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Short Sales in CT > Blog > Who is Dignified Transition Solutions and The Bank of America Cooperative Short Sale.

Who is Dignified Transition Solutions and The Bank of America Cooperative Short Sale.

May 29, 2013

     You may have received a letter in the mail from either Bank of America or Dignified Transition Solutions detailing your eligibility into their Cooperative Short Sale program.  If so, this is because you probably missed a mortgage payment and your loan meets certain criteria that allows them to speed through your short sale and get you some of the best terms available for you to sell your home for today's market value and avoid foreclosure.  If you received that letter .. consider yourself LUCKY!

     Dignified Transition Solutions is a 3rd Party Loss Mitigation company hired by Bank of America to process their Cooperative Short Sales.  Yes they are a legitimate company and yes they are working for Bank of America.

     The biggest benefit of the Cooperative Short Sale is that unlike Bank of America's Traditional Short Sale, FHA Short Sale or even the HAFA Short Sale, the Cooperative Short Sale does not require any financial documents.  In the traditional Short Sale programs you would need to come up with Tax Returns, Bank Statements, and Pay Stubs for their review and while that may seem like no big deal, for Bank of America this can mean a 6 month ordeal of misplacing documents, requesting updated documents, and most commonly .. just not looking at the documents at all for weeks upon weeks simply because they have too many other files to get to before yours.   This is where the frustration often begins and when buyers walk away for waiting too long.  The Cooperative Short Sale is a savior for anyone looking to avoid foreclosure.

     The Cooperative Short Sale will also per-approve your list price and can have your buyers offer approved in less than 30 days.  Buyer's will be more likely to make offers on your property, for higher values and will be less likely to walk away during the approval process with a quick approval turn around time.  Compare this to the usual 4-8+ months of a traditional or FHA Short Sale.

     Another benefit of the Cooperative Short Sale is that the borrower will receive a $2,500 check at closing for completing the short sale.  An additional eligibility of up to $30,000 may also be determined for pre-approved list price short sales, including the Cooperative Short Sale.

     With the Cooperative Short Sale, Bank of America waives their right to pursue a deficiency judgement (the difference from what you owed and what they net from the sale after all expenses).  This is very different from a Foreclosure in wich the borrower who lost the home still owes the bank for their losses and can pursue a garnishment of wages or place liens on other property (or future property) as with any other judgement.  After the Cooperative Short Sale your debt will be considered settled at $0.

     If you have any questions about the Bank of America (BOA) or Dignified Transition Solutions Cooperative Short Sale Program or if you are facing foreclosure in Connecticut, please don't hessitate to contact me ASAP.

Thank you,
   Phil Zimbardi
   Real Estate Agent
   Short Sale Specialist

   TOP END Properties

   P: 203-936-77776

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