A short sale is a complex and highly specialized type of debt settlement transaction. This can be a lengthy process due to the wide array of parties, policies, required documentation and negotiations involved in coming to agreement on the offer.
To save time and avoid delays with the short sale evaluation, ensure the customer has explored all available Home Retention options prior to beginning the short sale process. Customers who request assistance will now submit a single package that includes all homeowner documents required for all loss mitigation options (including modification, short sale and deed in lieu). A letter will be mailed to customers detailing the required documents homeowner’s need to submit. Once received, the complete package serves as the basis for conducting an evaluation of all options that may be available, including short sale and deed in lieu. This will minimize the need to request additional documents.
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 assigned 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.
To keep your short sale moving through the process, please ensure that:
Required documents are uploaded correctly the first time.
All documents are completely and accurately filled out (must match title), be legible, signed by all involved parties and the information remains consistent across all documentation.
Please make sure you are using the most recent version of documents and that the documents are accurately filled out before you upload them to Equator.
Do not save Bank of America specific documents for future use. Forms are
updated frequently, and the ones you saved may become obsolete. For the most up-to-date versions, always use the documents located on the Agent Resource Center.
The offer reasonably meets the current market value. The servicer has a responsibility to mitigate losses to the investor, and all parties have a responsibility to mitigate losses in communities impacted by short sales.
You are working diligently throughout the process to gain approval from outside lien holders. Additional negotiation and third-party approvals may be necessary as all lien holders on the property must approve the transaction.