It's about time that we start seeing proof that the banks are getting more understanding about these short sales. Maybe we can start washing out the rest of these so we can get back to recovery mode. Thanks so much for the explanation.
Via Stephanie Anson (Anson Properties LLC)
Bank of America’s new Cooperative Short Sale Program will benefit Gainesville short sales with its fast processing for approval letters.
The bank ventured into this new program to earn more profit and help Gainesville FL homeowners to avoid foreclosure on their homes by allowing them to have all possible options. With this Cooperative Short Sale Program, you no longer have to wait 60 days for a representative to be assigned to your Gainesville short sale.
A Cooperative Short Sale starts with a hardship letter sent by the homeowner to the bank. It contains the reasons you are facing a hardship. It tells your story and must be factual. The bank will most likely offer a loan modification that can be a pre-requisite in gaining a Cooperative short sale approval.
Once the loan modification is no longer feasible, the Cooperative Short Sale comes into the picture. The bank will then give a listing price. Unlike the conventional 3-6 month period for Gainesville short sales, buyers’ offer may be given an answer just within a week.
A reevaluation of the Gainesville short sale home happens every 21 days so prices may be lowered until an offer comes.
The Cooperative Short Sale program is a great opportunity for Gainesville Fl homeowners.
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