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To improve the customer experience, Bank of America has enhanced it's home retention application and document collection process in an effort to help customers explore all opportunities to resolve their mortgage delinquency. Changes to their home retention evaluation process have been implemented to support that commitment.

What has changed?

Application & document collection process:
A streamlined application process means that customers will now be evaluated for all availableforeclosure avoidance options and programs for which they are eligible, including loan modifications, short sales and deed in lieu, at the same time from one loss mitigation application. This approach will give customers more complete information about the range of options available and reassurance that Bank of America is working with them toward an acceptable delinquency resolution.

The short sale process will begin automatically if it is determined that it is the best option for the customer. Customers interested in proceeding with the short sale process can advise the short sale specialist to add the real estate professional of their choice to the file. The same customer documents collected during the home retention evaluation (modification) will be used for the short sale transaction. Eligibility criteria has not changed; however:

• We will continue to provide our customers with a comprehensive list of all the required documents, which are to be collected at the beginning of the process.  
• Notification will be provided advising of all options and programs for which the customer was evaluated along with the approval or denial resulting from the evaluation.

Helping customers understand this approach is critical to setting expectations and successfully partnering with them.

Bank of America Short Sale Initiation Process:
The customer may choose to proceed directly to a short sale evaluation and not be evaluated for home retention options first. Ensure the customer contacts their assign Customer Relationship Manager (CRM) to discuss options that are available to them. For this type of direct initiation a Borrower Election Form will be required before an approval can be provided.

• Customer Initiation: The customer calls Customer Care 1.866.880.1232 to request a short sale without previously being evaluated for home retention options. The Customer or Authorized Third-Party will work with the assigned short sale specialist to upload the required documentation

• Agent Initiation: The customer's agent or Authorized Third-Party opens the short sale record in Equator ^® and assists the customer to upload the required documentation

For both Agent initiated and Customer initiated files, a letter will be sent advising of any missing borrower required documents. In addition, for this type of direct initiation an Advisement letter containing the Borrower Election Form will be sent. The fully executed Borrower Election Form will be required before an approval can be provided.

To save time and avoid delays with the short sale process, borrowers should first explore all available home retention options prior to beginning the short sale or has chosen to pursue a short sale instead.

If you’re facing foreclosure you’re facing some very important decisions. We want you know you’re not alone and we are here to help with any questions you may have to assist you in making the best decisions for your situation. There is no charge for this service and we are happy to help! We offer confidential and professional real estate advice.

The Opland Group  Specializes in  Real Estate Sales, Luxury Home Sales, Short Sales  in;    Bexley    Columbus    Delaware    Downtown    Dublin    Gahanna    Grandview Heights    Granville    Grove City    Groveport    Hilliard   Lewis Center    New Albany    Pickerington    Polaris    Powell      Upper Arlington    Westerville    Worthington