The acronyms HAFA and BOA, and the words short sale success are rarely used in conjunction with each other - but I can say here FINALLY - an easy deal and quick approval.
The homeowner was seriously delinquent - 2 yrs+ - not even a lis pendens on the land records. Bank of America seems to not want to foreclose on anyone, for my theory on this click here.
It took us quite a while to find a buyer, but once we did ---we were able to have an approval in 27 days!!! From both the first and 2nd mortgages! Why? Why was it so easy? First off, the negotiator was a DREAM to work with! Second, I think it is because both loans were actually owned by Bank of America, and the entire deal was processed in house, and not outsourced to a 3rd party company. (UTLS etc.)
The skinny-
Sale price: $75,000
Net to 1st Mortgage - 59,000
Net to 2nd mortgage - 6,000
Closing costs allowed- 10,000
1st mortgage balance - $155,000
2nd mortgage balance- $35,000
TOTAL DEFICIENCY FORGIVEN - $125,000!!!!
Need to sell your home? Why settle for less than 5 stars? 2011 and 2012 Five Star Connecticut Magazine real estate agent.
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