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Jonathan Dalton
REALTOR
ePro, SFR
602-502-9693

A Letter from Bank of America’s Short Sale Department

A Letter from Bank of America’s Short Sale Department

Just received an e-mail from Bank of America’s short sale process and thought I’d share … with a few helpful notes.

Bank of America continues to improve the short sale process and recognizes that the timely (repeated) upload of homeowner documents is critical to reducing processing times (from “eternity” to “when hell freezes over.“)

To improve the collection of these documents, agents should take the following steps (and repeat whenever we lose the paperwork):

1. Upload the following required documents, on behalf of the homeowner, to the online short sale processing system as soon as possible:

  • A hardship letter describing the homeowner’s situation
  • Two most recent pay stubs – or income/expense reports if self-employed
  • Two most recent bank statements
  • IRS Form 4506-T Request for Tax Return – requesting the past two years

Note: These documents should be uploaded to the processing system’s document library as agents will not receive a task indicating that this information is required. (We won’t actually look at these documents until the third time you upload them, but that’s not important right now.) For more information on uploading homeowner documents view the Short Sale Hardship Documentation Guide (now available in paperback.)

2. Call Short Sale Customer Care at 1.866.880.1232 to confirm that these documents have been uploaded, and to answer any questions about the homeowner’s hardship. (We are currently experiencing a heavy volume calls and expect your wait time to be between 30 minutes and 3 days.)

As a reminder, a third party authorization letter, certifying the homeowner authorizes the agent to communicate and facilitate the short sale on their behalf, must be submitted as part of the “Upload Third Party Authorization” task. Bank of America is unable to discuss the short sale with the agent unless this authorization has been submitted (at least three times, because we’ll lose the authorization the first two. You likely will not see any benefit from the authorization letter until the fourth call, as one of our short sale specialists will read the screen incorrectly and hang up on you the first time after we upload but do not delete the letter.)

If the homeowner prefers to personally upload these documents, he or she should call Short Sale Customer Care at 1.866.880.1232 to gain access to the customer portal and receive further guidance on completing the homeowner tasks. (The phone number calls Mayflower moving, thereby skipping useless steps and bringing them closer to their inevitable move.)

Agents and homeowners should be aware that once documents are received and reviewed, additional hardship or financial documentation may be required before a decision is received. (More often than not, it’s the same documentation you’ve already submitted. In some cases, we may only need to update the “last two statements” for each of the six to eight months you will spend waiting for us to say no.)

Allowing agents to provide necessary documentation is one way Bank of America is continuing to streamline the short sale process (which is to say, we’re trying to make this process work as efficiently as the rudder on The Titanic). Learn more about short sale improvements and access educational materials in the Online Real Estate Agent Resource Center at bankofamerica.com/ realestateagent. (The materials take approximately three hours to review, so we recommend viewing them while you’re on hold for the next available short sale agent.)

Thank you for your continued partnership as we help distressed homeowners together. (“Help” in this case being the Ukranian word for “ignore”.)

Any questions?

Comments

  • Carrie Vink says:

    I have searched endlessly for BofA 3rd Party Authorization form & cannot find anything on BofA Realtor Resources. Since they will not accept the SS Addendum for Listing from armls; will they accept something my client has drafted? Something tells me that BofA has a required form.

  • Croogle1 says:

    deja vu  –  like reliving the last 6 months of my life — so very true

  • Carolmucerino says:

    Isn’t there anyone we can call directly to help us. I have one now for 2 years and BOA has killed every deal (5) and Will not tell us what they will take. It is so frustrating. Does anyone out there have a contact name of someone who knows what they are doing and can help?????

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