Replies to This Discussion

Permalink Reply by Barbara Pedersen on August 10, 2010 at 12:34pm

Yes, I have heard about this program. Almost unbelievable but if other servicers, lenders and most importantly investors follow suit the world of short sales will never be the same.
From what I have heard it is probably a Fannie Mae program (not sure of that). It does not go through Equator, the borrower is assigned his own personal "advocate", person who will walk the borrower and agent through the process.
No documents, no bank statements, no financials, no tax returns, no deficiency judgement. Believe it or not but no other hardship than being underwater is needed to qualify so my guess is that, besides regular hardship, they anticipate a substantial number of strategic defaults and want to deal with it.
Required: listing agreement, purchase contract and appraisal. Appraisal does not determine the decision! Fast approval and closing.
Sounds too good to be true but even if half of what they say is implemented, it would be a great solution to the short sale issues.

Permalink Reply by Dawn Barrier on August 10, 2010 at 12:40pm

Yes, Tim & Julie Harris broke the story last week...Bank of America ‘Secret’ Short Sale Program | New BoA HPO Short Sal...

It is in the "testing" phase now.

This is what we all have been hounding the banks to do for a few years now. This will be AWESOME!!

This program is being quietly introduced, using only a hand-selected group of top short sale agents across the country.

* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative'.

* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.

* No documentation.

* No bank statements.

* No tax returns.

* No financial worksheets.

* No deficiency judgement.

* No financial contribution from the seller of any kind will be requested.

* Only requirements? -A listing contract -A purchase contract -An appraisal, though we've been told the appraisal will not have an adverse bearing on the final acceptance.

* 2 WEEK approvals.

Lets hope this becomes mainstream soon!!

Permalink Reply by Dan Hawkins CRS SFR CSSG CDPE on August 10, 2010 at 7:57pm

Does the homeowner has to live in the home and primary residence, such as a HAFA requirement?

Permalink Reply by Lillian B Smith on January 8, 2011 at 8:45pm

Hi Dawn,

I just watched the Harris  video, I linked to it from your reply

I have been trying to hookup with this new program and to become a bank of america short sales realtor.

Where do I sign up? Does anyone have this contact information, I really want to join this one

Permalink Reply by Karen Walls on August 15, 2010 at 2:53am

This is great news!! I wish more banks would hop on board with the ideas BOFA is implementing. Matthew Vernon CEO of short sales is giving webinars to help distressed homeowners and also has started this deed in lieu pilot program for those who could care less about a short sale. This guy is really turning BOFA around! Wish Chase would get a clue! They are so archaic to be such a big entity. I used to wince when folks said they were with BOFA for a short sale, now 7 deals accepted later I am saying HELLO BOA lol !! Thanks for sharing!

Permalink Reply by John Covert Jr on August 31, 2010 at 6:57am

Karen,
We are not having much success at getting our BOFA SS closed. We know to do the following in Equator: 1. Check it at least twice a day. 2. Upload all docs separately & name accordingly. Also, we call two times per week & ask where we are at in the process, anything missing, etc.
Any and All Help IS Greatly appreciated as buyers are walking now since it’s taking 4-5 months…???? How long is it taking to get BOFA to Closing?

Permalink Reply by Janet Kleen on August 24, 2010 at 12:55pm

I am going through it with a seller now. We are doing it through Equator. The house was just appraised, and I have not had to go through loading all the financial documents. If this is a new program for B of A I think I am going to like it.

Permalink Reply by Dawn Barrier on August 24, 2010 at 1:04pm

Janet,
Did they tell you it was the new HPO program?

I've had recent Bank of America short sales that did Not require me to upload as much info and less docs from the seller, but it was not the new program.

Permalink Reply by Terry L. Osburn, SFR on October 3, 2010 at 8:11pm

That will be great....I have to say though, once I have been able to make contact with negotiator or closer in my short sales they have been very decent to work with ...I know I have been driving them crazy but I have has some extraordinary circumstances that has caused even me to gray faster.

But this program sounds wonderful.......if it works out the way it is supposed to.

Permalink Reply by Joe Beauchamp on November 16, 2010 at 12:27pm

John, I find closing all over the map - little glitches with the file are usually greatly magnified by BOA in delays. The negotiator makes a huge difference. I've had 2 absolutely destroy excellent deals for the investor - I thought the latter had been fired after our company complained - surprise, he manipulated his way onto another of our files?? I've been in equator for more than a year and never had the same negotiator twice - until now..

With clean docs, a negotiator with some interest in short sales and more than 3 brain cells, with a deal that brings in the amount needed by the investor and no MI issues, 2 mo would be the fastest and 3 mo would be my expectation. Funny how a simple authorization has gone from 8 to 12 hours to a week at BOA now.. These "little" delays add up. So, you throw in extras and you can see delays bloom.

ex: HAFA - I plaster all over, seller disqualified - doesn't live in property, lives 5 mi away. Does it matter to BOA? No, just lost at least a week of them putting it into HAFA and then fighting to get it out and then actually getting it out. Just 'cause. Waste of our time and their resources.

Permalink Reply by Lillian B Smith on January 8, 2011 at 9:34pm

I have been trying to hookup with this new program and to become a bank of America short sales Realtor. Where do I sign up? Does anyone have this contact information, What about the utilities I submitted an offer of $250K for a waterfront property, every time it rained, the basement got 6" of water they had mold everywhere but BofA countered at $310K and lowered the commission from 6% to 5% , the buyer said NO. I'm in one now, submitted all the paperwork and the pipes busted when I ask if the bank would turn on utilities or have the house winterized she said-

all this material is covered in the short sales instruction.

HUD does not make repairs nor perform preventative maintenance on properties participating in the Pre-Foreclosure Sale program.  This is addressed multiple times in Mortgagee Letter 2008-43 which has been provided to you.  It is the homeowners responsibility to maintain the property. 

 After the pipes busted I ask if the Bank would restore to the price of the offer or reduce the price to fit the now condition, I was told this-

 I know that this has been communicated to you several times.  I need you to understand that we WILL NOT make any repairs to the property.

So now I have a house that is doing nothing but waiting on foreclosure and growing mold, I don't know how much good it will do but I'll call her supervisor Monday. I'm open to suggestions.