If you have a seller that has a 2nd morgtage by Bank of America the process is different than it is for a 1st mortgage. Click here for information on a BofA 1st mortgage short sale
When you have a junior lien through Bank of America you need to call the short sale department at 1 866 413-3757
They have a complete set of forms that they will send you for the homeowner to fill out. You may find the forms for BofA 2nd mortgages here Have your homeowner fill in these forms and fax them to (336) 805-8727
Along with these forms you will also send
Updated Hardship Letter
2 Bank Statements (Dated within 60 days of today’s date)
2 Paycheck Stubs (Dated within 30 days of today’s date - for each borrower)
2008 & 2009 Tax Returns
A CMA
The Full Listing agreement
The MLS printout
Estimated Hud1
A third party authorization
Sample of Authorization for Realtor
Sample of Authorization for Title and Escrow
Typically 2nd mortgages will either accept a $3000 or $6000 pay off, so I usually indicate $3000 on my estimated HUD 1 worksheet.
