I've listed this home twice, had 2 offers one of which backed out and now the other one has been accepted. The new Equator system from Bank of America has proven to be a viable method to accomplish a short sale.
Admittedly, navigating through the Equator system initially has been a challenge and the level of communication could use some improvement, however after ironing out the wrinkles it appears we'll be closing this house successfully!
The streamlining process that the banks are now taking on are making the working of short sales a much more do-able option for those who need to be relieved of a home they can no longer afford or are forced to leave.
There is a relatively new program available called HAMP & HAFA which is specifically addressed to owner occupied homes. This program initially works to aid affordability through loan modification, and if that is not feasible than the short sale process may be the next step. The acronym HAMP & HAFA stands for Home Affordable Modification Program & Home Affordable Foreclosure Alternatives
If you are finding yourself in need of a short sale or possibly a modification of your loan making your home more affordable than take a look at this website http://www.makinghomeaffordable.gov/ .
There are qualified short sale agents throughout the country, should you find yourself needing help affording your home I'd be happy to assist you in finding an agent in your area who can assist you through the process.
Comments(4)