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By Inna Ivchenko | Agent in Encino, CA

New Bank of America Short Sale Uniform Borrower Assistance Form 710( Nov.5/12)

Are you working with a  short sale or deed-in-lieu? If you work on such  with Bank of America, here is some important news on their new Short Sale Uniform Borrower Assistance Form 710( click the link to see IRS form)


Short Sale Agent Update


November 5, 2012

     
     
 
     
   

New Uniform Borrower Assistance Form 710

Effective November 1, the Uniform Borrower Assistance Form 710 is now included in the foreclosure solicitation letter for all Fannie Mae, Freddie Mac and military short sales and deeds in lieu of foreclosure transactions. This new form streamlines the document collection process and reduces the number of forms required by obtaining financial information from a delinquent borrower, or a borrower in imminent default, earlier in the process.

Borrowers will now be required to submit the hardship documentation set forth in the Uniform Borrower Assistance Form (Form 710) to demonstrate a valid long-term or permanent hardship for all modifications, including HAMP modifications. This form replaces the Home Affordable Request for Modification and Affidavit and the Fannie Mae Form 1020 (Borrower's Financial Form).

Going forward, the Borrower Solicitation Package will include:

  • Foreclosure prevention solicitation letter
    1. Uniform Borrower Assistance Form, Form 710A (income and hardship documentation as outlined in the form must be submitted)
    2. IRS Form 4506-T

    The complete Borrower Response Package should be returned by the date indicated in the solicitation letter.

    Please note that the borrower's submission of a Uniform Borrower Assistance Form that is partially completed or that is not accompanied by all required income and hardship documentation or an executed IRS Form 4506-T is not considered a complete Borrower Response Package.

    Comments

    By Elli Lou Ilano,  Wed Sep 18 2013, 02:56
    Find blank and fillable Borrowers Assistance forms at PDFfiller.
    http://goo.gl/ifwp8N
    You can fill the text fields, add a variety of checkmarks, digitally sign the form and even add pictures. After your pdf form is completed, it can be printed, emailed, faxed or saved on your computer. You can even send fillable pdf forms to your customers, employees, vendors and partners.
     
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