Bank of America has gotten MUCH better in their short sale processing as most all of their short sales are processed through equator. Not their government short sales though. All FHA short sales are processed via fax, and it can be a painstaking process.

With a full package submitted, call after call after call failed to get the short sale file opened and activated. From both me and the homeowners. Enter Twitter. After tweeting to @bofa_help as a last resort, the file was opened in 24 hours.

My clients were easily pre approved for the FHA preforeclosure sales program, and we found a buyer in the first 3 weeks. UNFORTUNATELY, the loan officer did not ask all the right questions, and the deal fell through because the buyer had a foreclosure less than 2 years prior. Nice job jamming up my clients there junior loan officer. When someone files bankruptcy, it does not get rid of their house. It will get rid of the obligation to pay the debt, but you still own your house after a bankruptcy. You have to sell it, do a deed in lieu, or get foreclosed on in order to no longer own the house. This individual got foreclosed on and didn't know it.

Anyhoo, with that buyer gone, we were able to secure a solid backup buyer and make the deal work....with a little drama. We submitted our FINAL HUD for approval 5 days in advance as requested.... but I had to take to twitter again to get the job completed. Our final closing documents came through 3 hours prior to closing. Here are the details:

Amount owed: $290,000

Sale price: $255,000

Closing costs allowed: $18,000

Net to Bank of America: $237,000

Debt forgiven: $53,000

 

Patrick

 

Why settle for less than 5 stars?

Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut

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Who To Call For Your Real Estate Needs In Connecticut:

Patrick James is a REALTOR that can assist you with all your real estate needs in Connecticut. Patrick resides in Middlesex County but also offers Real Estate Services in New London and Hartford counties, as well as portions of Windham, Tolland, Litchfield and New Haven Counties. Patrick  can be contacted via phone or text message at (860)550-5267 or pwjrealtor@gmail.com

 

IMPORTANT NOTICE:

Patrick W. James and CG Real Estate are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.

 
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2 Comments on Bank of America FHA short sale SUCCESS in East Hampton, CT

JUL
12
1,361,045 Points 244 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Patrick you have to know the rules, or they end up bitting you in the donkey.  Glad the second deal came together.
4:06pm • #1
JUL
17
1,111,867 Points 72 Featured Posts

Short sales are definitely not for everyone, and you gotta wonder whose running these banks??
5:34am • #2


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Patrick James

Middletown, CT

More about me…

CG Real Estate

Address: 1224 Mill St., Bldg B, East Berlin, CT, 06023

Office Phone: (860) 316-2569

Cell Phone: (860) 550-5267

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' If you are looking for a real estate professional to handle the short sale of your home look no further. I met Patrick upon my return to CT during ... more '
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