Program goal
The goal of a short sale is to help you avoid foreclosure if you are no longer able to remain in your home. In the short sale process, you sell your home and settle your mortgage debt for less than the amount that you owe.
Eligibility
You may be eligible to sell your home in a short sale, if:
- you have a hardship, such as a job loss, divorce or medical emergency
- you owe more than your house is worth
- you’re unable to afford your current monthly mortgage payment
- you’re unable to modify your current home loan
How will a short sale affect my credit?
A short sale generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter than it would with a foreclosure. As a result, your credit will likely improve faster than it would if your house goes to foreclosure.
While we work with you to complete a short sale, we will continue to report the status of your account to the major credit reporting agencies. If a short sale is completed on your property, we will report that your loan was "paid in full for less than the full balance."
You should only consider a short sale after you've explored all other options, including modifying your loan. Please visit our Loan Assistance Solutions page for a complete list of options you may want to consider.
While we work with you to complete a short sale, we will continue to report the status of your account to the major credit reporting agencies. If a short sale is completed on your property, we will report that your loan was "paid in full for less than the full balance."
You should only consider a short sale after you've explored all other options, including modifying your loan. Please visit our Loan Assistance Solutions page for a complete list of options you may want to consider.
Program at a glance
Step 1: Call us and we’ll work with you to explore any options that may be available to help you stay in your home. The sooner you work with us, the more options you may have available.
Step 2: After all other options have been exhausted and you’ve decided a short sale is right for you, we recommend working with a licensed real estate agent who can assist you in listing your home for sale.
Step 3: Once you receive an offer, we’ll begin working to gain approval of your first mortgage short sale request from all necessary parties. It is important to note that if you have a second mortgage with another lender, or any other outstanding debts against the property, it is your responsibility to get approval from those parties.
Step 4: We will determine the fair market value of your home by ordering a valuation and reviewing the prices of recently sold homes comparable to yours in your local market. Based on our findings, we may present you with a counter offer if the original offer is not in alignment with the fair market value of your home.
Step 5: If all parties agree to the terms of the offer (buyer, seller, and any other debt holders), your short sale offer will be approved. Remember, a short sale approval may take longer than getting a traditional mortgage approved. Once your loan has closed, the proceeds are paid according to the terms of the agreement.
Call Bank of America for additional short sale information, 1.866.880.1232
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