Bank of America Short Sales

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Bank of America Short Sales

A place to discuss Bank of America short sale programs and share information and help to get mortgage short sales approved.

Website: http://www.short-sale-specialists.com
Members: 1028
Latest Activity: Dec 20, 2016

Find A Bank of America Short Sale Realtor

We are NOT Bank of America. If you are a confused agent, CLICK HEREto be put on the right track.  The report below is for consumers who are interested in "How To Do A Short Sale" or those who are interested in finding a Bank of America short sale agent.


How To Short Sale A Home


Bank of America Short Sales

Below are all of the contact numbers needed to do a short sale with Bank of America. Visit www.short-sale-specialistsif you need to find an agent to help with your short sale.

 

800-846-2222
General Info: 800-285-6000
Fax: 716-635-7255
Bank of America Short Sale Department: 866-880-1232
Bank of America Loss Mitigation Department: 800-846-2222
Bank of America Home Retention Department: 800-633-4510
Heloc Fax: 704-208-1350
Charge-Off Dept: 800-851-4032 opt. 2
Short Sale Department for Freddie Mac loans: 877-444-8291, option 4
Foreclosure Department: 800-669-6650
HAFA Phone: 800-669-0102
HAFA Fax: 800-596-8395

 

Bank of America Short Sale Package and Bank of America Short Sale Requirements
(for 2nds and HELOCs only)
Bank of America FHA Loan Short Payoff Request Short Sale Package
 

Bank of America Short Sale Escalation Webtool Quick Reference Guide

Find a local Short Sale Expert!

 

 

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Discussion Forum

BofA Escalations - any goo dsuggestions?

Started by Olesya Drozdova. Last reply by Rozalyn Franklin Mar 3, 2014. 5 Replies

Hi, I had a pre-approved coop BOA short sale, was waiting for the final approval on the offer we received, spoke to a DTS negotiator, ironed out all the wrinkles, when all of a sudden received a…Continue

Preapproved shortsale

Started by JILL BERNI. Last reply by Douglas Heise Aug 25, 2013. 9 Replies

My seller didn't qualify for HAFA so we switched to the co-op pre-approved price programbefore I put it on the market. I got a call just now from the negotiator who wanted to "warn me"that she is…Continue

Bank of America Co-Op program nightmare

Started by Ana Huffer. Last reply by lynnette shifman Aug 21, 2013. 3 Replies

I have a short sale that I initiated in December.  The seller was accepted in to the co-op program and I was given a suggested list price.  The property was listed and because the sale date was…Continue

Dignified Transition Solutions

Started by Andrew Sawyer. Last reply by lynnette shifman Aug 21, 2013. 8 Replies

what is this?Continue

Bank of America, FHA PFS and Equator

Started by Kevin - Greenville, SC. Last reply by lynnette shifman Aug 21, 2013. 1 Reply

Good Morning!That is a valid rumor! We are testing the system now. About 100 loans that were initiated on Friday were put onto equator. Once we are comfortable with loan performance we will move all…Continue

Tags: america, equator, of, bank, short

Bank of America FHA Loan Short Sale

Started by Terrence D. Langford. Last reply by Terrence D. Langford Jun 19, 2013. 4 Replies

 I listed my client home with (Bank of America) as a FHA short sale. The owner who has defaulted on her mortgage payments and has failed two loan modification guidelines. We have a short sale and a…Continue

Can HIN Bank of America incentive be used to increase the Net (or raise the purchase price?)

Started by Elizabeth Kayser. Last reply by Celeste ODea Dec 3, 2012. 10 Replies

Can HIN BofA incentive be used to increase the Net (or raise the purchase price?).  We've been told by LRC it cannot?Elizabeth Kayser, Esq.Continue

Bank of America Daily Per Diem Charges for Closing Extension

Started by Russ Colomo. Last reply by Ann E Richardson Nov 13, 2012. 1 Reply

I have a COOP approved short sale, buyers have requested two extensions to the original close date.  Approval letter states BofA will charge daily interest through closing for closing…Continue

Tags: america, of, bank, diem, per

Auction

Started by Sharon Sapp. Last reply by Sheyenne Schultz Nov 4, 2012. 22 Replies

I have a co-op BOA short sale listing. We've had a few price reductions since it was listed in Feb, but it's still a bit high. Even cutting my commission, if I lower it any more, they won't make…Continue

Tags: auction, sale, short, BOA

COMMISSION REDUCTION to 4% FOR DUAL AGENCY

Started by Antonio Martinez. Last reply by Garett Chadney, SFR Oct 17, 2012. 6 Replies

Does anyone know the legal way (not using another agent) to get at least 5% or 6% for selling your own listing.Continue

Comment Wall

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Comment by Jill Eastman on February 19, 2013 at 3:30pm

Susan,

I agree with you on REDC. Once I escalated to the CEO at BofA, we were moved back into Equator with an outstanding LM. She has helped me to get the short sale approved at the offer price (even though FNMA wanted $35K more).

Try escalating your files, I believe it will help you to get them unstuck.

Comment by Susan Morimoto on February 19, 2013 at 3:26pm

Having horrible experiences with REDC.  Can anyone shed any light on how to deal with them.  I have 3 files with them.  They do not work through equator well, they do not respond, they are impossible to get a hold of.

Comment by Deidre A. Campbell on January 25, 2013 at 10:06am
Had a BofA CoOp short sale that closed and title transferred Aug 2012. The Bank then foreclosed in Oct.2012 sold at the Sheriffs auction to HSBC on the Seller. Buyer is very upset. I called BofA and all they told me was to contact Select Portfolios because the loa n was transferred. BofA received and accepted the wire transfer. Any advice or someone at BofA or HSBC I can call to get resolved. When BofA notified ne on Equator the loan was transferred, title had transferred to the Purchaser.
Comment by Lisa Jones on September 20, 2012 at 10:33am

I had a similar situation happen on a BOA Coop.  We are now waiting for the mortgages to be "linked" as well. They told us that there is "no timeframe" on how long that could take. This is with DTS as well. Hope the Buyer can hand in there.

Comment by Lonnie Workman on September 19, 2012 at 6:57pm

New situation on a BofA Pre-approved HAFA short sale.  There are two loans, both BofA. Processing was begun with Dignified Transitions Solutions and HAFA sale was approved.  We were told they were going to payoff the 2nd and only go short on the 1st.  Offer received/accepted and uploaded into Equator.  Today we are told that it is all being changed.  HAFA is no longer approved and they are going to payoff the 1st and go short on the 2nd.  Everything has to be closed in Equator and started over from scratch, after they "link" the 2 loans in their system.  Any suggestions?  I know there is a BofA twitter account that has been mentioned in previous posts.  Can someone provide me with that or any other contact information you think would be helpful.

Comment by Mark Smith CDPE SFR on August 28, 2012 at 1:33pm

When was your ATP issued Julie?  FHA s/s process is very structured and transparent.  Give us some more info so we can assist you....

Comment by Becky Turner on August 28, 2012 at 12:19pm

Joe, thank you for your input/advice.  Hopefully, I will get what I need from the negotiator so I can move forward and do all I can do to get this one done.  

Comment by Steven Pawera on August 28, 2012 at 1:15am

Just a couple of thoughts on the comments:

  • If the loan is an FHA loan, FHA is insuring the investor.  There is more than likely no PMI.  Nothing is 'impossible' but it seems doubtful you could have FHA coverage and PMI on the SAME loan.
  • Servicers/investors don't need to foreclose to make claims on insurance.
  • With FHA insurance, there are in fact 'partial claims' paying an investor for their loss while the borrower is still living in and owning the property.
  • APPRAISAL ISSUES?  Ask for a copy of the appraisal.  The borrower is entitled to that upon request.

The last point is only my speculation, but at times it sure feels like the servicers don't try as hard on FHA loans.  Why shouldl they work?  The reimbursement is the same whether the mitigation effort is successful, or the property forecloses.

Comment by Joe Beauchamp on August 28, 2012 at 1:12am

Sorry - bitten by the forum again - it was showing me the comments from 8 hrs ago - so I'm out of sync..

Comment by Joe Beauchamp on August 28, 2012 at 1:10am

Becky, I've found that making a request for the rules/form for a value dispute gets the negotiator to pay attention enough to look up what you need and get it to you. Anything else seems to go into the trash. BofA negotiators have been downgraded in the last year or so to just a small amount of control - not allowed to think, so you need to make it easy for them to do the right thing for you. (For instance, BofA tells them that the BPO is in granite, base everything on it. So, telling them that you don't like the BPO means just noise to them. But asking for a form IS within their control.)

Sharon, thanks for the update! I wondered about those auctions and expected smoke and mirrors like all the other "wonder" stuff that banks come up with.

 

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Discussion Forum

BofA Escalations - any goo dsuggestions?

Started by Olesya Drozdova. Last reply by Rozalyn Franklin Mar 3, 2014. 5 Replies

Preapproved shortsale

Started by JILL BERNI. Last reply by Douglas Heise Aug 25, 2013. 9 Replies

Bank of America Co-Op program nightmare

Started by Ana Huffer. Last reply by lynnette shifman Aug 21, 2013. 3 Replies

Dignified Transition Solutions

Started by Andrew Sawyer. Last reply by lynnette shifman Aug 21, 2013. 8 Replies

Bank of America, FHA PFS and Equator

Started by Kevin - Greenville, SC. Last reply by lynnette shifman Aug 21, 2013. 1 Reply

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