Short Sales — Bank of America Update

If you have a Bank of America loan …and are considering a HAFA Short sale … here are changes to the process …

In a HAFA Short Sale, the borrower/home owner, may be eligible for a $3000 moving credit at the close of escrow.

 

Bank of America is making a process change that will reduce cycle time and improve customer service for many short sales that are submitted with an offer. 

 

The change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

 

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.

Instead, real estate agents can indicate a homeowner’s HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale.

This change is being made because we are transitioning the processing of all HAFA short sales with an offer from our outsourced vendor partners to Bank of America associates. A Bank of America specialist will be able to seamlessly transition a file from our traditional process to the HAFA process, thus improving customer service and the agent experience. Our outsourced vendor partners will, however, continue to process all short sales submitted without an offer.

Action required:

· Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.

· If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days. (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.)

· If you are unclear about which documents to submit, contact your short sale specialist via Equator messaging.

Additional Recommendations:

· Help your homeowners understand the benefits a HAFA short sale, including the relocation incentive at closing. Review the agent HAFA education guide to learn more.

· Provide the Bank of America HAFA Eligibility FAQ to interested homeowners.

· Direct homeowners to contact Customer Care at1.866.880.1232 if they have questions.

 

CHS LogoI am HAFA CERTIFIED — CAROL GILLES, THE REALESTATE GROUP – 310.864.9738

 

 

 

About Carol

As a premier real estate agent in the South Bay, I’m here to provide you with all the resources and information you need to buy or sell real estate. I work with buyers and sellers in Torrance, Redondo Beach, Rancho Palos Verdes, Palos Verdes Estates, Long Beach and the surrounding areas and I’ve had extensive training in the latest real estate marketing strategies. I’m confident that I can offer you knowledge and tools most other agents can’t. Contact me so I can keep you updated on the latest real estate activities in our community and answer any questions you may have. I look forward to working with you!
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