Do have a Bank of America loan that is backed by Freddie Mac and you live in the Las Vegas area? If so, you may want to get with your Las Vegas short sale realtor right away if you are thinking about doing a short sale.

Currently, Bank of America is working on a new, stringent policy that tightens the ropes on extending auction dates on foreclosed homes. This affects loans where Freddie Mac is the investor; what the new policy entails is that a short sale has to be fully approved before the auction date or the home will be sold at auction. To sum it up they will not be extending auction dates, even if you have an offer on your short sale and are only a few days away from closing. There will be no leeway on this policy, so it’s important to take action while you still have the opportunity to do so.

What does this mean for Las Vegas homeowners that are struggling with their mortgages or are already facing foreclosure? Do not delay any further if you are considering a short sale; contact a short sale realtor in the Las Vegas area today to begin the process before it’s too late. There have been circumstances where underwater homeowners were days away from closing on their short sale but Bank of America still proceeded with the auction because the short sale was not fully approved. Make sure you give yourself plenty of time to short sell your home because you don’t want to miss out on the benefits of a short sale because you hesitated to start the process. Contact a Las Vegas short sale realtor today to find out more about Bank of America’s new policy and to get more information on how to begin the process of short selling your underwater home.