Agent Resource Center

News & Updates

Changes to the Bank of America Cooperative Short Sale Program

1/17/2013

 

The Bank of America Cooperative Short Sale Program may be able to help your clients complete a short sale if they owe more on their mortgage than their house is worth and do not qualify for the Home Affordable Foreclosure Alternatives (HAFA) short sale program. This program can streamline the approval process and offers financial assistance to help homeowners with relocation and moving expenses.

 

As of January 15, 2013, there will no longer be a temporary foreclosure hold during the Cooperative Short Sale property marketing phase. We may begin or continue the foreclosure process up until a submitted offer to purchase the property is approved by all relevant parties.  Any existing short sale will not be impacted by this change.

 

Please remind homeowners to pay close attention to foreclosure notices. To learn more about the program view the quick reference guide on the Agent Resource Center. For questions about active Cooperative Short Sales, please contact your short sale specialist.

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