Just received this notification via email from Bank of America regarding their "Cooperative Short Sales" program:
"As of January 15, 2013, there will no longer be a temporary foreclosure
hold during the Cooperative Short Sale property marketing phase. We may
begin or continue the foreclosure process up until a submitted offer to
purchase the property is approved by all relevant parties. Any existing
short sale will not be impacted by this change."
So, again, I can't emphasize to you enough that anyone considering a short sale should be pro-active and do not wait until the last minute (like once a Notice of Trustee Sale has been taped to your front door) to start your short sale. Bank of America will not delay a foreclosure in order for a short sale seller to start the process and market the home.
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