Bank Of America Short Sales

Unfortunately, many people today find themselves in dire financial trouble when it comes to their homes. Unable to keep up with their mortgage payments and finding themselves saddled with a house where they owe more than what it is now worth, many homeowners have no choice but to turn to a short sale in order to get out from under and avoid foreclosure. For those who have mortgages through Bank of America, the process is relatively simple.

Short Sale Benefits
There are many benefits associated with Bank of America short sales. These include:

  • Avoiding foreclosure
  • Eliminates possibility of eviction
  • House is not sold through a public sale or auction

In addition to these, many people who use a Bank of America short sale also find themselves eligible for financial assistance regarding relocation and other related tasks.

Cooperative Short Sale Program
Many people who do a Bank of America short sale do so through a Cooperative Short Sale. With this program, the foreclosure process is immediately halted, preventing the possibility of eviction. Also, participants can find themselves eligible for up to $30,000 for relocation assistance, which can make it easier to find a new home.

Short Sale Reputation
While Bank of America offers very competitive short sale programs when compared to other big banks, its reputation for short sales is anything but stellar. Though many customers reported having no problems, others reported numerous situations where they felt very frustrated with the process. Some of the most common complaints included:

  • Lack of customer service support
  • Failure to complete the process
  • Unwillingness of bank personnel to answer questions

Due to many customers expressing concerns over how their short sale was handled, Bank of America in recent years has worked to correct many of the problems reported by customers. As a result, its reputation among other banks of similar size has begun to improve.

Short Sale Eligibility
For those people who choose to pursue a traditional short sale, there are certain eligibility requirements that must be met prior to gaining approval for the sale. These can include:

  • Experiencing financial hardship such as divorce or medical expenses
  • Unable to modify current home loan
  • Can no longer afford monthly mortgage payment
  • Have a current offer for the property

No matter how complex the short sale process may be for a customer, those who have completed the process through Bank of America have overall been able to do so in a satisfactory manner.