What is the Bank of America Cooperative Streamline Short Sale? This is a question that is frequently asked by clients and others facing possible foreclosure of their home.
Bank of America’s Cooperative Streamline Short Sale Program began in January 2011, to help provide the quickest route to a short sale decision so that homeowners may explore all their options and avoid foreclosure. Additionally, this streamline approach minimizes the challenges of a traditional short sales, such as having to wait up to 60 days or more for a representative to be assigned to your sale.
If qualified, Bank of America will work with the homeowner and REALTOR® prior to the marketing the home to reach an agreement on the terms of the short sale including approval of the seller’s circumstances that lead to their mortgage default and listing price. With Bank of America’s Cooperative Streamline Short Sale Program once an offer is submitted, Bank of America has said they’ll respond to the buyer’s offer within 10 days!!
Typically the people solicited to participate in the program are those who have been considered for a modification under the Home Affordable Modification Program (HAMP) and a short sale under the Home Affordable Foreclosure Alternatives (HAFA) program. They have either fallen out of both programs or failed to qualify.
The big question Bank of America is looking to answer is customer responsiveness. These are not customers who are seeking short sales but rather distressed customers who are on the road to foreclosure, Bank of America wants to provide them an alternative. Bank of America’s goal is to provide a tailored program with incentives that are attractive to homeowners experiencing a true hardship.
Benefits of a Successful Cooperative Streamline Short Sale with Bank of America:
- Bank of America will pay the Seller up to $30,00 in relocation expenses once the home is sold
- Bank of America will not pursue the deficiency amount
- Bank of America will not foreclose on your home, however if the short sale has been unsuccessful after a period of 120 days Bank of America may elect initiate a Deed in-lieu of Foreclosure
- Bank of America assigns a listing price, then reduces the price by three percent every 21 days, until a buyer is found or 120 days have lapsed
- Bank of America will allow program participates to purchase a home using a Bank of America home loan one and half years after the successful close of the short sale
It’s important to note that participating in the Bank of America Cooperative Streamline Short Sale Program does have guidelines that must be followed and not all homeowners will qualify. To qualify for a Bank of America Streamline Cooperative Short Sale you need to be selected by Bank of America and submit the appropriate agreement. Or, you need to speak with a REALTOR® (like myself), with the ability to submit you for consideration.
Eligibility requirements include asset reviews, no second mortgage or Mortgage Insurance on the loan, and a participating investors. To find out if you are eligible, contact me today (760) 844-3736.
Dignified Transition Solutions
If you have received a call from Dignified Transition Solutions and were wondering if the call was legitimate, it is. Dignified Transition Solutions is a privately held company that was started by several former Bank of America executives that believed they could create a method to assist banks (including Bank of America) with their Short Sale process. Dignified Transition Solutions is currently working with Bank of America to identify borrowers that qualify for the Bank of America Streamline Cooperative Short Sale Program.
Desert Realty and I are here to help you! If you want to learn more about this short sale program feel free to contact me.
Category: Real Estate