Bank of America Issues New Short Sale Guidelines

Bank of America has announced “Enhanced Second Lien Deficiency Waiver Guidelines”. It is important when processing a short sale to understand all of the latest programs in place by all of the lenders.  The latest announcement reads:  

Based on the Department of Justice settlement, effective June 1, Bank of America is extending additional support to homeowners in agreeing to enhanced 2nd lien deficiency waiver guidelines.

Once you have determined if your homeowner may qualify for this waiver, contact your short sale specialist for establishing the amount to request for the 2nd lien.

Basic qualifications:

Short sales initiated on or after June 1, 2012

 The 2nd lien must be attached to a 1st lien mortgage owned by Bank of America

Bank of America has also recently announced that they are paying up to $30,000.00 to homeowners for a successful short sale. Working with qualified Realtors and attorneys is necessary to obtain the best possible results for you.

 

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2 Responses

  1. what happens with the buyers when they realize that the owners have been takenfixtures from the house ,even trees!!! the house is not what was shown or signed at the beginning!!!! What protection do they have????????????

    • The issue of fixtures is addressed in the purchase agreement. Usually, the seller is required to deliver all fixtures attached at the time of the agreement, but there may be exclusions. If the seller removes fixtures before the closing, the buyer can refuse to close on the purchase. If it is a short sale, the seller would be greatly damaged if the sale did not close. If it is not a short sale, then the buyer can alternatively attempt to negotiate a reduced price due to the removal of items.

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