Roland's Blog: August 2014

New Short Sale Guidelines With Bank Of America

So you got to love working Short Sales these days to keep up with all the changes.. Yes.... Bank Of America has announced a NEW Short Sale Process.

What does this mean if your working on a BOA Short Sale ? It's time to regroup and resubmit new documents as it appears that everything is now at a holding point until new documents are reviewed and accepted.

In a recent announcement from BOA, starting in mid July, homeowners will recieve a Initation Package. This package includes a Borrower Election Form that will be required before they will process with a short sale.  No offers or other documents will be reviewed until this form is recieved and verified by the Short Sale Specialist.

One thing to keep in mind as well is the BOA Third Party Authorization Form must also be verified in order to proceed with the transaction as well.

Homeowners entering into a Short Sale should thotoughly read the package and ensure all documents are included in the Initation Package:

  1.      Homeowner Checklist
  2.      Information on Loan Assistance Programs
  3.      Frequently Asked Questions
  4.      Important Notice to Help You Avoid Foreclosure Scams
  5.      Borrower Election Form – now required upon initiation
  6.      Third-Party Authorization
  7.      Request for Mortgage Assistance (RMA) form
  8.      IRS Form 4506-T

 

 Keep in mind that each bank may have it's own guidelines on how they work a Short Sale, so be sure to check with them up front to learn what they may require.

 

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Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Roland Woodworth

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me their contact informtion and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

 Roland Woodworth is a member of NAR's Short Sales & Foreclosure Resource

 

Roland Woodworth, REALTOR ® Q Realty

Call: 931-320-9411

E-Fax: 866-596-2172

  

Clarksville TN Homes For Sale, Clarksville TN - Roland Woodworth, REALTOR

I specialize in helping families relocate to and from the Clarksville, TN and Oak Grove, KY - Fort Campbell, KY and the surrounding areas. I have the tools to market your Home For Sale including New Construction, Short Sales, Foreclosures, Distressed Properties. I'm a US Army Verteran still serving the Clarksville, TN amd Ft Campbell, KY area. Looking to sell your home,give me a call at 931-320-9411

TN Lic # 273649  -  KY Lic # 57120

Q Realty

1812 Memorial Circle. Clarksville, TN 37043

Each Office is Independently Owned & Operated

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Comment balloon 2 commentsRoland Woodworth • August 04 2014 08:18AM
New Short Sale Guidelines With Bank Of America
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