Does Bank of America do short sales?
Bank of America Short Sales Bank of America was the first to introduce a new automated system called Equator that it is currently using to process all of it’s short sales of conventional loans (that is all of it’s non-FHA and VA loans) as well as former Countrywide loans which it acquired when it purchased the company.
Does Bank of America sell foreclosures?
REO & Bank Owned Homes Foreclosures are real estate owned, REO or bank-owned properties and they have the potential to offer an affordable option to the right buyers. If you’re ready to shop for real estate owned properties for sale, explore the real estate owned listings from Bank of America.
Can I give my house back to the bank?
The answer to this question is yes, you can give your house back to the bank to avoid foreclosure in a process known as deed in lieu of foreclosure. If you have come up against a wall and have no other option, this process lets you sign a deed over to the bank to rid yourself of the house.
What is a cooperative short sale?
The concept of a cooperative short sale is straightforward. The homeowner with an upside-down property finds an investment group with which to collaborate towards bringing about a short sale of the property.
Can you go to jail for not paying mortgage?
You cannot be sent to jail for defaulting on your loan. A creditor can follow the same court process whether they have a secured loan (where a car or a house is listed as security in your loan documents), or an unsecured loan (there are no assets listed in your loan documents to secure payment of the loan).
How do I get approved for a short sale?
Gather the necessary documents for approval. Lenders typically require financial documents, such as your pay stubs, proof of unemployment, prior-year tax returns and bank statements. Proof of hardship will be required. Gather all your bills, such as medical expenses, that support the need for a short sale.