I recently watched an interview of Kim Dawson, of Bank of America. The purpose of the interview by Alex Charfen, of the Distressed Property Institute, was to show that Bank of America really wants to be more cooperative with their borrowers who are upside with their mortgage and need to get out of that situation.

In the past lenders didn't want to hear about it unless a buyer was in place. The approach short sale agents took was to first market the property. Get a contract to purchase and submit it to the lender with a short sale package that consisted of financial documents and a hardship letter. From there it was a waiting game and lots of frustration for all parties involved. Now they are willing to talk to both the homeowner and their real estate agent before the home is listed and cooperate throughout the process with input on the listing price and price reductions if necessary. In some cases even requiring less documentation than they used to demand.

Bank of America wants everyone to know that they have the personel and infrastructure in place now to handle the high volumes of short sellers in a reasonable period of time. They are claiming a ten day time frame for a decision once a viable offer is submitted. They suggest calling them first to see if there are any other options to keep you in your home. If those are exhausted next would be to hire an experienced agent to guide you and market your home. More information can be found on their website.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world.

Tom Day, Remax in Motion
www.TomDayProperties.com