This is my second or third Sacramento short sale in the last few months in which Bank of America has switched the borrower mid-short sale to a Cooperative Short Sale. We started out as a HAFA and were switched. I always start out as a Cooperative Short Sale if I can. That's because it's typically much easier on the borrower, and when the borrower is happy, so am I. Plus, generally the Cooperatives don't involve a hardship letter or financials, but there is no guarantee that the bank won't ask for those documents. It always reserves the right to request financials.
I've noticed that lately the bank doesn't request tax returns anymore. Bank of America does want the 4506T but it doesn't seem to order the tax returns. If we had supplied tax returns, it is possible the bank might not have approved a few of the short sales I have recently closed.
Read more on my personal blog about Bank of America is Pro Short Sale.
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