Several Short Sale updates came down last week from our friends at Bank of America. I always read these with trepidation, but eternal hope. I think the thought is good..but the reality of implementation is never what the original thought was! Just too many loans with Bank of America and not enough personnel. But here we go anyway…
Update #1: Bank of America 2nd Liens: Enhanced lien deficiency Guidelines
- Short Sale must be initiated by June 1, 2012
- Second lien must be attached to a first lien mortgage owned by Bank of America
This waiver enhancement is based on the Department of Justice settlement and went into effect 6/1/2012.
Update #2: HAFA short sale update
HAFA Short Sale help has been extended to 12/31/2012, but also applies to current HAFA contracts. If you write a contract on 12/31/13, it has to close by 9/30/2014 for it to qualify for the HAFA program.
- The $3,000 relocation fee is only paid to the Primary resident.
- Vacant properties not elegible.
- Non-borrowers can now qualify if occupying the property (tenants, parents, relatives)
So there you have it..the continuing attempt to help the Short Sale process. If you need any more information, please give me a call at 760-285-3578 for a FREE consultation.