Bank of America Short Sale Process
If your Bank of America mortgage is underwater or you’re at serious risk of foreclosure, a short sale may be the best solution. A Bank of America short sale allows you to sell your home and make a discounted settlement to your lender, eliminating mortgage debt without putting you through the foreclosure process. And the good news is that in recent months, the Bank of America short sale process has been streamlined to help borrowers more efficiently.
Contact Your Lender As Soon As Possible
To start your Bank of America short sale application, you need to call the bank and find out whether you qualify for their service. Each bank has its own rules, so it’s important to know the Bank of America short sale policies and how they can affect you. It may take time to get to the Bank of America short sale department, but keep your cool and wait until you reach the right person.
Hire a Short Sale Agent
Once you have the information you need, contact a short sale agent to help you. The Bank of America short sale process can be complicated, so someone with experience will really come in handy. Your agent can help you gather your documents and put your Bank of America short sale package together. Some of the papers you’ll need are proof of income, such as paycheck stubs, tax forms, bank statements, and a hardship letter where you detail your situation and justify your Bank of America short sale request.
List Your Home
Your agent can then list your home as a short sale on the MLS and any other channel you wish to put it on. Don’t hesitate to do your part to help speed up the Bank of America short sale process. You can get word around on the Internet, through flyers and posters, or through word-of-mouth.
Your bank decides whether or not to approve an offer, so make sure to submit the bid that makes the most sense. Have your agent help you choose the best Bank of America short sale offers to increase your chances of approval. Once they’ve agreed to the offer, you can start preparing for closing, turn your home over, and settle your loan for a clean financial slate.