Thursday, July 27, 2017

Bank of America Short Sale Forms Advisor

While short sales in Sacramento are not nearly as common today as they were a few years ago, there are still some of them out there. And thankfully after nearly a decade, Bank of America has made it easy to determine just which forms are necessary to submit to request a short sale.

In order to obtain a complete checklist of documents necessary for a Bank of America short sale, you will need to know a couple of things:
  • What entity owns or insures the loan? It could be Fannie Mae, Freddie Mac, FHA, VA, USDA, or none of the above;
  • Is there anyone in the household that pays household expenses who is not a borrower on the loan? That should be easy enough -- a non-borrowing spouse, domestic partner, boyfriend/girlfriend, parent, child, roommate, etc.
Bank of America will require income, expenses, asset and hardship documentation from the borrower(s). This usually involves providing recent bank statements, paystubs, tax returns, etc. and possibly consenting to a credit check. Additionally, they now require similar documentation from any non-borrower who contributes to the household expenses.

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