Bank of America is still terrible but they are trying to improve

Bank of America has recently hired a company to outsource their short sales. Hooray! You need to use the new 9 digit account number they have assigned. The original account numbers will not work in the new system.


I can't speak from experience yet, but I will soon submit my first short sale through the new process. I will keep everyone posted.

Sellers keep in mind your hardship should be for one of the following reasons: Unemployment, excessive use of credit, curtailment of income, payment adjustment, illness of borrower, illness in family, death in family, marital difficulties, loss of renters/tenants.


Click here to Short Sell your home.

If you have had a hardship and can't afford it-Stop paying your mortgage!

If you believe the banks are to blame for our current crises than it stands to reason that they deserve to lose money now. Many homeowners have decided to stop paying their mortgage bills and listed their house as a short sale. If the bank accepts a short sale and releases you from any further obligation than it's a financially smart move.

Short selling your home and getting the bank to take the loss is a great deal for the homeowner. You can walk away from the debt and usually live for free for a few months. You can save the money you would otherwise use to pay your mortgage and use it later to pay for the next place to live. It is not necessarily good for society in general but it is certainly nice for you.

If the banks are allowing it and it would help your situation than why not take advantage of this short sale opportunity. Policy or regulation may change that makes it much more difficult to stiff the bank in the future. Right now you can do it and a lot of people are.

Click here to find out if it makes sense for you: Short Sell My Home!?

Fairfield County CT only: Norwalk, New Canaan, Darien, Stamford, Greenwich, Wilton, Westport, Weston, Ridgefield, Fairfield, Easton, Trumbull, Newtown etc

Should you short sell your home?

First of all what is a Short Sale?
It is when you sell your property for less than you owe the bank(s).

Why is a Short Sale better than a Foreclosure?
In most Short Sales, the bank releases you from the loan. There is no further obligation to pay. In a foreclosure, the bank can sue you for the short fall. The bank has 6 years to collect the full amount you borrowed, plus fees. As you rebuild your life and income, the bank can garnish your wages and seize money from your bank account. After a short sale, you can repair your credit within a year or two.

What does it cost?
All brokerage commission and attorney fees are paid by the bank at the closing.

Does it have to be my primary residence?
No. Any type of property can be sold through a
short sale.

Tune in tomorrow to find out why loan modification is often a waste of time...