Bank of America FHA Short Sale Closed in Hampton NJ

Bank of America FHA Short Sale Closed in Hampton NJ

We're pleased to announce another successful Bank of America FHA Short Sale has closed, this one located in Hampton, NJ.

This ranch-style home was a nature-lover's dream.  Situated on an acre and a half of lushly wooded property, this home offered year-round views of Paulins Kill Lake.  With access to hiking, bike trails, swimming and boating, this was the perfect home for outdoorsmen.

As this was a Bank of America FHA Short Sale, the homeowners first needed to be evaluated for a loan modification before a short sale could be considered.  FHA Short Sales follow HUD Pre-foreclosure Sale guidelines, which mandate that all borrowers be considered for a loan modification before an FHA Short Sale is reviewed.

The homeowners were deemed ineligible for a loan modification (a common outcome in my experience), so the Bank of America FHA Short Sale review process moved on.  While there were some issues that popped up along the way - such as appraisal issues and variances to extend both the appraisal and the approval to participate - we were able to bring the deal to a succesful close. The buyers got a great home at a reasonable price, and the sellers got to walk away from their underwater mortgage without any deficiency.  Bank of America FHA Short Sale Department even approved the sellers for a FHA Short Sale incentive check.

Another Bank of America FHA Short Sale in the books, and we hope to close more over the coming year.

If you have a Bank of America mortgage, and would like to discussforeclosure alternatives, please
 contact me at (917) 518-7861 for a confidential consultation at no charge.