Statement from Bank of America on short sales

CREATED Feb 28, 2012

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 As servicer, we are required to follow the investor guidelines for approving short sales.  Our customers rely on educated, professional real estate agents with short sale experience to help them navigate through the short sale process.  Bank of America holds Realtor forums and has built online resources to educate real estate professionals on short sales. 
The initial short sale application for Mr. Martinson was declined for eligibility through Treasury’s HAFA program because he did not meet the financial qualifications required.  Two additional applications were submitted without an offer and did not meet investor guidelines.  Seven days prior to the foreclosure sale date, we finally received a complete short sale application and offer.  We attempted to postpone the foreclosure sale but the investor declined our request.  Based on investor guidelines, we had no choice but to move forward with the foreclosure sale. 
Bank of America is committed to helping customers avoid foreclosure through short sales but we must meet the guidelines set out by our investors.  In 2011, we completed more than 115,000 short sales and it is our goal to complete even more in 2012.