Short Sales – Boise, Idaho
Homeowners in Boise, Idaho who have fallen behind on their mortgage payments may have heard horror stories about the length of time short sales can take. Programs like HAFA (Home Affordability Foreclosure Alternative) were created to help speed up that process. But what about troubled homeowners who don’t qualify for the HAFA program?
All is not lost; Bank of America has created a created a cooperative short sale program to help Boise, Idaho homeowners who many not qualify for any of the government sponsored programs. While their first priority is to keep owners in their homes with a loan modification or another remedy, sometimes “short sales” truly are the best option.
Persistent high unemployment levels, declining home values and many other factors facing Boise families have put them at risk of foreclosure. The number of short sales has doubled in the last year according to Bank of America. Often this results in the slowing of an already time-consuming and intensive process in which participation from multiple parties is typically required. Bank of America has taken numerous steps in speeding up the short sales process and it shows. The cooperative short sale program is latest example.
Bank of America has really gone from one of the worst lenders to deal with on short sales and become a shining example of what most lenders really need to model their process after. The improved process allows Boise homeowners to limit damage to their credit and move on while allowing Bank of America to limit the loss on properties through foreclosure.
If you or someone you know if facing foreclosure, please ask for help, it’s completely free and totally confidential. Complete the assistance application and HopeForIdaho.com will provide you with a consultation from a local real estate agent experienced in successfully completing short sales to help you decide it is the right option for you.
