Help for Home Owners<\/center><\/p>\n
<\/center>
\nI have submitted an offer on a Bank of America short sale in equator, now what do we do. <\/p>\n
Each bank has a different way of processing short sale packages. With Bank of America, most of the leg work is handled by a third party company at http:\/\/www.equator.com In my last article, I explained how to submit an offer to Bank of America on the equator system. Now that you have an offer and submitted it on the equator site, you will ask the homeowner to call the bank and complete the short sale package. If your seller does not know how to scan documents and upload files you will need to do this for them. <\/p>\n
The home owner will need to call this number
\n1-866-880-1232.
\nThey will then send him a password to his email. <\/p>\n
When the homeowner gets the password he needs to sign into this website.<\/p>\n
http:\/\/bankofamerica.com\/shortsale <\/p>\n
Username is the email address and then the password that they sent him. He then needs to make up a new password, put it in twice and that will reset the password. <\/p>\n
Some of the supporting documents that bank of america will need from the homeowner <\/p>\n
Updated Hardship Letter
\n2 Bank Statements (Dated within 60 days of today\u2019s date)
\n2 Paycheck Stubs (Dated within 30 days of today\u2019s date – for each borrower)
\n2008 & 2009 Tax Returns <\/p>\n
Here are a list of questions that Bank of America will ask on the website. <\/p>\n
Financial <\/p>\n
How many people are in the Household (Including yourself)?:
\nHow much do you have in Voluntary Funds?: <\/p>\n
Income
\n(Borrower 1) Monthly Income from Employment:
\n(Borrower 1) Frequency of Pay Period:
\n(Borrower 1) Monthly Governmental Benefits and Insurance Income:
\n(Borrower 1) Monthly Unemployment Income:
\n(Borrower 2) Monthly Income from Employment:
\n(Borrower 2) Frequency of Pay Period:
\n(Borrower 2) Monthly Governmental Benefits and Insurance Income:
\n(Borrower 2) Monthly Unemployment Income:
\nMonthly Rental Income:
\nMonthly Alimony Income:
\nMonthly Child Support Income:
\nOther Monthly Income Description:
\nOther Monthly Income:
\nTotal Monthly Income:
\nHelpExpenses Family
\nMonthly Auto Maintenance:
\nMonthly Food:
\nMonthly Medical\/Dental:
\nMonthly Alimony Paid:
\nMonthly Child Support Paid:
\nMonthly Child Care:
\nMonthly Entertainment:
\nMonthly Tuition School Expenses:
\nOther Monthly Family Expenses Description:
\nOther Monthly Family Expenses:
\nTotal Monthly Family Expenses :
\nMonthly HOA Dues:
\nMonthly Taxes:
\nMonthly Home Repairs:
\nOther Monthly Home Expenses Description:
\nOther Monthly Home Expenses:
\nTotal Monthly Home Expenses: <\/p>\n
Utilities <\/p>\n
Monthly Cable TV:
\nMonthly Electricity:
\nMonthly Natural Gas:
\nMonthly Phone\/Internet:
\nMonthly Sewer\/Water:
\nOther Monthly Utility Expenses Description:
\nOther Monthly Utility Expenses:
\nTotal Monthly Utilities Expenses: <\/p>\n
Work <\/p>\n
Monthly Dry Cleaning:
\nMonthly Parking:
\nMonthly Union Dues:
\nOther Monthly Work Expenses Description:
\nOther Monthly Work Expenses:
\nTotal Monthly Work Expenses: <\/p>\n
Insurance <\/p>\n
Monthly Auto Insurance:
\nMonthly Health Insurance:
\nMonthly Life Insurance:
\nOther Monthly Insurance Expenses Description:
\nOther Monthly Insurance Expenses:
\nTotal Monthly Insurance Expenses: <\/p>\n
Contributions <\/p>\n
Monthly Church\/Charity Contributions:
\nOther Monthly Contributions Expenses Description:
\nOther Monthly Contribution Expenses:
\nTotal Monthly Contribution Expenses: <\/p>\n
\nDebt – Auto
\nMonthly Auto Payments 1:
\nMonthly Auto Payments 2:
\nTotal Monthly Auto Payments: <\/p>\n
Debt – Credit Card
\nMonthly Credit Card Payment 1:
\nMonthly Credit Card Payment 2:
\nMonthly Credit Card Payment 3:
\nMonthly Credit Card Payment 4:
\nTotal Monthly Credit Card Payment: <\/p>\n
Debt – Mortgages <\/p>\n
1st Lien Monthly Payment Resident:
\n2nd Lien Monthly Payment Resident:
\nMonthly Student Loan Payments:
\nOther Monthly Loan 1 Description:
\nOther Monthly Loan 1 Payment:
\nOther Monthly Loan 2 Description:
\nOther Monthly Loan 2 Payment:
\nTotal Monthly Mortgage\/Loans: <\/p>\n
Assets <\/p>\n
\nHome:
\n401K Accounts:
\nAutomobiles:
\nChecking Account:
\nSavings Account:
\nIRA\/Keogh Accounts:
\nStocks\/Bonds:
\nMotor Home\/Travel Trailers:
\nOther Recreational Vehicles:
\nReal Estate:
\nOther Asset Description:
\nOther Assets:
\nAsset Total: <\/p>\n
Summary <\/p>\n
Monthly Expenditures:
\nMonthly Total Income:
\nMonthly Unencumbered Income:
\nMonthly Expenditures\/ Income:
\nMonthly Debt\/ Income:<\/p>\n
\nThe second link on the website will be the hardship section. Here are the questions asked on this form.<\/p>\n
Hardship<\/p>\n
Reason for Default:
\nCurtailment of Income
\nWhose income has been affected?:
\nWhat has caused the reduction in income?:
\nWhat are you doing to supplement your income?:
\nIs this short-term\/long-term?:
\nDo you plan on keeping the property?:
\nWhat other resources do you have?:
\n(Borrower 1) Are you self-employed?:
\n(Borrower 1) Are you un-employed?:
\n(Borrower 1) Bank Statement (Most Recent):
\n(Borrower 1) Bank Statement (2nd Most Recent):
\n(Borrower 1) Pay Stub ( Most Recent):
\n(Borrower 1) Pay Stub (2nd Most Recent):
\n(Borrower 1) Tax Return (Most Recent):
\n(Borrower 1) Tax Return (2nd Most Recent):
\nOther Comments (Please provide detail around your hardship reason): <\/p>","protected":false},"excerpt":{"rendered":"
Bank Of America Short Sale Process Help for Home Owners I have submitted an offer on a Bank of America short sale in equator, now what do we do. Each bank has a different way of processing short sale packages. With Bank of America, most of the leg work is handled by a third party […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[59],"tags":[],"class_list":["post-186","post","type-post","status-publish","format-standard","hentry","category-active-rain"],"_links":{"self":[{"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/posts\/186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/comments?post=186"}],"version-history":[{"count":0,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/posts\/186\/revisions"}],"wp:attachment":[{"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/media?parent=186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/categories?post=186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/tags?post=186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}