Wednesday, August 12, 2009

Countrywide/BOA’s new short sale process?

I called BOA yesterday to get an update on one of my sellers files that was submitted about 10 days prior. They kept informing the seller, “the paperwork is not showing in the system.” For those of us that have worked with BOA in the past know this is a phrase we hear often. So in my call I also wanted to confirm the short sale fax number, because we know this changes on a weekly basis.  The supervisor then shared with me that BOA has initiated a new policy effective end of July.

The seller/borrower will have to call 1-800-669-0102 and explain to the Home Retention Team that they are working with a Realtor and would like to list the property for a short sale.  BOA will then gather basic financial information, input into their system and pre-qualify them to continue with the short sale. Now I have not seen this in action yet, I have a few of my sellers calling this week and can report back.  If you have had any experience with this new system, I would love to hear from you.

According to the supervisor the new process is supposed to help cut down on the time frame for approving the short sales. Some BOA files that have taken 6-8 months so if this policy can cut the time in half I would be very happy!

Contact us if you have any questions.