B of A announces change to 2nd mortgage deficiency waiver guidelines

Changes to 2nd Lien Deficiency Waiver Guidelines

Bank of America has extended additional support to homeowners by agreeing to enhanced 2nd lien deficiency waiver guidelines.

 

Basic qualifications:

  • The short sale must be initiated on or after June 1, 2012.
  • The 2nd lien must be attached to a 1st lien mortgage owned by Bank of America.

If you determine that the homeowner qualifies for this waiver, contact your short sale specialist to establish the amount to request for the 2nd lien.

 

This waiver enhancement, based on the Department of Justice settlement, went into effect on June 1.

 

Important reminders:

  • Use Equator messaging as your primary way to communicate with your short sale specialist.
  • Contact Short Sale Customer Care at 1.866.880.1232 for status updates and answers to immediate questions.
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