Antioch Short Sale Agent Explains Bank of America Service Release

Sumo

Antioch Short Sale Agent Scott Fuller Explains Bank of America Service Release Procedure

Your Antioch short sale agent Scott Fuller just received some information from Bank of America’s short sale department giving some advice and information on what happens if you are going through a short sale with Bank of America as your servicer. What we mean by servicer is Bank of America is who you make your mortgage payments to. In many cases they’re going to transfer the servicing, release it out to a different company who you start making payments to. In short sales that can usually be a pretty big delay. It can cause a big delay because the file may be halfway through the approval process. On the short sale side they decide to service release it, it goes to a different company. Unfortunately, it starts over the short approval sales process. It starts over with that new company.

Here’s some of the guidelines from Bank of America, direct from your Antioch short sale agent Scott Fuller. It says that some key activities that may occur during servicing transfer: Bank of America will send the homeowner a letter 15 days before the servicing transfer date. So they’ll give you a little bit of heads up, hopefully. They’re saying 15 days that you’ll be making your payment to another company, and that will happen prior to the other company usually sending you over a notice themselves.

Bank of America may call the agent to advise of the impacts to the short sale. We haven’t seen that ourselves where they actually call us and give us notification. It’s usually when we call them to get a status update on the short sale that they let us know that it’s in the process of being service transferred. Again, as soon as we get any type of notice like that, I will certainly let you know what the impacts may be for the short sale as far as the timeline is concerned.

Lastly, the new servicer will send a letter or statement advising the home owner where to send payments. So the new servicer will create a new account number, and that’s who you are going to start making your payments over to.

So, again, if you’re in the process of a short sale, you have a Bank of America loan, or you’re thinking about doing a short sale and you have a Bank of America loan, this is something that may take place. It’s becoming more common for servicers to transfer. Many short sale agents do not understand how this process works or how to go about the transition during a short sale. You can count on your Antioch short sale agent Scott Fuller and his team of specialists to make sure it is done the right way.

Any questions that you have on that, feel free to contact us. Again, we take care of the entire short sale process, from beginning to end, so we’ve run across these situations a lot. We know how to handle them.

You can also learn more about your Antioch short sale agent Scott Fuller by visiting our YouTube channel.