Bank of America Short Sales

Information

Bank of America Short Sales

This group is for information, tips and solutions for Bank of America Short Sales.

 

Click the link below for the Bank Of America Agent Resource Center

Website: https://agentresources.bankofamerica.com/shortsale/process
Members: 1950
Latest Activity: yesterday

Bank of America Short Sale Information

 

 Click the button to hire a Short Sale Agent Superstar in your area

 

Short Sales 1-866-880-1232

Short Sale Fax 1-866-808-5050

Home Retention Department 1-800-669-0102 call to open VA or FHA/HUD short sales

Letter of Authorization Fax 888-491-4947 or 805-520-5019

Bank of America now requires the listing agent to always be identified as an authorized representative on the Third-Party Authorization Form, even when another real estate professional is assigned in Equator and working the file on their behalf.

Please review the updated
Third-Party Authorization Form instruction guide. Remember that non-Bank of America third-party authorization forms will not be accepted and forms may be updated periodically. So it is important to always download a fresh copy from the Agent Resource Center to ensure you have the latest version.

 

What should I do if the property locks have been rekeyed and I cannot access
the property?
Contact the Property Preservation Resolution Center at 1.866.515.9759, or
by email at fs.escalation@bankofamerica.com.

 

 

***Need Help? Try TWITTER HELP****:

****LOG INTO YOUR TWITTER ACCOUNT and TYPE: @BofA_Help Call YOUR NAME RE: PROPERTY ADDRESS, YOUR TEL NUMBER

 http://social.bankofamerica.com/

 

For TWITTER Do not place LN# or borrower name in the message. Just a brief: 'Need help with a HAFA short sale" will suffice. Make sure to mention short sale. Also, each file should to be a separate tweet. If you have issues with 4 files then send 4 tweets. They will respond very quickly.

 

HELOC Short Sale Department:  866-413-3757 email for LOA and Short Sale Packages:  jaxhelocshortsales@bankofamerica.com

Foreclosure Dept 1-800-669-6650
Co Op Short Sale Team 877-633-4744

Homeowner update financials 1-800-669-6650 (Home Retention Dept)

Email format Firstname.Lastname@bankofamerica.com

 

**********FORMS REQUIRED FOR BANK OF AMERICA SHORT SALE

 


Bank of America Approval Letter.pdf sample

BOFA Approval 2.pdf sample

Bank of America - No Deficiency Approval.pdf sample

BofA Credit Line SS Application.pdf

 

Valuation Dispute Process for Bank of America short sales

Bank of America FHA Short Sale Welcome Package

VA (Veterans Affairs) Short Sale Program with Offer

 

Important Update: Bank of America is offering some FHA Borrowers up to $4,000 in relocation assistance.

http://www.americanbanker.com/issues/176_151/stevens-fha-bank-of-america-gaither-hud-mortgage-settlement-1040918-1.html?zkPrintable=1&nopagination=1

Non-GSE Cooperative Sales - maximum commission

The Agent commission structure for Bank of America Cooperative Short Sales is as follows:For properties =< $50,000.00

X2 Agents (for Seller and Buyer) – $3,000.00 or 6% total; whichever is greater
X1 Agent (for both Seller and Buyer) – $1,500.00 or 4% total; whichever is greater

 

EMAIL Moderator with new contact info or corrections to this group.

Discussion Forum

SS Declined due to $20.00 over income.... HELP!

Started by Jenny Hayden . Last reply by Brett Goldsmith Aug 10. 3 Replies

Need Some Help With Bank of America Short Sale

Started by Barbara A. Reagan. Last reply by Brett Goldsmith Jul 6. 12 Replies

Offer with investor for final approval

Started by Jody Horn. Last reply by Jody Horn Jun 12. 6 Replies

HELP BOA/FHA.Small OCWEN 2nd Neogiatior Never Available for call

Started by johnna lodge. Last reply by ElizabethWeintraub00697006LyonRE Jun 10. 4 Replies

Equator Won't Take My Short Sale

Started by Barbara A. Reagan. Last reply by Barbara A. Reagan Jun 6. 5 Replies

Passed final QA review, is under review by upper management

Started by Jody Horn. Last reply by ElizabethWeintraub00697006LyonRE Jun 3. 3 Replies

HELP. BOA NOt ACCEPTING HOA or small OCWEN 2nd, Need resolved in 1 day

Started by johnna lodge. Last reply by ElizabethWeintraub00697006LyonRE Jun 3. 5 Replies

Need Escalation Contact For BoA

Started by Keji Ogunleye. Last reply by Keji Ogunleye Apr 10. 5 Replies

Coop Short SAle with BOA --Questions 4/4/2014

Started by Enrique Vasquez-Plaza. Last reply by ElizabethWeintraub00697006LyonRE Apr 6. 2 Replies

Comment Wall

Comment

You need to be a member of Bank of America Short Sales to add comments!

Comment by Wendy Martin yesterday

Hi Joanne, email me at wendymartin@windermere.com. I will send you my HUD reps info.

Comment by Joanne Finochio yesterday

Thanks Wendy,  Do you have HUD contact #s or the website?

 

Comment by Wendy Martin yesterday

My last BofA FHA SS took 16 months, 8 negotiators (one died) and help from HUD every step of the way.  It's the only way I got it closed.  Get HUD on your side.  My HUD rep said:  "BofA is the only lender we can't threaten, b/c they don't care.  The only thing we can do it keep reporting them so they get audited. " Remember, BofA is simply the servicer and they ultimately have to do what HUD says....eventually.  Good luck.

Comment by joe beauchamp yesterday

Melissa, it is not clear what documents you are referring to. Most likely, we are talking about the typical incompetence of the BOA processor. You can talk to escalations about the problem, you can also talk to HUD. With BOA, the first call to HUD just sends you to BOA, believe it or not. However, a 2nd call stating that you got nowhere should get you to a HUD analyst, usually, but not always, with a better than 80% empathy for ethics. I have had decent luck tweeting to BofA_Help,

I think the approach should be that you have listing agreement and sales contract in both names per state law, what is it that they want (with whatever docs you are talking about)? I don't think they have any rights to financial info for whoever is NOT on the note/mortgage, so I think I understand and agree with your position and that the simple clarity will work in your favor. The extra problem you can have is that it is real convenient for BOA to let things drag until they close the file for "you" not responding. This works out best for the banks since they lose money every time a short sale succeeds. Simplicity in your request helps you keep them focused. Yes, BOA+FHA means very sloppy slow work and lots of frustration, but it always has. Obviously, it takes a lot of stubbornness and fortitude to get past bank obtuseness to get most short sales done. That's what they want, and by the look of how few realtors now deal with short sales, they've pretty well succeeded. Good luck!

Comment by Joanne Finochio on Tuesday

I have had it with BOA FHA Short sale.  They continue to drag the file on and then close it only to reopen the file to start the 90 days over again! We have lost 2 buyers becasue of this.

Comment by Melissa Polce on August 15, 2014 at 2:19pm

HELP...after all the BofA Shorts I have done, I was asked to take the husband off the listing and sales contract...or add him to everything...having a hard time with this-see below and help...in NC this aint possible..so I sent what is below to every person on the file...what do u think? what the heck r they thinking? did it this way tons of times b4, and yep its an FHA short...

Message Inserted (08/15/2014 11:11 AM) On: 12313 WALDEN LEA DRIVE, HUNTERSVILLE NC 28078. Advise, I have never been asked to remove a wife or husband from the sales contract, it is NC Real Estate Law that states that both husband and wife are included on documents pertaining to the list and sale of a home owned in North Carolina, the mortgage or instrument is a completely different entity, and that is why only 1 person is the borrower, because both people do not need to be included to mortgage a home. If you want me to go against this, I need it in writing , as again...it will be the 1st BofA short sale that has asked me for this in the state of NC

RE: Cannot Remove Husband from NC List/Sales Documents
  • No Attachment
Created By/Date: POLCE, MELISSA - 08/15/2014 11:11:33
MJPOLCE1@GMAIL.COM
Comment by Bryant Tutas on August 10, 2014 at 4:38am

hi Jean. The lenders do not pay commissions. The seller always pays the commission. It is deducted from the proceeds of the sale and approved by the lender. All short sales are the same.

Comment by Jean Costanzo on August 8, 2014 at 7:27am

ss_addenagentcert.pdf

I just received this BoA Short Sale Real Estate Licensee Certification form and #1 says BoA is NOT paying the commission Is this because actually the seller is ?   Thanks Jeannie 

Comment by ElizabethWeintraub00697006LyonRE on July 16, 2014 at 7:42pm

Yes, there is another document. The ATP is only the beginning. It means the seller is approved to participate in the short sale but the bank now needs to approve the offer. It will take another 4 weeks to 4 months to get the approval letter.

Comment by johnna lodge on July 16, 2014 at 4:53pm

what is the actual verbage for an approval for the short sale? i have an atp but i was wondering if there was another document i should have received.

Please advise,

thanks,

Johnna

 

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