MA Short Sale Attorney Suggests Four Ways to Begin a Short Sale with Bank of America?

Did you know that there are four ways (and counting) to start a short sale with Bank of America?

1. HAFA - Bank of America is a participant in the HAFA program wherein a qualifying short seller may receive $3000 in sale proceeds and avoid any deficiency judgment. This program requires qualification of the seller before or while the property is listed. This program is offered through the on-line equator system.
2. Co-op - Bank of America has a cooperative program wherein a qualifying short seller mat receive up to $2500 in sale proceeds and will most likely avoid any deficiency judgment. This program requires qualification of the seller before or while the property is listed. Essentially Bank of America begins the evaluation of the borrower/seller and value of the property before you have a buyer. Bank of America claims that after an acceptable sales price is set, short sale approval takes just 10 days! This program is offered through the on-line equator system.
3. FHA / VA - If the loan that is being serviced by Bank of America is an FHA loan or VA loan there is a completely different system that is used ***DO NOT USE EQUATOR***  Successful short sale approvals also include cash back, $1,000 or $750 depending on how fast the sale occurs, and no deficiency judgment.
4. Brute Force (just kidding) The "traditional method" of presenting a contract and short sale package without the use of these other programs will always conclude if successful with an approval letter wherein Bank of America and / or the actual investors and mortgage insurance company reserves the right to pursue a deficiency.

Start with the right process and you will have a happy client at the time of the sale.  Start with my office and we will help you get there! 

All the best - Nyles 

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