Bank of America

Bank of America-Wells Fargo-Chase- Short Sales

Bank of America continues to improve the short sale process so agents can help homeowners avoid foreclosure.

Integrated Technology for Deals With an Offer and Without an Offer:
Agents can now initiate a short sale in Equator prior to marketing the property. The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process. In addition, the homeowner may qualify for a cash incentive and have their deficiency waived.

Short Sale Specialist Assigned Earlier in the Process:
If a short sale is imitated with an offer, a short sale specialist will be assigned in Equator earlier in the process. If a short sale is initiated without an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility. Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.

Homeowner Documentation:
Short sale specialists are able to identify earlier in the process which homeowner documents, if any, are required. Depending on the homeowner's situation, the amount of documentation required may be significantly reduced. However, the short sale process will not move forward until all required homeowner documentation is provided.

Initial Offer Evaluation:
If an offer is submitted that is significantly lower than current values, the offer may be rejected and the agent will be notified in Equator. The Submit Short Sale Offer task will reopen and a new offer must be submitted.

Wells Fargo Short Sales

Wells Fargo is now using Equator to help initiate, manage and process short sale transactions for Wells Fargo Home Mortgage properties.

Equator is available at anytime to:

Initiate the short sale process - with a few steps, initiating the sale is easy
Check the file status of your short sales - to stay on top of tasks and on target with deliverables
Upload documents - to easily verify documents have been submitted
Access the workflow of requested items for short sales - to readily know the items still needed

The following types of loan will now be accepted through the system for Wells Fargo short sale properties:

Wells Fargo Home Mortgage conventional loans, including Fannie Mae and Freddie Mac loans
America's Servicing Company loans
Veterans Association (VA) loans
Home Credit Solution(HCS) loans

With a Wells Fargo short sale you can sell your home for less than the amount owed on your mortgage. We will also negotiate for a full release from your obligation to pay back your primary mortgage under its original terms and negotiate for a full release of the deficiency balance.

As with other banks, once Wells Fargo Home Mortgage accepts a Short Sale, the sale is reported as payment in full or other similar language. This option can help you avoid a foreclosure sale even if the foreclosure process has started.

As the homeowner, you:

Avoid a foreclosure sale — The foreclosure sale may is postponed once a written, signed offer is received and approved by Wells Fargo Home Mortgage
Can live in your home until the new owner closes, giving you time to make other living arrangements
We negotiate full release from your obligation to repay your mortgage balance

We are experienced Equator Negotiators.

DO YOU QUALIFY FOR ASHORT SALE?

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Chase Home Loans

If you believe that you will continue to have trouble paying your mortgage, selling your property through a Chase Short Sale may be your best choice and Northwest Equity Home Sales can help.

The expansion of the government's Home Affordable program introduces new benefits for those homeowners who are no longer able to retain their home but would still like to avoid foreclosure. If you do not qualify under the government's Home Affordable eligibility criteria, you will still be eligible to work with Chase under the regular foreclosure alternative options.

Pre-Foreclosure "Short" Sale:

Short sales are useful for homeowners who owe more on their home than it is currently worth. If so, Chase may accept less than the amount they are owed. Plus, you can control the timing and terms under which you move.

If you qualify under the Home Affordable Foreclosure Alternatives (HAFA) short sale program,
When you sell your home you may receive financial assistance of $3,000 to help with relocation expenses.
If you do not meet the HAFA eligibility, Chase may still consider a regular short sale.
To be considered for either a HAFA short sale or a regular short sale you would need to submit your request for a Short Sale.

The following packet includes both the information regarding your financial situation, your hardship and the details required for the short sale. Do Not fill out and submit these form without contacting us first. Full Packet

Northwest Equity Home Sales is your one stop real estate resource. NWEHS specializes in Washington Real Estate. Please use our interactive map and MLS listings to search for real estate in the Pacific Northwest. Northwest Equity Home Sales also provides client services such as mortgage, relocation, home warranty, escrow and title insurance. NWEHS is Independently Owned and Operated.