Cody Sperber's Arizona Real Estate Blog

Arizona Short Sale Realtor Cody Sperber Reviews Bank Of America’s Short Sale Processing Department

When you first start falling behind on your mortgage payments, the natural thing to do is call your lender(s) and ask for help.  Your lender(s) will request you to send in certain paperwork for review and see if you qualify for a loan modification or short sale.  The average timeframe for most banks to assign you a negotiator and complete a loan modification or short sale is around 4-6 months.  Lenders like Bank of America were notorious for loosing paperwork, creating false reasons why the short sale was taking so long, and denying short sales or loan modifications for stupid reasons.  Fellow Realtor Russel Shaw said it best in his September 2009 article titled “Bank of America Retard Division for Short Sales” where he stated that “Bank of America is to be highly commended for their complete willingness to give so many intellectually challenged people jobs as executives”.  Well I used to agree whole heartedly, however things may be changing!  Over the last few months, I have seen a complete shift in the way loss mitigation negotiators for BofA work with me.  They seem more streamlined, nicer to deal with, and are finally sending approval letters in under three months.  Could this be because of their new relationship with Equator Financial Solutions (formerly REOTrans.com) to create a short sale submission portal that is intended to automate the system?  Basically Equator is a technology that allows an agent to invite a homeowner facing foreclosure into the system.  The homeowner can upload any required documents directly into the system and in return directly to Bank of America’s loss mitigation department!  Any bond holders, PMI companies, BPO agents, or investors that need to be involved in the Bank of America short sale approval process can log into the system and conduct their portion of the approval.  In theory a short sale should get approved within a month instead of 4-6 months or longer like it currently takes.

Now all we need to pray for is that the people working at BofA’s loss mitigation department get the proper training on how to use the new system!

So I have high hopes for homeowners that have a first or second lien with Bank of America.  It’s looking like things are getting more streamlined and much much faster.  As a short sale Realtor and expert short sale negotiator, my team and I have what it takes to help you navigate this difficult and time consuming process.  Together we are in the trenches each and every day processing and completing Bank of America short sales helping as many Arizona families avoid foreclosure as possible.  If you would like to talk with me about whether or not a Bank of America short sale is right for you, call me at 602-626-3598 or visit my website www.codySPERBER.com and fill out one of my quick contact forms today.