(800) 961-8663 [email protected]

Bank of America in an effort to close more deals has designated a company, Default Servicing LLC., since September to begin contacting homeowners that were pre-qualified for the short sale process. Their new program, shrouded in part due to secrecy of how to qualify, has been initiated and Default Servicing, LLC has begun making phone calls to homeowners that may want to sell their property with a lot less hassle and the removal of all deficiencies. On the surface the program sounds much like the HAFA Program whereas Bank of America is pre-qualifying the property and providing a listing price at which to attempt to sell the property. They are offering 6% in commissions and 6% of the total loan balance to pay off the second mortgage.

We were advised that our clients will not need to provide any of the traditional paperwork but a new letter requesting the homeowner to sign off on their interest to participate is making the rounds. After the initial paperwork (sample located below) has been completed and turned in the account travels from  your “personal associate” to the “marketing specialist”.

It is with this specialist that the properties value will be estimated after a BPO/Appraisal is completed. If you already have an offer they will look at it, counter, and if the offer falls in range get you an approval letter with little to no additional paperwork.

HERE’s a sample of the letter we received which came with a Bank of America header:

624 H Avenue
G, CT xxxxx

Winnetka, CA 91306
Property Address:

Loan Number:
Dear ,
I am following up on our conversation on 11/23/2010. I’ve attached the acknowledgment that we
discussed, which will allow you to enroll in the Cooperative Short Sale Program. This is important, so
please read through the document carefully. Once you have done so, sign and return the document to
me via e‐mail to @defaultservicingllc.com, at my personal fax number: (866) , or by
mail using the enclosed priority mail envelope to:
Bank of America Home Loans
ATTN:
624 H Avenue
G, CT xxxxxxx
In order to proceed with your cooperative short sale, you need to send the form back by 12/10/2010. I
don’t want you to miss out on this program, so please return this form to me as soon as possible.
If you have any questions, please do not hesitate to call me. You can reach me on my private number at
1‐877‐ x 3 Monday through Friday 12:00 PM to 12:00 AM Eastern. Or, you can email me at
[email protected] All of your information will be kept confidential. I am here to help.
Sincerely,

Associate
Cooperative Short Sale Acknowledgement of Interest
Property Address:

Loan Number:
Important information on the Cooperative Short Sale Program
■ If you successfully complete a cooperative short sale, you will sell your home and will be
required to vacate the property
■ You are responsible for all maintenance and expenses on the property until it is sold
■ Financial hardship and inability to afford the payments on your property are needed to
qualify for a cooperative short sale
■ If the cooperative short sale is unsuccessful, Bank of America may offer you the
opportunity to participate in a Deed-in-lieu of foreclosure program
■ Once your short sale is completed, the Bank will report to the major credit reporting
bureaus that your loan was completed as a short sale
Benefits of a successful cooperative short sale
■ If the cooperative short sale is successful, the bank will pay you $3,000
■ If the cooperative short sale is successful, the bank will not pursue the deficiency balance
on your loan
■ If the cooperative short sale is successful, the bank will not foreclose on your home
[NAME]
Signature
Date Signature Date

Printed Name
Printed Name
Sign here
Please fax to:
(866)
Or return in the pre-paid priority envelope
NOTE: If you would like Bank of America to discuss your loan with a 3rd party such as a spouse,
relative, friend, realtor, attorney, or lender, etc… you MUST complete and return this form to us
first.
THIRD PARTY AUTHORIZATION FORM
I hereby authorize Bank of America to discuss my request for payment assistance with the
individual(s) that I have identified below as my designated agent(s) (hereinafter the “Designated
Agent”). Further, Bank of America is hereby authorized to negotiate the terms of a workout
agreement with my Designated Agent and to deliver documents to my Designated Agent which
concern my request for payment assistance. I understand that I will be fully responsible for
reviewing any information that is sent by Bank of America to my Designated Agent. This
Authorization will remain effective until I specifically notify Bank of America Workout
Department in writing that this Authorization is of no further force and effect.
My Designated Agents are:
_______________________________ _________________ ________________________
(Insert name of 3rd party) Phone # Email
_______________________________ _________________ ________________________
(Insert name of 3rd party) Phone # Email
Date: / /
Borrower
Date: / /
Co-Borrower
Loan # _______________________

Many times  the rules and guidelines  may be difficult to understand. If you need help post your questions below or call us privately @ 888-934-3444