Consumer Financial Protection Bureau (CFPB) servicing standards, implemented a new process earlier this year. The Evaluation process will evaluate customers who are entering directly into the short sale process. The customers are evaluated for their short sale options and receive a notice of the evaluation within 30 days of providing a complete short sale package
To continue to ensure compliance with required timeframes, updates have been made to the short sale evaluation process and letters.
According to CFPB, Short Sale Evaluation Notices will now be standalone letters that highlight the specific short sale program for which a customer is eligible and the timeframe and method to accept the program that is offered on their notice:
- Timeframe: Borrowers have 14 days (30 days for NV) to confirm their interest in the specific program.
- Method: To confirm their interest in the specific program, customers must engage with Bank of America and/or complete the mandatory tasking. The required engagement or response will be outlined in the specific Evaluation Notice.
You can find more information relating to the process on their website. For additional Tampa Bay short sales, please feel free to contact me.
Tampa Bay Short sales