Homeowners can visit the Bank of America Short Sale Programs page at: http://homeloanhelp.bankofamerica.com/en/short-sale.html

Homeowners can visit the Bank of America HAFA Short Sale page at:

http://homeloanhelp.bankofamerica.com/en/home-affordable-foreclosure-alternatives.html
To do a HAFA Short Sale, homeowners must use a licensed real estate professional .  Luckily, you came to the right place as I am someone who handles short sales.  Also, you should contact me immediately upon receiving a HAFA Solicitation since there is only 14 days to respond before they can proceed with foreclosure action.  If a notice of default has been filed, contact me immediately as well since, if there is a foreclosure sale date already on the property, Bank of America and many others are not allowing homeowners to qualify for the HAFA program so time is of the essence.  The further along you are in the foreclosure process, the more difficult it is to get a successful resolution.  To complete a short sale, you will need to work with a real estate professional like myself.

 

Since Bank of America is the largest servicer for the most part, there will only be more short sales done on their equator system.  This is a big help with things like being able to initiate a short sale online or being able to message the negotiator or upload documents and complete tasks with ease online.  Specific timelines are given for each task which is very convenient.  Make sure you work with a real estate professional who is HAFA short sale certified because the HAFA short sale program has benefits over a traditional short sale.  Agents can visit the Bank of America Short Sale and REO Resource Center at http://www.bankofamerica.com/realestateagent.

 

If you have income and haven't already applied for Making Home Affordable, you can apply with your lender and the assistance of a free HUD counselor or myself.  If a loan modification is not approved, however the next step is more than likely going to be a traditional or HAFA short sale.  The earlier you start working with your lender on an alternative to foreclosure, the better chance you have of staying in your home longer.  The fact that you have found my website shows that you are taking action to get the information you need to get help you need.  Studies show that the most homeowners first contact a real estate professional, like myself for help.  My expertise is in real estate and working with the lenders but my goal is also to help relieve some of the stress they are experiencing. 

 

If your mortgage balance is higher than what the home is worth, you may be able to do a short sale if the investor on the loan is willing to accept less than the amount they are owed.  A HAFA Short Sale typically the preferred method for Homeowners, if eligible because there are added foreclosure protections, deficiency judgement protections and relocation assistance to homeowners.  Also, doing a Short Sale allows homeowners to control the timing and terms under which you move since the seller must be willing to complete all the necessary paperwork they would with a normal real estate sale.  If you qualify under the Home Affordable Foreclosure Alternatives (HAFA) short sale program, when you sell your home you may receive financial assistance of $3,000 to help with relocation expenses and coming soon, rental and investment properties will be eligible and the tenant(s) can be eligible to receive the $3000 relocation asssistance when completing a HAFA Short Sale.  If you do not meed HAFA eligibility, a traditional short sale can typically still be done if investor guidelines allow. 

 

(3/22/2012)  Remember, sellers who are willing to do a short sale bring a lot to the table since lender stand to lose 10% or more if the property goes back to them through the foreclosure process.  According to Diana Stauffer who is a Senion Vice President of Regional Servicing at Wells Fargo, the process of bank repossession, from the first late payment to the bank getting the property takes them anywhere from 16 to 24 months on average and a savings of over 10% versus being sold as a bank owned or REO property.  During a short sale, properties are usually occupied and kept in better condition than after they have been through the foreclosure process, therefore reducing blight in neighborhoods.

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1-877-863-9324 Phone (AMS Servicing on behalf of Bank of America)

 

1-877-824-0976 Phone (AMO Recoveries on behalf of Bank of America)

Bank of America Short Sale Department  866-880-1232 Phone

 

Bank of America Trustee Sale Information - ReconTrust - 800-281-8219