This is not the case any longer. If you are looking to potentially short sale your home and have a first lien with Bank of America the short sale process has become much more efficient, streamlined and easy to deal with. As a short sale listing agent and negotiator I have worked with BOFA on upwards of 40 files/listings in the past year. If your aligned with a Realtor that knows upfront what is needed to make this process much smoother than you could possibly see short sale approval in 30-45 days.
This would apply to sellers with first liens and/or first and second liens with Bank Of America ( Not Fannie or Freddie Owned loans) that wish to do a traditional short sale, not a HAFA short sale.
In the past 60 days I have from start to finish of submitting offers to Bank Of America received short sale approvals on 3 files in 30 -45 days. In the big picture of the short sale world this is amazing, especially with all of the bad press Bank Of America gets for their short sale process and timeframes.
If you have been on the fence about short selling because of the horror stories you have heard maybe its time to talk to a professional who can walk you through the process. I am happy to answer any questions in regards to the short sale process.