Bank of America Short Sales

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Bank of America Short Sales

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

 

 

Members: 1978
Latest Activity: Dec 11, 2023

Bank of America Short Sale Information

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Short Sales 1-800-669-6650

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

***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: email for LOA and Short Sale Packages:  [email protected]

 

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

Discussion Forum

Investors not pushing off auction date

Started by Albert E. Manalo. Last reply by James Franko Oct 8, 2021. 11 Replies

Short Sale while home is in Probate

Started by Chris Zubrycki. Last reply by Brett Goldsmith Jun 19, 2018. 4 Replies

NO BofA FHA SHORT SALE UNTIL LOAN MOD DENIAL??

Started by RVT REI LLC. Last reply by RVT REI LLC May 21, 2018. 2 Replies

Short sale package

Started by Izabella Lipetski. Last reply by Izabella Lipetski Mar 11, 2017. 2 Replies

Where are the short sale forms now?

Started by Elva Branson-Lee. Last reply by Chris McGee Feb 10, 2017. 8 Replies

Pay off 1st in full and short 2nd and 3rd?

Started by Erinn Frisbie. Last reply by ElizabethWeintraub00697006LyonRE Jan 23, 2017. 4 Replies

B of A reducing Escrow/Settlement Fee..Again

Started by Tony Morales. Last reply by Tony Morales Sep 9, 2016. 6 Replies

Upload Trustee Release?

Started by Robert Martin. Last reply by Robert Martin Jun 2, 2016. 2 Replies

Two Separate Files BOA never receives any documents

Started by Lisa Jackson. Last reply by Julie Lyons May 2, 2016. 3 Replies

Comment Wall

Comment

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Comment by Wendy Rulnick on January 28, 2015 at 6:09am

Yes, Bank of America had a recent change in processing VA Compromise Sales. They now are entered into Equator.

Comment by Helena Kaucheck on January 26, 2015 at 4:05pm
BJ, normally, inserted language comes in from the SS affidavit for the deed( ie Fannie Mae). I've not had Bofa ask me to have any listing language specifically from them. They do however have buyer required forms that you'll want to make sure you pull down and are ready to give to buyers agent when offer comes in.
Comment by Brett Goldsmith on January 26, 2015 at 3:15pm

BJ, I don't believe BOA VA is going to request any specific verbiage to be added. I know BOA FHA does. If verbiage is needed that is not there, they will just ask that it is added down the line.

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by BJ Webb on January 26, 2015 at 12:13pm

What is the latest verbiage that BOA are asking that agents  add to our listing agreements (VA loan).

Comment by Catherine Gheen on September 19, 2014 at 6:53am

you should not be surprised especially when it comes to Bank of America.  I had a short sale a few years ago with an old Countrywide loan.  They tried to bluff me that the M.I. company wanted payment in the short sale.  I demanded they provide me and the borrower with copies of those documents.  They never could because No Countrywide loans ever had M.I. it was a ploy for them to get money out of the seller in the form of a promissory note!  After escalation the negotiator stopped asking me to have the seller contribute or sign a promissory note for the non-existent M.I. company

Comment by Louise Dela Cruz on September 19, 2014 at 6:51am

Elizabethweintraub you crack me up! How do you really feel? Enjoy your weekend!

Comment by ElizabethWeintraub00697006LyonRE on September 19, 2014 at 6:44am

I don't know why this surprises me when it shouldn't. After all, if a lender can own a mortgage insurance company and then use that mortgage insurance company to issue mortgage insurance for its own worthless loan without equity, nothing really astonishes me. It would make sense that FHA would have a way to dump its underwater loans. I learn something new every day.

Comment by Mary Wilcox on September 19, 2014 at 5:12am

I was afraid to mention the 601 Transfer coz I would not have had time to go find the info and I didn't know it well enough to explain it!  Thanks Mr. Gelsinger! Great work!

Comment by Kevin - Greenville, SC on September 19, 2014 at 4:38am
Comment by Chad Gelsinger on September 19, 2014 at 4:28am

Jim, you are not going nuts. The loan could have very well been sold as part of a 601 Transfer or Sale. There are loans that were backed by HUD in the beginning and then were switched to conventional loan. Here is some info directly from the HUD website: 

Evaluation of 601 Accelerated Claims Disposition Demonstration

The Accelerated Claims Disposition (ACD) Demonstration is designed to provide an alternative disposition strategy for delinquent Federal Housing Administration (FHA) loans. Enacted as Section 601 of the Appropriations Act for Fiscal Year 1999, ACD gives the Department of Housing and Urban Development (HUD) the authority to experiment with a more flexible method of paying claims for FHA-insured loans and disposing of foreclosed, single-family properties. The legislation permits the Federal Housing Administration (FHA) to accelerate the claim on delinquent mortgage notes and transfer them to a public/private joint venture (JV) for disposition. FHA sells the notes to the JV at a discounted price determined by competitive bid. The JV then manages the restructuring of notes for securitization and sale or the foreclosure and property sale of non-performing loans. FHA retains an equity interest in the partnership undertaking asset disposition.

 

 

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