Bank of America recently announced that “as of January 15, 2013, there will no longer be a temporary foreclosure hold during the Cooperative Short Sale property marketing phase. We may begin or continue the foreclosure process up until a submitted offer to purchase the property is approved by all relevant parties.  Any existing short sale will not be impacted by this change.”

The cooperative short sale has been used when a homeowner does not qualify for the US Treasury’s HAFA (Home Affordable Foreclosure Alternative) program.