Bank of America FHA Short Sales Through Equator – Do You Know the Highlights of the New Guidelines?
- The homeowner must start working with their Customer Relationship Manager (CRM). Home Retention Options must be done first. The Homeowner must submit all their financials to the CRM.
- Then an Approval to Participate (ATP) will be issued.
- The Agent can only assist the Homeowner once the ATP is issued. The property should not be listed until after the ATP is issued.
- The Homeowner is the only person who can submit the FHA short sale. Agents cannot start FHA short sale process in Equator.
- Relocation Assistance is available to the Buyer in the amount of $1000 if closed within 90 days of the marketing period, or $750 if after.
- Some new FHA files can now be worked on Equator.
*This information is not intended to be legal advice. This information is subject to change, please contact us for more information.