A recent report from REO Insider about a new Short Sale program indicates testing of the Short Sale program by Bank of America. And so far, this short sale initiative has only targeted 2,000 pre-screened homeowners. These homeowners were selected from hard hit states like Arizona, Florida, California, and Nevada.
Here are some details about the program:
* No new documents needed.
* Program designed for homeowners who were considered for modifications under HAMP and short sales under HAFA who fell out or didn't qualify.
* Deficiencies are waived.
* Agents will not be selected by the bank to work with homeowners.
* A short sale specialist appointed by the bank will work with the real estate agent to market the property for 120 days.
* A $3,000 relocation fee for homeowner.
* 6% commission is guaranteed.
I'll be keeping you up-to-date about this program as it gets released, so stay tuned!
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