Bank of America 'Secret' Short Sale Program | New BoA HPO Short Sale Program

Breaking News….

Bank of America is testing and will soon have a national roll-out of a new  program that will revolutionize the short sale process.

This new program is called HPO Short Sale. (We know the ‘H-P’ stands for High Performance but, as of this post we still don’t know what the ‘O’ represents.)

Listen NOW to the Emergency Tim and Julie Harris and Bank of American HPO Short Sale Teleconference…..all the details about this new program are uncovered. <———CLICK HERE TO LISTEN NOW!
Watch the video: Part 1:

Watch Part II:

Part III

Let me be clear, this new Bank of America HPO Short Sale program is what Harris
Watch the video: Part 2:Real Estate University
has been an advocating for years.  HREU has been pushing for stream lined short sales for well over 5 years. HREU is the original Realtor short sale training source. When you are ready to go beyond the basic short sale designation and training…when you are ready to build a true short sale business…watch this FREE Accredited Short Sale Designation (ASD) and download the FREE Short Sale Guide Book.

Needless to say, we are very excited about what this new HPO Program will mean to our industry.

Here are the details:

(Remember, this program is being quietly introduced, using only a hand-selected group of top short sale agents across the country. HREU will publish any additional information about this new program the second we get it…stay tuned to this site!)

* 6% commissions

* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process.  Think of this as your own ‘short sale personal representative’.

* No pre-qualifying, no hardship required.  Being upside down in the house IS the hardship.

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* No documentation.

* No bank statements.

* No tax returns.

* No financial worksheets.

* No deficiency judgement.

* No financial contribution from the seller of any kind will be requested.

* Only requirements?  -A listing contract -A purchase contract -An appraisal, though we’ve been told the appraisal will not have an adverse bearing on the final acceptance.

* 2 WEEK approvals.

Listen NOW to the Emergency Tim and Julie Harris and Bank of American HPO Short Sale Teleconference…. all the details about this new program are uncovered. <———CLICK HERE TO LISTEN NOW!

More info will be released soon…

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  1. Jeani Stevenson says:

    HOw can I apply for an HPO Short Sale?

  2. Rainy Leroux says:

    This appears to be great news for BofA, possibly Fannie Mae only, short sales. I uploaded a Fannie Mae loan into the Equator System prior to August 1st. A BPO was ordered and completed within three days; quick in most instances. However, my status is still on hold. Should I email my Negotiator and ask about the Cooperative Short Sale Program/HPO Short Sale? And if so, what should I say?

    FYI: Fortunately for my seller, there is only one loan and all other possible reasons for disapproval are non-existent.

  3. Bruce Selin says:

    Boy, I sure hope I gave you attribution properly on my ActiveRain blog about this.

  4. Bruce Selin says:

    It’s interesting that this comes only a day or two after the rumor about the cramdown, or wipeout of negative equity, circulated on the internet. Could BOA be trying to beat the “forced” cramdown? The challenge with the cramdown would be determining the AMOUNT of negative equity, which is obviously market driven. Maybe they think they’ll net more with a short sale today, because after the cramdown values are sure to fall even more??? Or am I giving the banks too much credit for thinking ahead? Yeah, probably.

  5. Tim Harris says:

    Bruce…link your AR Post to this post…I have not read it but, lets help eachother SEO wise and link em!


  6. B of A is adopting the Wachovia model.

    Wachovia actually has a program where a lady comes to your house, looks at your paperwork and will tell you right there yes or no.

    Smart B of A for jumping on the bandwagon. It’s about time!

  7. Linda says:

    Well, who pays for the required appraisal?

  8. Greg Cook says:

    Great news! Tried the and it’s a website on how to buy penny stocks.

  9. I wonder if this will be the end of Equator? That would be a good thing…

  10. When working with BOA on shortsale transactions this year, even utilizing equator, I have noticed that they have always been responsive and was given a telephone # and email of the negotiator or asset manager. Same with other lenders who have returned calls within 24 hours if not within a few hours.

  11. Tom Esposito says:

    How do I get started with a “cooperative short sale”. This would be a great improvement over anything BOA has done previously.

  12. Emily Knell says:


    So, why are you telling students that the ONLY hardship is being upside down?

    I think you need to wait until this new program is fully operational & at that time let students know EXACTLY what’s required of any homeowner. All of these new program rules change on a dime.

  13. Tim Harris says:

    Hi Emily,
    Watch the videos…listen to the call replay. Michele is telling us exactly what BoA told her.

    They told her…no hardship…etc.

    Also, listen to the bit about their ‘use’ of the appraisal. They order it, its in the file…but, don’t use it.

    You are right in that these programs are a moving target. Have you noticed that with every new program/ revision to an existing program we are moving towards a truly fast close SS? I suspect (and expect) that now that Fannie/ Freddie control the mortgage market they will start dictating to the servicers how they want the SS offers handled.

    With continued declines in property values happening now in most major markets…and more homeowners doing strategic short sales (or foreclosures) the servicers will have to implement something radical.

    The slow deflation of the balloon is what is killing the market. Deflation is the operative word now for our industry and perhaps the entire economy.

    Stay focused…you have the chops for this market!


  14. Laura Levenson says:

    I will be doing a short sale with BOA, as soon as I receive an offer. I have already opened a short sale in Equator.

    I called BOA yesterday, and they knew nothing about the HPO program??

    Please advise….


  15. Emily Knell says:

    By the time the banks really start doing short sales quickly (they’ve had about 3yrs to get a good system going) the short sale boom will be over!

    Even Wachovia reps are now stating “we don’t postpone auctions anymore” (I’ve heard that from a couple of idiot reps)

  16. Bob Manieri says:

    I have a short sale that was given “verbal” approval over a month ago. The BofA negotiator told us they needed a week or so, to issue the approval letter. It is one loan with BofA.

    After repeated emails, faxes and phone calls to everyone we could think of at BofA, on August 5th we got a negotiator response that the file was sent to MI for review on 7//23, then it has to go back to the investor for yet more review.

    In late June they asked for the Seller to sign a note. We responded the hardship of the Seller doesn’t allow for that. They then issued on Equator, that the Sale was approved and the note was dismissed. (generally a note is requested by the MI company, so why does it go back to the MI company a month later???)

    I have a cash buyer patiently waiting but that won’t go on much longer. We are into this deal since late March! The agreed upon sales price is the BPO Value.

    Two days ago we email, fax and phone blasted the negotiator, Asset Manager, Assistant Vice President, Vice President, Negotiator’s manager, Senior Vice President and Short Sale Team Leader for a status on this approval!

    All we are getting is complete silence!! How do we invoke the new HPO guidelines, to the cork out of..*&#@!…????

    Anyone have any ideas on to break the bottle neck on this one? Please advise and thanks for reading my “missal”.

  17. Shirley D says:

    I called BofA today to inquire about this information. Upon inquiring, I was told that I need to be transferred to a “Specialized Team” that handles this program but after waiting 10 minutes on the phone, I was told to call back in 2-4 hours because nobody is available to speak to me. The only thing I was able to confirm is that HPO stands for High Performance Outreach program. There is no direct number that you can call. You have to call the short sale department and all they can do is internally transfer to you this so called Specialized Team.

  18. Kira says:

    Who qualifies for this program? Is it only those who have applied and got denied in the other government programs, or can anyone do this??

  19. michael says:

    A Servicer-specific program makes no sense.

    The Servicer does not establish guidelines for the Investor.

    Could apply to BofA portfolio loans, maybe the junk from CW that was discounted anyway.

  20. John says:

    I am in the process of completing a cooperative short sale with BofA. Sold my house on 9/24/10. The primary loan was through Countrywide originally, and the secondary was through Manhattan Mortgage Co. originally when I purchased the house in 2005. BofA ended up owning both loans. Not sure if that had anything to do with why I qualified for the cooperative short sale.

  21. Opened up Bank of America short sale acting on behalf of buyer here in Northern California.

    List price by agent at $292,888
    Submitted offer at $306,000

    Was not a HPO and from this experience so far:

    Offer submitted 8/24/2010
    Accepted by home owner 8/25/2010
    Negotiator assigned 9/16/2010
    BPO ordered by negotiator 9/25/2010
    New negotiator assigned 10/1/2010
    Negotoator responds with pricing at $345,000 10/5/2010
    Buyer responds with $320,000 10/7/2010
    Negotiator responds with possible ok for 320K 10/12/2010
    Negotiator to respond back by this Thursday with Final acceptance
    10/21/2010 …stay tuned sports fans!

    Not bad considering my first Bank of America short sale went for 13 months. They are hit and missed. Alot depends on the agent.

    I did not like the BPO results. Agents selected knew squat about area. When will the banks learn? (Was it greedy bank or poor agent BPO?)

    I had to do my own BPO and show the justification in pricing.


  22. Keith says:

    HPO stands for Hand Property Over…read the fine print guys…new boa guidelines the homeowner will have to agree to a deed in lieu..and they are able to go after a deficiency…not to mention you as the agent have 120 days to list and sell before they take over in deed-in-lieu…how bad does that stink for the agents….they will also set your price to list it at…all within 120days…other than those issues it mirrors hafa except they give 2500 and hafa gives 3k…if they don’t change this it will further flood the REO market…