Bank of America Testing Short Sale Program

A recent report from REO Insider about a new Short Sale program indicates testing of the Short Sale program by Bank of America.  And so far, this short sale initiative has only targeted 2,000 pre-screened homeowners.  These homeowners were selected from hard hit states like Arizona, Florida, California, and Nevada. 

Here are some details about the program: 

* No new documents needed.

* Program designed for homeowners who were considered for modifications under HAMP and short sales under HAFA who fell out or didn't qualify.

* Deficiencies are waived.

* Agents will not be selected by the bank to work with homeowners.

* A short sale specialist appointed by the bank will work with the real estate agent to market the property for 120 days.

* A $3,000 relocation fee for homeowner.

* 6% commission is guaranteed.

I'll be keeping you up-to-date about this program as it gets released, so stay tuned!