Bank of America Announces Changes to Cooperative Short Sale Program on Charfen Institute Broadcast

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Bank of America Senior VP Stephanie Lowe appeared on a Charfen Institute broadcast to discuss changes to the Bank of America Cooperative Short Sale program.

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There are instances where they weren’t actively marketing the property. We want to make sure we look out for our homeowner and our investor.

In an exclusive broadcast at the Charfen Institute, Bank of America announced new guidelines for their Cooperative short sale program on Wednesday. Stephanie Lowe, Senior Vice President of Mortgage Operations at Bank of America, joined Charfen Institute Founder and CEO, Alex Charfen on Wednesday, January 16, 2013 to discuss the changes.

“We have seen in the past… where someone would come right before foreclosure sale and request to put their property on the market,” said Lowe on the broadcast. “There are instances where they weren’t actively marketing the property. We want to make sure we look out for our homeowner and our investor.”

These changes eliminate the freeze in the foreclosure process when an agent initiates a short sale on behalf of a homeowner. This was previously a benefit for agents in that it allowed agents the opportunity to market properties while giving distressed homeowners a reprieve from foreclosure proceedings.

Previously, the foreclosure process was delayed by 120 days while the homeowner and agent pursued buyers for the property. A short sale, in which the bank agrees to accept an offer of sale for less than the amount owed on the mortgage, has been an increasingly popular option for homeowners in danger of losing their home to foreclosure.

“While these changes do make it more difficult for agents to complete a proactive short sale, the short sale option is still the best solution for the majority of underwater homeowners in most cases, ” said Alex Charfen, after the broadcast. “We are glad to act as a go-between for major lenders like Bank of America and the tens of thousands of real estate agents we reach on a daily basis.”

About the Charfen Institute:
The Charfen Institute educates and trains real estate professionals and small business owners to find opportunities in chaos – either by providing solutions to the foreclosure crisis or empowering entrepreneurs with strategies to embrace their companies’ full potential. The company produces more than 300 educational events each year through various divisions, including: the Certified Distressed Property Expert® (CDPE) Designation, the Certified Investor Agent Specialist® (CIAS), LEAD Experience™, and its annual Breakthrough Conference. The CDPE Designation is the fastest growing independent designation in real estate industry history, with more than 40,000 agents trained since 2008. In 2011, the Charfen Institute ranked No. 21 on the Inc. 500 List of America’s Fastest-Growing Private Companies.

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Lierin Greenwald
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