America Short Sale offers you a way out to settle your mortgage debt in case you are not found eligible for any home loan assistance programs that the bank offers. A short sale is a process of selling your home at a price that is lower than the amount you owe to the bank. Though you won’t gain any money out of the transaction but you can get freedom from your debt obligation and at same time manage to prevent foreclosure and incur less damage to your credit report.

Remember this option is available for underwater mortgage only, which means your house must worth less than the amount you owe. This also implies that the lender has to suffer a loss since the proceeds is just not enough to pay off the mortgage balance. This is because the balance amount, which is known as deficiency judgment, is often waived by the lender.

Bank of America Short Sale Process

Bank of America short sale process for a buyer involves a few steps, which starts with their calling to the hardship assistance division of the bank. If all other foreclosure alternatives including those available under federal government’s HAMP, HARP and HAFA programs fail to help you continue with homeownership, you will probably be left with a short sale option to go with. Read guidelines and if required, take professional assistance in this regard.

You need to hire a licensed real estate agent and get approval from the lender(s). To know how you can initiate the process and get the BOA approval letter quickly, contact the short sale department at 1.866.880.1232 and talk to a learned specialist. They will also help you check your eligibility for HAFA streamlined short sale approval process. The same phone number is used to obtain login information for your account. The approval requirements also include sending them a copy of the offer letter, which may result in a counter offer by the bank.

Bank of America Short Sale System

Bank of America has developed an elaborate short sale processing system keeping in view the different situations that homeowners and real estate agents face. Real estate agents, brokers, attorneys and other professionals can go to equator.com, create an account and complete registration steps to start using the system.

Bank of America short sale system message center is equipped with two-way communication channels and is open 24 hours a day seven days a week for users. There is no need to use fax for sending documents as uploading is instant and convenient. The automated processing technology allows you to keep updated at all time and also lets you check file status online.

Moreover, the resources at realestateagent.bankofamerica.com will help you learn how to use Equator Bank of America and get additional information regarding BofA short sale package download in pdf format and equator timeline for approval in California, Florida, Arizona or any other state.

Bank of

America Short Sal

e Department

You can contact Bank of America short sale department customer care if you need specific information and help regarding BAC short sale packet, application, financial worksheet, authorization form, checklist or any other issues. The department offers services to borrowers as well as buyer’s and seller’s agents and other real estate professionals. For more information, check the web address of the bank, which we provide you here.

Bank of America Short Sale Department Contact Number: 1.866.880.1232