Bank of America Short Sale Information

(by Jason Ian Hector, Real Estate Broker and Short Sale Specialist | 03/01/16) One success story I had with a Bank of America mortgage was for a client whom I completed a loan modification under the HAMP Loan Modification program on a town home in the Arleta | Pacoima which allowed her to stay in her home.  For more short sale information, visit the Bank of America Short Sale Program page.  Additionally, I use the Bank of America Agent Resource page to find forms, and keep up to date on their in house programs and updates to processing.
The HAFA short sale program may be a good alternative to foreclosure for homeowners who are eligible.  The HAFA program is a US Treasury Department sponsored Short Sale which allows the option for requesting a pre-approved short sale that allows the homeowner to begin the process even before an offer is received on the property.  If eligible, this allows homeowners to take action while they are waiting for a pre-approved short sale listing price.  This price is a guideline for what the investor on the loan might be willing to settle the debt for.  The benefits of the HAFA program include the $10,000 relocation assistance, protection against foreclosure while in the program and deficiency judgement waiver and more.

There are several things homeowners can do, a no cost when having mortgage difficulties that can help avoid foreclosure.  They can either work with a REALTOR® like myself in getting a loan modification or homeowners can seek the help of a HUD approved housing counselor to help determine the options available so a decision can be made on how to proceed.  A real estate professional, like myself is well versed in the various programs available.  What to do depends on your specific situation.  As a real estate broker, I play an important role as a resource for homeowners and an advocate for homeowners by working with the lender.  Please call me and remember there is no cost to do a short sale since the short sale lender must approve the agent commission.

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 homeowners are experiencing.  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 several short sales and I am also HAFA short sale certified because the HAFA short sale program has benefits over a traditional short sale.  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.

If you do not meet HAFA eligibility, a traditional short sale can typically still be done if investor guidelines allow.  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 Senior 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.

Bank of America Short Sale Department:

Bank of America Foreclosure Department (AKA Home Retention):  800-669-6650 Phone

Bank of America Short Sale Department  866-880-1232 Phone
(By Jason Ian Hector, REALTOR®, Real Estate Broker and Short Sale Expert)

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Jason Ian Hector, CalBRE LIC #01481898
11630 Seminole Cir • Porter Ranch, CA 91326
Cell: (818) 357-9658 •