Tag: Bank of America

Do You Need To Do A Short Sale On Your Bank Of America Loan?

Hello everyone, Kelly Cook here with the Cook & Associates Real Estate Advisors, your short sale specialist; check us out online at www.KellyCookHomes.com. We’re part of The Real Brokerage in :k1: and we specialize in helping homeowners find alternatives to foreclosure through the means of a short sale.

The topic we’re specifically addressing today is short sales with Bank of America. They are probably the largest servicer and lender for mortgages in the country; they probably also have the largest number of non-performing notes that they’re servicing and holding. There are a lot of people out there experiencing a hardship and they have a Bank of America loan. We have closed close to 100 Bank of America short sales and know how to work with them very well. They use a web-based platform for all document submission called Equator, which makes things easier in terms of having everything organized.

They have a few different short sale programs as well; they have the traditional short sale program, the cooperative short sale program and the HAFA short sale program. Every single program they have has a different appeal to it, process and qualifications. Give us a call today; we love taking on the challenge of working with Bank of America because quite frankly, they’re not the easiest bank to work with. Once you get someone within Bank of America that enjoys their job and knows what they’re doing, they can be very pleasant to work with.

We are one of :k1:’s largest short sale and real estate teams and we’d love to put our expertise, knowledge and experience to work for you today. You can reach us via telephone at both our Arizona and Ohio offices or you can email us at info@cookandassociatesaz.com. If you are also wondering whether or not you should do a short sale or stay in your home, check out the Short Sale Decision Calculator on our website to help you find out how far underwater you are and whether or not a short sale is the answer to your financial troubles.

Bank of America is Offering Relocation Assistance to Some Homeowners who Complete a Short Sale

Hey guys, I’m Kelly Cook here again from the Cook & Associates Real Estate Advisors, your :k1: short sale specialists. We can be found online at www.AZKCRealEstateGroup.com. We specialize in helping homeowners find alternatives to foreclosure, through the means of a short sale.

Today the topic we are discussing is Bank of America short sales. This is a hot topic because so many people have a Bank of America loan and the vast majority of people that are underwater on their properties have their mortgage with Bank of America. Bank of America started off not being so great in the short sale industry. They took over Country Wide as many of you know. They had a lot of non-performing assets and weren’t sure how to deal with all of those. They were naturally one of the worst banks to deal with when it came to a short sale several years ago. However, I will commend Bank of America because they did turn the tide. They started to use technology to help the short sale process out to help streamline the process so that more agents or homeowners could be more useful in trying to short sale their properties and get all the documentation sent in to Bank of America.

Now Bank of America does also offer an additional program that a lot of the other banks don’t. It’s called the short sale co-op program. So at Bank of America you have the opportunity to do a regular short sale, a HAFA short sale, or a cooperative short sale with Bank of America. If you are approved with a HAFA short sale, you can receive up to $3,000 in relocation assistance which is awesome. Also the short sale cooperative program works pretty well, you can receive up to $2,500 in relocation assistance in the short sale co-op program with Bank of America. The process is kind of reverse engineered with the appraisal happening first as soon as you apply for a short sale. That way we know exactly what price to sell the property.

Please give us a call if you have more questions about those three issues with Bank of America. Again, my name is Kelly Cook with the Cook & Associates Real Estate Advisors, :k1:’s short sale specialists. You can email us at info@cookandassociatesaz.com or call me at 480-227-2028. I hope you have a great day.

Case Study: In Gilbert Owed $227k to Bank of America

Location:  Gilbert, AZ

Details:  Owner had one loan on his property.

  1. First loan had a balance of approximately $227,000.
  •  Total owed against the property:  $227,000
  •  Our client’s house was short sold for $110,000.

Scenario:  This owner only had one loan against the property, so it was arguable that if the property were to go to foreclosure, the seller very well may be protected from the lender filing a deficiency and collecting on the difference from the seller.  However, our objective remains the same.  And that is to ensure that the 1st lien holder puts in writing on their short sale approval letter that they waive their rights to ever come after the seller and pursue a deficiency judgment against them.  That way there is no question of the outcome as it is crystal clear.  The seller would never have to ever worry about someone’s interpretation of state law in the future as it would be in black ink on the approval letter we were to negotiate from the lender.

Outcome:  Please see the attached SHORT SALE APPROVAL LETTER proving the details of our successful negotiations on this short sale.  We were able to get full debt relief for our client (seller) protecting him from ever being pursued for the difference the banks settled on.  We also were able to ensure that this short sale was successfully settled without the seller having to make any contribution to the lender, as sometimes even first lien holders will try to take a hard-line negotiating stance in order to get the seller to contribute to their loss.  We didn’t allow this to happen.

Recap:  Our client, the seller was able to walk away from $117,000 ($227,000-$110,000) of mortgage debt for NOTHING!  ZERO out of pocket dollars!!!  All because he decided to pick up the phone and contact Kelly Cook and the Cook & Associates Real Estate Advisors.  We have many other examples just like this we would love to share with you as well.  We truly are short sale specialists working the entire Greater Phoenix, AZ area and would love to speak with you today about your current situation and how we can help!  Call today!

Actual Approval Letter

Click for full Letter