This house at 1425 Hickory Lane, in the Seminole area of Niceville Florida, was just approved for Bank of America short sale closing. It was a long process, with delays due to department changes at Bank of America, but in the end - success! Here are the details:
First Mortgage Holder: Bank of America
Second Mortgage: None
Mortgage Type: USDA Ginnie Mae
Original Mortgage: $180,000 appr
Current Value: $70,000 appr
Seller Cash Contibrution: None
Seller Promissory Note: None
A USDA Ginnie Mae short sale (called ”pre foreclosure sale” at Ginnie Mae), is not processed through Equator, Bank of America’s online processing platform. Ginnie Mae does not issue a letter that states deficiency (or the remainder of your note after selling the property is waived).
USDA loss mitigation guidelines, however, state there is no pursuit for the balance of the unpaid note. I researched online and found the following information about USDA loans sold as short sales "A borrower who successfully sells the property securing the loan using the PFS option is relieved of the mortgage obligation. The borrower shall not be pursued for deficiency judgments by either the Servicer or the agency". What other things should you know about USDA short sales? You must have a hardshp, be at least 31 days late on your mortgage payment or facing imminent default.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Niceville Florida short sale agent
Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more. She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.
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