Bank of America has extended additional support to homeowners by agreeing to enhanced second lien deficiency waiver guidelines.
To qualify for the revised guidelines, the short sale must be initiated on or after June 1, 2012, and the second lien must be attached to a first lien mortgage owned by Bank of America.
If it is determined that the homeowner qualifies for this waiver, the real estate agent should contact their short sale specialist to establish the amount to request for the second lien.
This waiver enhancement, based on the Department of Justice settlement, went into effect on June 1.
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