San
Jose Real Estate Agent, Realtor Daniel Pizano, Short Sale real
estate agent
Countrywide Bank of America Short Sale Foreclosure
Overview
If you have a home mortgage with Bank of America formerly
Countrywide Home Loans and are behind on your
mortgage payments there is hope. Bank of America has started
using a new online process to help make short sales close faster.
The equator system is a agent to bank communication tool that
makes it easier to submit documents and communicate with Bank
of America short sale department.
B of A short sale negotiators and other short sale customer
service personel can track messages and see how long it takes
to get documents uploaded. They now can see documented proof
if the agent is taking a month to upload the short sale packet
or if the short sale negotiator is lagging behind.
I have been sucessful with Bank of America short sales because
I understand how the process works. The equator short sale system
makes it faster to submit paperwork to the bank. It beats using
a fax and waiting for it to be converted to a PDF. This fax-to-PDF
conversion was taking approximately three to four days to be
uploaded so that the bank rep can actually see the forms you
faxed.
When submitting a short sale package it must accompany the
offer. The bank expects all documents to be timely and complete.
There are no "do overs" in short sales.
Once I place your home on the market and receive an offer I
contact the bank and submit the offer and all the necessary
documents they need to get the process moving. I have experience
being a listing agent for banks and asset managers (REO's) and
I am familiar using the same system (although it was previously
known as REO Trans) I will make the process smooth. In other
words, I'll place your home on the maket and receive an offer.
From the day that we accept the offer we will get the process
started and ultimately get your home sold. It won't happen overnight,
and the bank doesn't accept evry short sale. However, by working
with a professional, you have a better chance of building a
strong short sale packet and get your short sale approved. A
short sale is something that needs to be considered when you
are upside down on the value of your home.
The lender wants to see the following when considering a short
sale:
1. a hardship letter - this is a simple letter that explains
why you need to sell (divorce, loss of employment, etc)
2. income taxes for the last two years
3. paystubs for the last month
4. bank statements of all savings, checkings, cd, retirement,
etc.
5. personal financial statement - explain in detail all your
monthy income and monthly expenses including food, gas, and
insurance,etc.
6. an offer from a qualified buyer whom has been pre-approved
with a direct lender
7.HUD -estimated settlement statement from a title company
It is important to note that I will need permission to speak
on your behalf to Bank of America. This Authorization Form is
submitted to the bank before we submit the offer. It is also
important to note that the banks require current financial information
(paystubs,bank statements, financial sheet,etc) not older than
90 or they will demand an update.
I will help coordinate all the forms and information you need
to gather as well as place your home on the maket and get an
offer. Once we get an offer we will then send the short sale
packet to Bank of America. Once we receive the conditional approval
for the short sale we can close escrow within 30 to 45 days.
Call me to handle your Bank of America short sale or former
Countrywide Home LoansWorld short sale transaction so that you
do not end up going into a foreclosure and ruining your credit.
Before you decide to sell your home through a short sale process
you need to consult with a tax professional and get legal advice.
I only sell homes and connot give any legal or tax advice concerning
a short sale.
If you are in the San Jose, CA area
Call Realtor Daniel Pizano, Short Sale Real Estate Agent
(408) 460-8401
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