A VP of Bank of America Home Loans gave me a call the other day and provided me with something that eased the pain of the short sale disease I have been battling. He said that If I had a short sale with Bank of America, meaning that the home being sold has a loan greater than all the selling expenses combined, he had help.
Simply put, he was going to do something about the short sale I just listed and went into a purchase agreement with. For example, I have a short sale in the Parkmont area of Fremont That recently got an offer on it. The existing loan on the property is with B of A. Then, the new buyer had sought out a B of A rep to fund the loan for the short sale purchase. To paint a clearer picture here, the loan is going from B of A to B of A, so I guess it is a bit easier.
The real magic takes place within the B of A system. Instead of going through the whole "90" day process they once told us, (we had another B of A short sale for 6 months now), the bank said it will take about 60 days. Shocked, we had to move a few things along somewhat closer to the normal speed of doing things. It looks like they may move in before the Holidays after all.
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