How long does a Bank of America short sale typically take?

Most Bank of America short sales close in 60–120 days from offer acceptance, depending on completeness of the hardship package, whether there's a junior lien (HELOC, second mortgage), and lender workload. A complete file submitted on day one is the single biggest factor in speed.

Will Bank of America postpone the trustee's sale once I list for short sale?

Often, yes — but not automatically. Bank of America typically postpones a trustee's sale only after a complete short sale package and a qualified buyer offer are in active lender review. The earlier inside Arizona's 91-day post-Notice-of-Trustee's-Sale window we engage, the higher the odds.

Will Bank of America forgive the deficiency on my Arizona short sale?

Arizona's anti-deficiency statute (ARS §33-814) protects most owner-occupied homes after a trustee's sale, but a short sale is a voluntary transaction, so the deficiency waiver has to be written into Bank of America's approval letter. I negotiate that as a non-negotiable on every file — never accept an approval that leaves the door open to collection.

Bank of America Short Sale Arizona — Process & Timeline

Bank of America in the Arizona market

Bank of America services both originated-by-BoA loans and a large book of acquired Countrywide and Merrill Lynch loans. Their Arizona short sale volume covers conventional, FHA, and a handful of jumbo/portfolio products.

How a Bank of America short sale works

Files are submitted through Equator (now ICE Mortgage Technology). After listing and hardship documentation upload, BoA assigns a short sale specialist, orders a valuation (BPO or interior appraisal), and moves the file through investor review. BoA owns and services some of its own portfolio loans, which generally approve faster than investor-held files.

Typical timeline

60–100 days from offer acceptance to closing on the typical Arizona BoA file. Portfolio loans (BoA-owned) are usually toward the fast end; Fannie / Freddie / FHA / VA investor files run a bit longer because of the second-tier review.

Paperwork Bank of America requires

Standard short sale package: hardship letter, two months pay stubs, two months bank statements, tax returns, signed Form 4506-T (IRS authorization), listing agreement, and buyer offer with proof of funds or pre-approval. BoA also requires a borrower-signed authorization for the listing agent to negotiate.

Common challenges with Bank of America

BoA enforces a strict closing-date deadline in the approval letter — typically 30–45 days from approval. Buyers using FHA or VA financing sometimes need an extension, which BoA will grant once but not twice. Plan buyer financing carefully.

Programs Bank of America participates in

Active in HAFA (where investor allows), FHA PFS, VA Compromise Sale. BoA was an early adopter of the cooperative short sale concept (pre-approved short sale before listing), which can shave 15–30 days off the back-end if the borrower qualifies.

Bank of America-specific quirks worth knowing

If a HELOC or second mortgage is also held by BoA, the file moves through one combined review rather than two parallel negotiations — a meaningful time savings vs lenders who handle first/second liens separately.

Servicing platform: ICE Mortgage Technology / Equator

Legal name: Bank of America, N.A.

Educational information about Bank of America's general short sale practices in Arizona. Specific approval terms vary by file. Not legal, tax, or financial advice. Talk to a licensed Arizona attorney or HUD-approved counselor about your specific situation. I am not affiliated with Bank of America.

Common questions — Bank of America short sales in Arizona

Yes. Bank of America processes Arizona short sales through Arizona's standard non-judicial foreclosure framework (ARS Title 33). Approval depends on a verified hardship, a documented inability to keep paying, and a fair-market offer that meets the lender's net minimum after costs.

Bank of America Short Sale in Arizona