Bank of America – The World’s Largest Financial Institution
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, online banking, investing, asset management and other financial and risk-management products and services. They are a joint of the Global ATM Alliance, a attachment venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no fees when traveling internationally.
This bank now processes more transactions online than it does through all of its physical banking centers. However, when a bank tells its customers that its online banking system is safe and secure, most people would be shocked to find out otherwise. Bank of America the leader in online banking rolled out its Mobile Banking service to consumers nationwide in May. The service enables more than 20 million online banking customers to bank directly from their cell phone or smart phone with built-in security features.
The company offers securities underwriting and other investment banking services to corporations. Bank of America has recently spent $675 million building its US investment banking business and is looking to become one of the top five investment banks worldwide. They operates more than 5,700 branch locations from which the company offers investment, banking, and loan services to consumers and businesses. Bank of America, itself a product of several big deals to create a retail bank that stretched from coast to coast, has long desired to be an investment banking power.
Customers looking for the nearest Bank of America ATM or banking center through the new service are served with Microsoft Map Point technology. Customers can seamlessly use Map Point from their phone to find the most convenient bank location around town. Consider One of the world's leading financial services companies, Bank of America is committed to making banking work for customers like it never has before.
Bank of America is a coast-to-coast dominant bank with a powerful and complete consumer franchise. This financial institution is in business is to help make communities stronger and to help people achieve their dreams. They are committed to taking a leadership role in helping to make economic development and environmental protection compatible. They are a leading global provider of integrated working capital management and treasury solutions to business and corporate clients of all sizes, financial institutions and governments worldwide.
Bank of America Short Sale – What Do They Need?
Bank of America services more mortgage loans than any other lender in the US. This means they process more short sales than any other lender, and it can be easy to get lost in the mix. The best way to make sure your short sale gets pushed to the front of the line is to supply them with the correct documentation at once and ahead of time.
A good real estate broker with a working knowledge of short sales can guide you through this process quite easily, but before you even get started it will be best to begin by preparing the following things:
Hardship Letter – What is the reason you can no longer afford the home? BOA looks closely at this and the fact that your home is no longer a good investment is not enough of a reason to ask them to take a major hit. BOA will deny a short sale offer if the hardship is not a valid reason for hardship, so be sure to pay specific attention and prepare a detailed and accurate hardship letter.
Pay Stubs – This is for all borrowers that contribute to the mortgage payments in the household. BOA requires the most recent month of pay stubs. If you get paid every week it's best to provide the four (4) most recent pay stubs, and if you get paid every other week it's best to provide the two (2) most recent pay stubs. As a short sale offer is reviewed you should set aside any pay stubs you receive, just in case they ask for them to be updated later in the review process.
Profit & Loss – If you're self employed and you don't receive pay stubs you will need to have a profit & loss statement prepared to outline your most previous 3-6 months of business. An experienced short sale broker should be able to help you prepare this simple document that shows the income generated from your business.
Bank Statements – The two (2) most recent bank statements will also need to be provided to BOA. Like the pay stubs you will want to set these aside as you receive them during the review process, in case BOA requests them at some point
IRS Form 4506T Form – This form allows BOA to look into the electronic filing of your previous tax returns and is standard with all short sale and loan modification reviews. This paperwork is not typically required until an offer is received and presented to Bank of America for approval. It's best not to wait though and start preparing everything you will need ahead of time, when you first list the property for sale. The faster you get out from under the home, the faster you can start rebuilding your future.