Bank of America’s Cooperative Short Sale Program…is it a good thing?

Posted on Jan 27, 2011 by Trent Chapman

Here we are in January 2011 with Bank of America finally rolling out their ‘cooperative’ short sale program to the masses, on the heels of the Treasury’s announcement to ‘improve’ the guidelines for HAFA.

What are the highlights of this Bank of America cooperative program?

Well, it has been over simplified by many people who are marketing the hype of “approvals in 2 weeks”… but in this short 12 min webinar, I go over the details of the plan using slides from Bank of America to share with you the ‘no spin’ truth to what the program does and why Bank of America released it.

Lee Honish and I were dead on with our prediction of how miserably HAFA would fail… so you have two choices, 1-you can believe the hype most people spin (2 weeks approval), or 2-you can listen to reality. One will cost you time and money and the other will position you to make better decision and make more money while protecting your clients.

This program will be more of a ‘game changer’ than HAFA, but you still need to be cautious of Bank of America as they are not known for their ‘good intentions’ to help homeowners… but are well known for their tactics to get the most money possible from each borrower.