Unless you get into a Home Affordable Foreclosure Alternatives (HAFA) Program, you will receive $0 from the sale. The most they will pay you for moving expenses is up to $3000 if you qualify for a HAFA program. Equator is Bank of America's online process for short-sales. Very cumbersome, and best to use someone who has used their system before. I would suggest interviewing agents who have experience in Short-sales and preferably BOA short-sales. From my experience, as long as the short-sale process is in motion the bank will put the foreclosure on hold.
Always verify all info with reputable and knowledgeable professionals, like attorneys and qualified Realtors. Laws are different in each State. I am very sorry to hear this is happening to many people like yourself.
Best of luck,
Rob Hughes-Long and Foster RE INC.
From what I've seen the missed payments leading up to the shortsale have a the biggest, negative affect on credit. Even more than the actual short sale itself. Also, if you're pursuing purchasing in the near term having a perfect payment history on a prior short sale would most likely enable you to do this much sooner.
As the other posts state, it would be a wise move to consult a licensed attorney in your state.
If you miss even one payment it will hurt your credit score. To give you the best answer I really need to understand what you plan on doing after you sale ? if you plan on trying to buy something else less expensive we need a game plan. I have a strong lending background combined with 29 years experience. My daughter is my partner and lives off Deltona and we do use the Equator system. email me email@example.com to set up a meeting so we can talk and figure out your best course off action.
I am a Short Sale/REO Specialist in Spring Hill. It is important to use a qualified Realtor to do the short sale process and not do it on your own as it gets complicated with paperwork and time lines. I can help you with the short sale. I use Equator daily for my Short Sale and REO task. You can reach me at 352-658-1810. I would be happy to answer any of your questions! Call me today! David
I think every bank is different. I have a client now processing a short sale with Chase; she was advised to stop making payments. For the life of me I don't understand why this makes sense... maybe because it supports the hardship position. I don't know - I wouldn't do ANYTHING without the advice of an attorney familiar with short sales in your neighborhood.
Equator is an internet based status system that BOA uses to communicate and process documentation throughout the short sale process. I have used it - I was not familiar with it prior to that deal, the learning curve is not that difficult if you use an internet/technically savvy agent. It's much more important that you choose an agent familiar with the short sale process. Maybe the bank can recommend one?