Bank of America has a couple of new and updated news releases they just sent out..

1.  Bank of America Second Lien Release Guidelines: New and enhanced guidelines for Agents handling prperties with second liens on them.

• The Short Sale must be initiated on or after June 1, 2012.
• The Second must be attached to the First lien mortgage owned by B of A.

This Waiver Enhancement is based on the Department of Justice settlement and went into effect June 1, 2012.

2.  HAFA short sale update:  These enhanced HAFA guidelines went into effect 6/1/2012 and apply to current HAFA Short Sales.  The program has been extended to 12/31/2013.  If you write a contract 12/31/2013, it must close no later than September 30/2014.

• Second lien release amount raised from $6,000 to $8,500
• Relocation fee ($3,000) is paid ONLY to primary Residents
• Home can now be occupied by Tenants or relatives and still qualify for HAFA.  Tenants or occupants must vacate by Close of Escrow.

Great additions to Bank of America Short Sale programs.  For more information, give me a call at 760-285-3578 or go to www.kimberleyjoykelly.com