Bank of America and Citi Mortgage Short Sale Success – Lakeland FL
I love to do the happy dance when a short sale finally closes and seller and buyer are happy campers. Another short sale successfully closed on March 26, 2012 on a single family home in Lakeland FL – Christina Community with Bank of America and Citi Mortgage.
The home has 3 bedrooms/2baths with about 1,954 living square feet. It was purchased in November 2006 for $245,000. It was sold for $130,000. A decline in market value of 47% within 5 1/2 years.
Liens:
1st mortgage balance of $184,000 with Bank of America
2nd mortgage balance of $46,000 with Citi Mortgage
Hardship:
Curtailment of Income
I was contacted in November and shortly thereafter receiving all pertinent documents I marketed the property for $149,000 online by the end of November. An offer was negotiated and a contract was signed in December. All required documents were sent through Equator for Bank of America and faxed (80 pages) to Citi Mortgage. After Bank of America denied HAFA, we reinitiated a regular short sale through Equator. After negotiating the terms with Bank of America a short sale approval letter was received on February 22, 2012. Keeping Citi Mortgage updated of the status, ironically once I told Citi Mortgage that I received an approval letter from Bank of America, within an hour I received an approval letter from Citi Mortgage as well.
Seller received full waiver of deficiency on both loans, buyer received 3% closing cost assistance on a conventional loan and closing took place on March 26, 2012 - It took 117 days from listing to closing.
Client Testimonial
Petra, I just have to say thank you for a job well done! I never thought it would be possible to sell our house in today's market. You made it happen and we really appreciate all you did. You were on top of it, you gave great advice, and didn't even drop a single ball when you were called to go to Germany for a family emergency. Thank you!!!! K. Walters
Call Petra Norris (863) 619-6918 if you need help selling your Lakeland FL home as a short sale.
This was originally posted on my blog at: http://lakelandfl-shortsaleagent.com/bank-of-america-and-citi-mortgage-short-sale-success-lakeland-fl/
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.
Copyright © 2012 By Petra Norris * Bank of America and Citi Mortgage Short Sale Success – Lakeland FL*
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