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Short Sales in CT > Blog > Bank of America: New Uniform Borrower Assistance Form 710
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Bank of America: New Uniform Borrower Assistance Form 710

November 7, 2012


Short Sale Agent Update

November 5, 2012
 

  New Uniform Borrower Assistance Form 710

Effective November 1, the Uniform Borrower Assistance Form 710 is now included in the foreclosure solicitation letter for all Fannie Mae, Freddie Mac and military short sales and deeds in lieu of foreclosure transactions. This new form streamlines the document collection process and reduces the number of forms required by obtaining financial information from a delinquent borrower, or a borrower in imminent default, earlier in the process.

Borrowers will now be required to submit the hardship documentation set forth in the Uniform Borrower Assistance Form (Form 710) to demonstrate a valid long-term or permanent hardship for all modifications, including HAMP modifications. This form replaces the Home Affordable Request for Modification and Affidavit and the Fannie Mae Form 1020 (Borrower's Financial Form).

Going forward, the Borrower Solicitation Package will include:


Foreclosure prevention solicitation letter
Uniform Borrower Assistance Form, Form 710A (income and hardship documentation as outlined in the form must be submitted)
IRS Form 4506-T
The complete Borrower Response Package should be returned by the date indicated in the solicitation letter. Please note that the borrower's submission of a Uniform Borrower Assistance Form that is partially completed or that is not accompanied by all required income and hardship documentation or an executed IRS Form 4506-T is not considered a complete Borrower Response Package.


If you have questions, first contact your short sale specialist (or closing officer) through Equator messaging. If there's no response after two days, escalate to the team lead.

For urgent needs (such as a foreclosure postponement) or for escalation beyond the team lead, contact Short Sale Customer/Agent Care at 1.866.880.1232.

Visit the Agent Resource Center at bankofamerica.com/shortsaleagent for educational guides, news and resources to help agents complete a short sale at Bank of America.

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