Bank of America Short Sale Update 5/7/2010
May 7, 2010 by admin · Leave a Comment
With the implementation of their new Equator software platform, Bank of America has dramatically improved their short sale processing. We are now generating short sale approvals from Bank of America in an average of 30-60 days, and in many cases less, which is a huge improvement. Bank of America also assigns one negotiator to handle both their first and second loans on short sales where there is a Bank of America first and second lien, which also expedites the process.
We recently closed a Bank of America short sale (first and second lien, both with Bank of America) that we got approved in about 2 weeks, which has got to be some kind of record.
We are also currently working on our first HAFA short sales, which we expect will move quickly as well thanks to the HAFA government guidelines which require the banks to approve or reject short sale offers in no more than 10 business days.
