Bank of America has always been under fire because of their lengthy short sale processes and thousands of people and homeowners often being in default. Their process is not only lengthy but also confusing and this makes it hard for lenders and homeowners to understand the whole of this process. The bank of America short sale has worked diligently to be able to solve this process by implementing a new process known as Equator technology platform. This program is more advanced than the system they were using before but it has also had its pains and aches. The good thing is that the program currently is running smoothly and fairly. Besides that it has also drastically reduced time in processing a short sale from a languishingly eight to twelve months to three to two months which is more respectable.

The bank also rolled out government home affordable foreclosure options alternative, which was a short program in April. The program also started a cooperative short sale pilot program. This type of program is just the same like the home affordable foreclosure because the bank of America short sales will only have to work with the homeowner as well as agents in marketing the property so that they can gain an agreement on the terms of the short sale bank of America. The approval can only be streamlined if the offer is received. The main purpose of the cooperative short sale program is to utilize this program for people who do not qualify for HAFA program. In HAFA the program has no eligible loan modification and it’s always considered first. A small number of homeowners use the cooperative and short sale program because it is still being tested and being developed by the America bank.

The similarities that the two programs have include: coming up with a fair market value bank of America which is suppose to work with its customers prior to listing the home in helping to come up with a listing price. The bank of America will come up with suggestions that the property should be marketed for 20 days if the property will not have been sold by that time a deed in lieu will be considered for foreclosure so that it can satisfy the mortgage. Because of the appraisal and qualifications, which are usually completed upfront, the short sale approval will then take effect in less than two weeks for it to be complete. Before choosing a program its better to understand their terms and conditions read the instructions carefully.