Beginning April 13, 2012, Bank of America will require the following five forms to be submitted to initiate a short sale:
- Bank of America Third-Party Authorization Form
- IRS Form 4506-T - Request for Transcript of Tax Return
- 60-day Estimated HUD-1 (or HUD-1 with closing date if shorter than 60 days)
- Signed Purchase Contract including Buyers Acknowledgement and Disclosure
- Bank of America Short Sale Purchase Contract Addendum
If these tasks are not complete by April 13, you may be required to re-upload all documents to match the new system (that means five new documents, even if you were only missing one). Your file may also be declined, depending on your open tasks time compared to average timelines.
In addition to these new requirements, Equator will change to allow tasks (after short sale is initiated) to happen simultaneously, rather than sequentially.
We don't want anyone to be taken by surprise. For full coverage and to make sure you're as prepared as possible for the changes, join us for an exclusive webinar "Bank of America Short Sale Alert: Changes May Result in Lost Files!"
Register now at http://www.cdpelive.com/120410-bofa