Bank of America Changes Short Sale Procedures

Bank of America recently changed their short sale initiation requirements in order to streamline and expedite the process.  Starting on April 13, 2012, Bank of America will require the following documents when initiating a Bank of America short sale: 

1. Bank of America Third-Party Authorization Form;
2. A signed Purchase and Sale Agreement with Buyers Acknowledgement and Disclosure;
3. IRS Form 4506-T  Request for Transcript of Tax Return;
4. 60-day Estimated HUD-1 (or HUD-1 if closing date is shorter than 60 days);
5. Bank of America Short Sale Purchase Contract Addendum.

For an existing short sale file, all of the above documents will need to be uploaded in Equator before April 13th using  “Upload Supporting Documents.”

Failure to upload all the required documents may result in a full re-submission of all documents or the file/offer being rejected.