Boston Short Sale

How The Bank Of America Short Sales Process Works

For those of you who would like to sell your home, but its worth less than your mortgage’s remaining total cost, considering Bank of America short sales may just be the solution you’re looking for. Likewise with a short sale, you can sell you property and even better, relieve yourself of mortgage debt.  When you do a short sale instead of foreclosing on your house, you avoid the stigma of eviction and the embarrassment that your house will be sold publicly or auctioned off to the highest bidder. Also, with Bank of America short sales, you can even be eligible for financial help for relocating costs, depending on your situation. Below mare two of the short sale programs that Bank of America offers.

Bank of America Short Sales: Home Affordable Foreclosure Alternatives Program (HAFA)

If you want to do a short sale but you have not received any offers, then you may be eligible for the Bank of America short sales HAFA program. The Home Affordable Foreclosure Alternatives program was created to allow you to resolve your mortgage debt, but without having to foreclose on your home.

The primary objective of the HAFA program is to aid in selling your house by performing a short sale and to settle debts from your mortgage fees in the event that your house’s worth is less than your mortgage debt. In this scenario, you also cannot be qualified for a house loan because of your debt.

The HAFA program aims to help you on the fast track to a short sale, with the option of relocation financial assistance when you are deemed eligible.

Eligibility Requirements for HAFA

Below are the eligibility requirements for the Bank of America Short Sales HAFA program.

• your house is your present primary residence
• you have lived in your home in the last 12 months, and you don’t have or haven’t purchased an alternative residence
• the total amount you have to settle on your property’s first mortgage is less than or equivalent to:
  • $729,750 – 1 unit
  • $934,200 – 2 units
  • $1,129,250 – 3 units
  • $1,403,400 – 4 units
  • your mortgage debt is higher than what your house is worth
  • your existing mortgage was acquired on or prior to January 1, 2009
  • you are currently facing financial hardships such as inability to pay your current loans, medical emergencies, divorce, or unemployment

Keep in mind, you should look for a qualified Boston short sales specialist and then list your property for sale. Once you get an offer, you can then contact Bank of America to begin your short sale process.

Bank of America Short Sales: HAFA Program Process

• Contact Bank of America to ask for a HAFA short sale. You should also be able to state accordingly your present financial conditions. They will then verify the information you provided and confirm if you can be eligible for home retention programs like the Home Affordable Modification which will allow you to live in your house during the process.
• If you are not eligible for a home retention program and you still need to sell your house, Bank of America will work with you to acquire your first mortgage HAFA short sale appeal. In the event that you also have another mortgage with another lending institution, you should ask how to qualify for a short sale with them as well.
• You should be able to advertise and sell your house with the help of a specialist usually in the course of 120 days.
• When you get an offer, you should be able to submit the offer letter and a document for a ‘Request for Approval of a Short Sale’. Bank of America will then contact you or our designated short sale Realtor within ten business days.
• When you accept the offer, your home will be sold and all your loans and debts against your house will be paid out from the sale’s proceeds.

Bank of America Short Sales: Traditional Short Sale Process

The Traditional Short Sale Process by Bank of America is ideal for those who already have an offer for their house, but don’t have approval to do a short sale. In a short sale, you prevent foreclosing on your home and you sell your house to pay out mortgage debts for a lesser amount than what you originally owe.

Eligibility Requirements for the Traditional Short Sale Process

• if you are currently experiencing a financial crisis brought about by medical emergencies, unemployment, and divorce among others
• if you cannot pay out your present monthly mortgage
• if your mortgage debt is higher than your home’s worth
• if you cannot modify your present house loan

Bank of America Short Sales: Traditional Short Sale Process

• Call Bank of America to ask for options that you may be eligible for so that you can stay in your house.
• When no other option is right for you and you’ve made up your mind to perform a short sale, you should seek the help of qualified short sale specialists to help you enlist your home and with other important requirements.
• When you get an offer, Bank of America will help you to get your first mortgage short sale request. When you have other debts with other lenders, you should obtain approval from them.
• Next, they will find out your house’s fair market value by looking at the current price of recently purchased houses similar to your house in the local market and perform a valuation. They will then give you a counter offer in accordance with their findings in the event that the original offer isn’t in accordance with your home’s fair market value.
• When all parties, you, the buyer, lenders, etc. have agreed to all the offer terms, you will get approval for the short sale offer. It is important to note that getting approval for a short sale take longer than getting approval for a mortgage. When your loan closes, the sale proceeds will be paid out based on the agreement terms.

In both Bank of America Short Sales programs, you should seek the advice of reputable and qualified short sale specialists to make the process easier, faster, and hassle-free. Contact us right away so we can help get you back on track and moving forward with your life! 1-877-737-4903!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need to stop a foreclosure and need a Boston Distressed Property Expert in short sales to offer free short sale services? Look no further! Our Massachusetts foreclosure specialists provide FREE short sale expert services to Boston homeowners in hardship. Call today to see if you qualify for a short sale! Our Boston MA area Distressed Property Expert real estate agents are here to help, and are Certified and trained in the Massachusetts Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011-Sharon Molnar