While BOA did have a reputation for being one of the slowest when it came to short sales, there have been some significant changes over the last month or so and we have seen major success in doing short sales with them. They are currently in the process of changing over to a web based platform which will shorten time dramatically.

So your Realtor friend might be a little behind the times. But that is not surprising as most Realtors have very little training and even less experience in dealing with short sales.

As for the foreclosure process in Michigan (like my own state of Minnesota), most of the time it will be a non-judicial foreclosure. The process can take about six months to get to the public auction and than you have a redemption period of 6 months on average. So one could be looking at about a year from when you stop making payments. And possibly longer.

But I would not recommend going the foreclosure route if you can help it. As it sounds like loan mods are now out to the equation, a short sale would make sense. And BOA is not that tough to deal with. At least in my experience.

Explore your options.

Steele V. Propp
Certified Distressed Property Expert
[www.shortsalesMinnesota]