BofA Short Sale Success...Sometimes, The Squeaky Wheel DOES Get The Grease!
Many of you read the blog I wrote last week titled, "Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This....".
If you haven't read it already, please click here before continuing.
Basically, BofA was servicing a FNMA-owned loan. FNMA had given their approval for the short sale, but BofA decided to foreclose on the home less than two weeks later, despite telling us that the foreclosure had been postponed. I immediately contacted our local NBC affiliate, and they ran a story on it last week. To see the news story, click here.
To make a long story short, today I received an email from BofA, RESCINDING THE FORECLOSURE that took place on March 17th, 2010. You heard it right, FNMA is deeding the home back to my clients so that they can proceed with the previously-approved short sale!
So, my clients, who tried to do the "right thing" and not simply walk away from their home, will not have a foreclosure on their credit report. Needless to say, they are thrilled with the news.
The next time a lender makes such an egregious error, CALL THEM OUT BY CONTACTING THE PRESS. Lenders like BofA do not like these stories getting out to the public, as evidenced in this case.
Moral of the story: Short sales are a contact sport. Don't be afraid to take off the gloves and start swinging.
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