This program is new to me so I wanted to find out if anyone has either had a client participate in this "cooperative short sale program or if anyone has at least heard of it.
Earlier today I received a call from Bank of America saying they had "really great news" regarding one of the properties I have in set up in their equator system. The customer service rep said they have a new exciting program that my client, the seller, qualifies for.
This new pilot program is being called a "Co-operative Short sale." If my seller agrees to the participate in this fantastic program we can close by the end of next week and at closing, she (seller) will receive $3000.
Seller will also receive a letter of debt forgiveness, will not have to sign a note, the second will get what they are asking for, all terms remain as they are and no new appraisal is necessary. (The last appraisal was done in July).
The buyers agent thinks perhaps they are trying to close by the end of the month so his clients receive the First Time Home Buyers Tax Credit they were hoping for? But I don't know, what do you think?
Although this does sound like the most awesome program, it is Bank of America I am talking about so I still have my doubts about the sincerity of it all.
So I am wondering if this program is all it appears to be, a happy ending to a short sale that, by the way, I have been working on since 8/12/09, or is it some kind of hoax by B o fA to get my buyer to agree to, well frankly I don't know what exactly. I won't receive a copy of the letter explaining the program until my client agrees to participate. Hmmm.
New Bank of America Pilot Program: Co-Operative Short Sale, Have you Heard of it?
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