Bank of America services an amazing number of loans.  If you are an agent that works short sales, you undoubtedly have worked with Bank of America over and over again.  The processes they have in place continue to improve and I am hopeful this new improvement will help too. The change went in to effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

The good news is they have shortened the timeline for their response back to the homeowner and agent on the short sale offer.  They have also taken away  homeowner requirements to call Bank of America to accept the HAFA short sale program.  “Real estate agents can now indicate a homeowner’s HAFA interest by submitting the necessary documents to in the online system (Equator) within 14 days. During that 14-day window, the short sale will continue moving forward.  Bank of America is transitioning the processing of all HAFA short sales with an offer from outsourced vendor partners to Bank of America associates”.

I am happy to see this transition and am looking forward to having a HAFA short sale go through the system directly with Bank of America vs. an outsourced vendor.  I think this will help homeowners and agents complete short sales in a more timely manner so that we avoid additional foreclosures AND keep the buyers that get frustrated with the time a short sale takes.

With banks/servicers  improving their processes, more homeowners can avoid foreclosure by completing short sales. 

If you have a hardship and are struggling making payments on your mortgage and owe more that what the fair market value of your home is, you should consider talking to a real estate professional about options instead of foreclosure.  Short Sale is just one option. 

If you currently live in your home, but do not want to stay in your home, you may qualify for a HAFA (Home Affordable foreclosure Alternatives) short sale. 

Do you qualify for HAFA?  Here is a link with additional information: