Montgomery County Short Sales: Good News On Bank of America Short Sales
Montgomery County MD – Bank of America is rolling out a new short sale program that will provide the quickest route to a short sale decision.
The bank came up with this programs to help ensure that homeowners are able to explore all their options and avoid foreclosure.
This program, named the Bank of America Cooperative Short Sale Program, minimizes the challenges of traditional short sales - such as having to wait up to 60 days for a representative to even be assigned to your sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
A cooperative short sale starts with a phone call from the homeowner to the bank. The homeowner explains to the bank that he or she has suffered a hardship, and will no longer be able to make the mortgage payments.
The Banker and the homeowner will probably discuss a loan modification. In fact, this may be a pre-requisite to entering into a cooperative short sale.
Once the bank has determined that a loan modification is not a viable option, and after documents have been presented to the bank that show the home owner's hardship, then the bank is not left with any good options than the cooperative short sale.
The next step in the process is for the Bank to order an appraisal. The property is then listed with a Realtor at the appraised value of the house, and the Bank agrees to sell the property at the appraised price.
Buyers can get an answer on their offers within only a day or two, not the 3-6 months a traditional short sale takes. This is because the short sale is pre-approved.
The Bank also understands that the appraisal may have come in high, and if the property doesn't sell in 21 days, the price gets lowered every 21 days until an offer comes in.
We think this is a great new program that will make short sales much easier for everyone involved.
Thinking about a loan modification? Our Montgomery Frederick & Prince George’s County loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send us an e-mail at
info@rickthompsonteam.com to request a Free Copy.
Click here to request your free copy.
Thinking about a short sale? We can help you short sale your property so you can move on with your life. Send us an e-mail at
info@RickThompsonTeam.com. We will contact you for a free consultation.
When we talk, we will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call Rick directly at (301) 758-1059.
Discover how other sellers successfully completed a short sale and request a free consultation by
clicking here.
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Thanks for reading this, Rick Thompson & Team
Real Estate Agents at Remax Town Center. Montgomery Frederick & Prince George’s County Short Sales Realtor:
Rick Thompson
Phone: (301) 758-1059
email us at:
info@rickthompsonteam.com.
Chris Thompson
Phone: (301) 758-2679
Over 1000 families helped
Visit:
RickThompsonTeam.com, find what you are looking for.
Stop Foreclosure Institute of Montgomery County
Don’t live in Montgomery County, MD? Don’t worry, if you live in Frederick or Prince George’s Counties we can still help!
Rick Thompson & Team specializes in loan modification assistance and short sales in
Montgomery County Maryland. Montgomery County Loan Modification Help,
Montgomery County Short Sales. Montgomery County Short Sale Realtor
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Important Notice
Rick Thompson & Team, Remax Town Center, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Rick's personal views and do not reflect the views of Remax Town Center.
This information on Montgomery County Short Sales: Good News On Bank of America Short Sales is provided as a courtesy to our viewers to help them make informed decisions.
