Secret Bank of America HPO Short Sale Program

Details that Bank Of America has begun a new short sale program in an effort to stave off an increasing foreclosure inventory have leaked.  The new program is called the HPO short sale program in which a Bank of America representative known as a “Personal Advocate” will be assigned to the short sale and will be very responsive in seeing the short sale process to completion with approvals in just two weeks.

The reported details and benefits of the Bank of America HPO short sale program are listed below.

Key Benefits of the Bank of America HPO short sale program:

1)      No deficiency judgments.

2)      No pre-qualifying (the value of the home being less than the loan amount qualifies.)

3)      Seller is not asked to contribute funds to the short sale.

4)      Seller will receive $3,000 at the successful close of escrow (primary residence.)

5)      No records documentation.

Required Documentation:

1)      The listing agreement.

2)      The ratified purchase contract.

3)      An appraisal.

4)      Signed HPO Form.

Documentation NOT Required in the Bank of America HPO Short Sale.

1)      No hardship letter.

2)      No IRS Form 4506.

3)      No tax returns.

4)      No bank/asset statements.

5)      No financial worksheets.

This is incredible news because if you have a Bank of America loan and have been turned down during your loan modification request or your loan modification has not worked out the way you had hoped or your short sale had been rejected and you had given up hope and resigned yourself to losing your home or investment property to foreclosure, you will now be able to sell your property in a simple and quick process without further damaging your credit (other than having a short sale on your credit report which the credit rating agencies reportedly will begin to significantly minimize after just two years as opposed to a foreclosure or died-in-lieu which won’t begin to minimize until seven years have passed).

Bank of America is apparently taking this approach because they realize furnished homes in good condition will net them a higher price and nine to eighteen months of neglect and unpaid property taxes and mortgages can be greatly reduced.

I hope this helps.  Please pass this information along to someone in need and have them call Robert Stuart 650-740-5740 or e-mail Robert@professionalrealestatebrokerage.com for a free confidential housing consultation.