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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: 1864
Latest Activity: 22 hours ago
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
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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
or go to escalation.tool.support@bankofamerica.com
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
***NEW: How and when to submit a back up offer
Valuation Dispute Process for Bank of America short sales
Bank of America FHA Short Sale Welcome Package
Important Update: Bank of America is offering some FHA Borrowers up to $4,000 in relocation assistance.
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
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Comment
Comment by Catherine Gibson yesterday Hi Everyone! Does anyone have a number to the Pres that they can share. File going on 16 months, FINALLY get the approval letter 4/16/13. Been trying to close ever since! They will not assign a closer! NUMEROUS calls and emails to Negotiator, her boss. No response. Was able to escalate and get a case number, was told that closer would contact me within 48 hours, 2 weeks later still battling. Tweeted, have called and strangely enough get disconnected! Nothing is working! They have wasted my clients relocation money with the inability to close on time. Now approval letter is expiring Monday! They say there is nothing that can be done! They are telling me that I am as high up in the company that I can go.
Suggestions, anyone? Both sides screaming at me to close!!! HELP!
The latest report from CFPB..Bank of America tops its list for most consumer complaints...
See:
http://www.ibtimes.com/bank-america-tops-wells-fargo-jpmorgan-most-...
Comment by Brad Hatton on April 30, 2013 at 3:48pm What is BoA's official guideline on requesting a postponement of the sale date? I thought it used to be 2 days prior to the sale date. Now they are telling me it has to be requested 14 days prior to. Does it depend on what type of short sale, HAFA, etc? Thanks!
Kathy-- perhaps the medical condition will be a good reason for them to accept a short sale? Good luck
Comment by Kathy Deal on April 29, 2013 at 4:08pm We have had many clients buy and short sale before I just haven't had a VA and Bank of America. We have lenders that if their credit is pretty much solid they have done FHA loans on a new purchase while short sale on current home.
Comment by Thom Colby CA Broker on April 27, 2013 at 11:00pm Kathy - I did one of these at the end of last year. Seterus 1st and Citi 2nd, Borrower had been out of work 18 months and never missed a payment. The only job he could find was 400 miles away (within CA). It was less expensive for him to buy a new place than to rent. He bought while we were doing the short sale and closed prior to short sale approval. He included the new mortgage in his financials for the short sale. This was one of the smoothest and fastest I've completed. When the reason is legitimate and falls within guidelines, it can be done. I was the 3rd party negotiator on this one an I was absolutely up front with both lenders about the new purchase.
Comment by joe beauchamp on April 27, 2013 at 8:46pm Kathy, because the bank will go over the sellers' credit report, bank statements and financials, they will see the activity and "extra" money somewhere. Logic is not used by most of your contacts at the bank, so they will see $$ and demand it. I, too, assume you are best off waiting until after closing on the new place and use medical as the primary hardship reason.
Comment by Kathy Deal on April 27, 2013 at 7:56pm The sellers wife has a medical condition that makes it impossible for her to do the stairs in their townhouse which is 3 levels. They absolutely need to get her better living quarters. That is the only reason they are getting another home and need to sell the townhouse. Opinions welcome
Comment by ElizabethWeintraub00697006LyonRE on April 27, 2013 at 7:32pm Except for Cooperatives, I've had no other banks approve a short sale for a seller who bought a new home in the same area. Moving out of state seems to be OK but not in the same vicinity. They all come back and say they are not rewarding the seller and they will not approve the short sale. So if I see a seller has bought a new home in the past 12 months, I don't list the short sale. I'm in the business of closing short sales, not listing them.
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