Reitterating the New BofA Home Retention Team Short-sale Protocol
Supplemental NEW info. regarding this lender's short-sale protocol for Jr. liens/HELOCs.
Recall in my previous post I conveyed the new BofA protocol for everyone's benefit. Well... there's more; just one additional bit of info.
The 10% minimum recovery comes with an equalizer. Whereas, the actual protocol calls for "10%, or $5k, which ever is GREATER". So if you've got a balance under $50k, the 10% sum will be rejected; in such cases BofA will accept no less than $5k.
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