUT WILL BE REQUESTED IN THE NEXT PHASE. YOU MAY STILL SEND THESE ITEMS WITH THE ORIGINAL SUBMISSION.

1- Purchase Contract signed and dated by BUYER and SELLER:
THIS IS NOT NECESSARY AT THIS TIME, BUT IF SENT MUST CONTAIN THIS LANGUAGE:
"Sale is contingent upon the seller obtaining the prior written approval of Bank of America Home Loans."

2- Preliminary HUD-1/Settlement Statement with BUYER and SELLER names and addresses.*

****Additional information****
All short sales are sold as is. FHA guidelines prohibit Bank of America from paying for repairs. HUD requires the property to be maintained.
The maximum commission that can be paid out on an FHA short sale is 6% and dual agency is not permitted per FHA guidelines.
Any liens against the property must be released or the lien holder(s) must be willing to accept no more than $1,500.00 to release the lien. This is $1,500.00 total towards secondary liens, not per lien.

Hopefully O isn't for withOut a real estate professional

Breaking News...update regarding the new Bank of America HPO Short Sale Program.

Harris Real Estate University students and future students...here is your breaking news update

....Kris Darney one of our beloved short sale coaches just sent this to me...(Julie and I are traveling for private events...or I would of posted this eariler today. This was from DNSNews...Jon Prior always is spot on with his writing and I am sure this is excellent info)

Here is the bottom line: BoA is in testing mode for the new HPO short sale program. I am going to keep you guys in the loop with the actual process/ details (vs PR) as I learn more from students who have current short sales going through this new program.

Here is the latest:

Bank of America is launching a new cooperative short sale program that will target 2,000 pre-screened homeowners, said Matt Vernon, the REO and short sale executive at BofA.

In an exclusive interview with REO Insider, Vernon said the bank pre-screened these borrowers who have been considered for a modification under the Home Affordable Modification Program (HAMP) and a short sale under the Home Affordable Foreclosure Alternatives (HAFA) program. They have either fallen out of both programs or failed to qualify.

“The big question we’re looking to answer is customer responsiveness,” Vernon said. “These are not customers who are seeking short sales but rather distressed customers who are on the road to foreclosure, and we want to provide them an alternative. Our goal is to provide a tailored program with incentives that are attractive to homeowners experiencing a true hardship.”

Comment: No idea what that means...can any of you help me translate that? I am in an airport and maybe the noise is effecting me. For the record, the student who tipped me off to this new program DID have a short sale that she escalted to the office of the President...so..in every way....this 'customer' was very much seeking a short sale.

Blatent commercial message. HREU is relaunching our short sale coaching program. (Current or past short sale students, we will have a great way for you to become involved in this new class for free or a greatly reduced fee, stay tuned). The new program is going to be what we consider to be advanced short sale training.

We recognize that many of you have obtained some base level of understanding of short sales. Maybe you have completed an entry level program and have a designation. This new program is perfect for you. The new program is also geared towards agents who want to quickly learn the short sale process. For now, I will share with you the name. Accredited Short Sale Designation. ASD.

Here is the unique aspect of this program. Its been actually designed by the HREU coaches...and the actual servicers (banks). Agents participated will become what we are calling...'Prefered Short Sale Agents'. As you are about to read, the servicers will be doing direct referrals to agents. They will be contacting homeowners and counseling them to list their home with a preferred short sale agent. You will be that agent.

More info soon...for now, if you are interesting in participating here are the 2 ways:

1) Sign up for the free short sale book HERE. You will be on our list, we will invite you to join in the next 30-60 days.

2) If you have already graduated for the HREU short sale program...or are currently enrolled....call 866-422-9497. Your name will be added to the list.

Under this “test umbrella” for future programs, no new documents are needed from the seller since they already submitted their financial information to the bank. BofA is waiving deficiencies, or the difference between what the home sells for and how much is left on the mortgage. Vernon said his department will assign a short sale specialist to work with the real estate agent and the homeowner to market the property for 120 days.

Comment: AH-HA...test umbrella for future programs...I translate that to mean...stay tuned, we have already decided to adopt this program and want to iron out the wrinkles first. Realtors...this...as Martha would say...is a very good thing. Thanks Matt Vernon and BoA for taking a leadership role with short sales...

Letters have already gone out to the homeowners, and they have 120 days to list the property. Vernon said they are looking at a six month program. The bank will be working with the homeowners’ real estate agents, meaning the bank will not be selecting agents to work with the homeowners.

Comment: Hello...agents.... Mr. Vernon's comment was a huge indicator of what is coming next for real estate...and your business. Translated (as we have been reporting on our blog for well over a year) banks are contacted homeowners and encouraging them to list the home as a short sale with an agent....

Once sold, the former homeowner receives a $3,000 relocation fee, and the real estate agent gets a 6% commission. If it doesn’t sell, BofA will accept a deed-in-lieu of foreclosure in order to satisfy the mortgage.

Comment: and....then what? The home becomes a REO and the same agent who had it listed as a Short Sale will have it as a REO. Welcome to the new world of real estate.

Vernon said the homeowners targeted are heavily concentrated in the sand states California, Florida, Nevada and Arizona.

“It’s a small test of customers who have been pre-screened,” Vernon said. “We’ve also worked with an investor to get their approval in the program before hand. This allows us to test and learn. Our hope and desire of this is that this pilot and others will help us design expansion of these programs in the future.”

That investor held a stake in the original mortgage that is now in default. Lenders need approval from these investors for a short a sale to go through. It has been one of the major hurdles in the short sale process.

The industry is beginning to recognize short sales as a serious alternative to foreclosure. According to the real estate data and service provider CoreLogic, short sales in the US have tripled since 2008. Freddie Mac recently reported that its short sale figures were up 600% from two years ago and said in its Q210 financial statement that it completed 22,117 short sales in the first half of 2010, up nearly 180% from 7,914 in the first half of 2009.

In Q210, BofA completed more than 25,000 short sales, almost three times the amount done in the same quarter last year. Roughly 90% of the short sales are performed on the Equator platform, and Vernon said by the end of the year, the entire short sale business will be.

“Bank of America is committed to constantly improving the short sale process for our customers and our real estate business partners,” Vernon said. “We continue to test new ways of completing short sales to provide customers with a dignified exit and help avoid foreclosure.”

AUG

2010

Tim & Julie,

I am sure you got the attention of a lot of people.

AUG

2010

Tim & Julie, Jon is right...and I just re-blogged this post! :)

Leilani

SEP

2010

Sounds too good to be true for us REALTORs. The short sale process is a nightmare for sellers, buyers and us the in-between. Why did it take so long to get this program on the road? Would like to see it happening. What is the incentive for BofA suddenly?

SEP

2010

I hate to be a skeptic but in my many experiences with Bank of America, and my current short sale in which their HAFA company is involved, I have little to no faith in anything Bank of America has to offer. This HAFA program states right on their own website that we would receive an approval or non approval within 10 days....that was 2 1/2 months ago.

For all of our sakes that work with short sales....I sure hope you're right.

This is great information. Thank you very much for sharing.

great post... i hope it comes true

Has anyone used this program and if so have they had any success. i am about to start another BOA shortsale and would like to hear with anyone who has any tips or advice. please email me direct, thank you

FYI.... This program is already in play, it is in the BETA test phase as we speak. Only four vendors nationwide were chosen to participate in this program. Agents have to be selected to particpate in this program. It is not available for all agents at this time. It is also only for BOFA portfolio loans. For the most part the information you have reported is correct. There have been some minor changes. I have been chosen to particapate in this program, will keep all active rainers in the loop on what I learn. Hopefully this program becomes successful!!

Well, with Bank of America, I will believe it when I see it. I am currently going with one that has been escalated. It is still taking a while with valuation processes. The appraisers they use are terrible.

Not to sound like a pessimist but if its too good to be true....

Yet, I'm hopeful that BOA will put this in action and make EVERYONE'S lives easier. Too much slow down, red tape and assorted other bureaucracies impede the process!

Thanks for the head's up!

Sounds to good to be true. Bank Of America has been notorius for declining short sales, holding to ridiculous asking prices, and being very difficult to work with. I doubt this program will ever see the light of day, but hopeful that it does!

If this ever went through it would do wonderful things with our market, but I for one am a major skeptic! Hopeful to see it in the future though! I will re-blog this :)

Tim & Julie

I hope that BoA starts looking outside the box to create a model that will actually work. But based on my previous experience with them involving Short Sales and REO's I will take the wait and see approach. Keep us posted on your results. They say it only takes ONE RAVING FAN !

Hello,

Re-blog this...do whatever it takes to spread the word about this program.

More people (homeowners) know about this program...more pressure to make this a new nationwide standard.

Thanks for all the great feedback!

Tim

But, But... if the foreclosure process is streamlined like that with all the lenders, no realtor will need to buy my book, "The Realtors Guide to Short Sale Success".(Amazon) That's OK, I'll more than make up for it with all the extra shortsales that I'll be closing.

Hallelujah! I do find this hard to believe. If Bank of America opts to go with NO more financials from their customers, how can they continue to bleed them for every penny? After reading the update, I see that BofA has developed HPO for those who do not qualify for HAMP. In other words, they have already submitted their financials & BofA has found there is nothing more to squeeze out of their customers. Then it would be in BofA's best interest to Short Sale the property quickly rather than have it go into foreclosure. BofA would be saving on legal expenses.

I'm not gonna be holding my breath on this one.

With as many foreclosures and REO that BoA is sitting on I really HOPE this works.

Bank of America is also working on launching a new type of pig that flies.

All these comments make me smile! I have had an offer on a said "Approved short sale" for over their approved BPO price now for 5 months. It is still sitting in Equator at the "Valuations" stage! Really BOFA? We could have sold it 3 times over so far! Let's just get the current Equator program to close in the number of weeks you say the new program will close!

Total BS. BOA needs to get busy approving loans for buyers who are actually "BUYING" and attempting to stimulate the economy. They have performed in the most pathetic manner I've ever seen - with just one of my recent buyers. Unbelievable and unacceptable. Buyers with great credit scores and adequate cash for down payment are being held "hostage" by BOA while they fumble around trying to figure out who clocked in this morning. Valid transactions are not closing directly as a result of BOA's sickening excuses - and we're expected to just swallow. I am accountable for the business I do - why aren't they?

LOL #72 Shari!! I think we've all been stung by BofA, and rightly so we are a little jaded. I too will believe it when I see it.

I'd like to see this happen. What a difference it would make. Maybe they are seeing the real estate industry really don't like them anymore.

This would be nice, however I agree with a lot of the people above....let's wait and see what REALLY happens.

SEP

2010

Sorry to be blunt:

What's the matter with B of A? Are they afraid that Newly Elected Politicians in 2011 won't bend over for B of A, and stimulate them with Billions of Taxpayer Dollars like the current Administration and Congress have done?

Will B of A actually have to work with defaulting owners in order to keep a positive cash flow?

Very interesting!

Well, I hope this program takes hold. It seems too good to be true. While I am not looking forward to a new system to learn, I'm looking forward to one that works...

Really, How Cool would it be, if one of the National Banks done as they advertise on National TV!

Serving the Tax Paying Citizens of The United States of America is a Privilege, Not a just another Task.

Have A Good Day!

Randy

Great comments! Thanks for sharing Tim and Julie... I would like to believe it as well. "Quietly introduced" seems a bit odd... If this was the real deal I would think a "screaming intro" would be fitting. Anything to speed up the short sale process would be a welcome change!

Make it a great day!

If it sounds too good to be true.... It would be nice, but I'll believe it when I see it!

I like the early comment... I will believe it when pigs fly! I just finished a BOA short sale that took them 7 months to decide on a short of 10,000. Give me a break they spent that on ineffecient systems. I believe this is a PR campaign for the government so BOA can look good to Barney Frank!

SEP

2010

This program is true, and is in play right now. Hopefully it works, and they use for all of their short sales, It is currently only used for BOFA portfolio loans. I would agree BOFA is the worst when it comes to short sales, but sometimes the hold up is on the investor side(usually Fannie/Freddie). It is only for select agents and vendors at this time. They are currently testing this program, so it is not just PR, we will have to wait and see how well it really works. I hope this becomes their new standard!

This blog does not allow anonymous comments

Tim and Julie Harris

Las Vegas, NV

More about me…

Harris Real Estate University

Address: 2620 S Maryland Parkway, Suite 14-856, Las Vegas, NV, 89109

Office Phone: (866) 422-9497

Email Me

Free Coaching Call?

If you're considering hiring a real estate coach to help you take your real estate sales career to the next level, please consider requesting a free coaching call so that you can get a feel for what Harris Real Estate University, our programs, and our great team of real estate coaches has to offer....

Agent Tech Secrets

Agent REO Secrets

Agent Short Sale Secrets

Superstar Interviews

WOULD YOU LIKE A FREE COACHING CALL TO TALK ABOUT THE CURRENT AND FUTURE DIRECTION OF YOUR REAL ESTATE CAREER?

Testimonials!

Click HERE
to leave a testimonial on how HREU has benefited you...listen now to what a few HREU students have to say...

Lance and Karen Kenmore

Fran Kormann

Becky Johnson

Rodney Forbes

Eric Reid

Mark Shandrow

Ann Tasias

Nick Roshdieh

Deborah Lesyshyn

Vince Nebbia

April Parker

Josephine Carpenter

Richard Gonzalez

Lanny Danenbeg

Rick Mendez

Pat Dixon

Listings

Links

Archives

Find NV real estate agents and Las Vegas real estate on ActiveRain.

Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.