Short sale image via Shutterstock.
Bank of America will hold a webinar for real estate professionals next week designed to help them better navigate short sales.
The one-hour webinar, which starts at 4 p.m. Eastern Thursday, Sept. 5, will explain how to handle short sales for mortgages guaranteed by the Federal Housing Administration, which can now be processed through Bank of America’s short-sale processing system Equator.
It will also cover mortgage servicing transfers, how to “escalate” (resolve) a short-sale problem, common short-sale document errors and other tips and resources.
In addition, Bank of America has updated its Short Sale Agent Resource Center, which has educational guides dedicated to the topics covered in the webinar, the bank said.
The session will include time to respond to questions agents submitted upon registration.
The webinar’s presenters will be short-sale site executive Marc Tubbs and short-sale and deed-in-lieu of foreclosure executive Bill Borda.
Short sales made up 14 percent of all residential sales in June, down from 15 percent in May, but up from 8 percent in June 2012, according to real estate data firm RealtyTrac. The company noted a double-digit decline in short sales in the first quarter and attributed it to rising home prices, which can reduce the incentive for lenders to sign off on short sales.