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Bank of America Short Sales come in Many different flavors.
Just when your think you have a handle on what a short sale is the rules and names change.
Below are just a few of the different names that Bank of America has to define a short sale.
Its important that you get your Bank of America short sale into the correct program.
By default they will most always put you into the HAFA Short Sale. If you do not qualify for HAFA your file will be rejected.
Rejected does not mean you are declined for a short sale so do not panic. It just means you need to reapply for a different type of short sale.
If you have an offer on your home you can apply for the Traditional short sale.
If you do not have and offer you must apply for a Co-Operative short sale.
I not even sure if there is a Standard Short program anymore.But it is very important that you be in the correct type of short sale or you will be wasting time and get rejected.
Another important issue is that most seller’s will have tried a loan mod which did not work prior to starting the short sale process. This can sometime slow down the short sale as their system will not allow both to be in progress.