Phoenix Realtor Jonathan Dalton discusses the trials and trials of attempting short sales with Bank of America.

ADDED: If you’re weighing the pros and cons of doing a short sale versus being foreclosured upon, whether BofA holds your loan is one data point you should consider. Worse than the bureaucracy that Jonathan wrote about is the fact that Bank of America likely will make you sign a document saying they can come after you years from now for the “deficiency” amount, if you do a short sale with them. If BofA holds your loan, and if you would quality for Arizona’s anti-deficiency law in case of a foreclosure, then that definitely is one data point in favor of going the foreclosure route. Talk to a real estate lawyer right away. Selected list of Arizona real estate lawyers.