Replies to This Discussion

Permalink Reply by Pamela Walsh on September 15, 2011 at 9:54am

We have have great success.  It is a good head start to getting the short sale underway and really saves time once you get the offer. Make sure and have good communcation with the BPO agent or Appraiser!

Permalink Reply by Tara Polley on September 15, 2011 at 9:55am

Hi Christy, You can find the entire program outline on BofA's real estate agent resource page. Generally speaking, it is similar to HAFA- pre-approved sales price, relocation costs approved up to $2500, Auto DIL after 120 days marketing. The biggest difference, is that this program can be used for Jumbo Loans and some non-owner occupied properties, and it can only be used for loans that are not eligbile for HAFA.  Good luck!  

Permalink Reply by Christy Brock on September 15, 2011 at 9:59am

I've read all of the literature about the program but have not found anything that states the maximum they will pay to a jr. lien holder.  Does anyone know?

Permalink Reply by Tara Polley on September 15, 2011 at 10:01am

My understanding is it would be handled the same way a traditional would. The 2nd needs to be negotiated separately in conjunction with the first, with no pre-determined cap or agreement in the guidelines.

Permalink Reply by Celeste ODea on September 15, 2011 at 10:01am

It will be successful if the marketing price they give you is realistic!

Permalink Reply by Pamela Ann Zyski on September 16, 2011 at 4:50am

We closed ours.  The buyer received $2500 at closing.  Our negotiator was great & was really quick to get back to us on anything.  Good luck.  Hope your experience is as good as ours was.