Effective Dec. 1, Bank of America will no longer halt work on files of short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program, while waiting to contact the homeowner.
Additionally, HAFA eligible homeowners are no longer required to call Bank of America’s Short Sale Customer Care to indicate whether they will participate in the program. Instead, agents can indicate a homeowner’s HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if Bank of America has not received the requested HAFA documents, the bank will continue to process the file as a traditional short sale.
This is great news for the processing of the short sale applications, contracts. Now if only all the other lenders will get aboard!
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