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OMG now we are talking... National City YOU ROCK!!!

I couldn't believe the high level of professionalism and quick turnover time with a recent short sale negotiation from National City. In less than 3 weeks of recieving the package the mitigator faxed us a near unbelievable response letter.

This was a second mortgage of $100,000 and they settled at $8,000!!!

In brief the house was once appraised for $410,000 back in 2005. In 05 the owners refi'd to pull out $100K in cash. Meanwhile, they had a first mortgage through BOA for approx. $280K.

Today the home has dropped value but can sell at a quick sale price of $315K. We are still waiting for a response from BOA on the first mortgage short sale negotiation but even if they dont budge I think we did the homeowner well by knocking off $92,000 in debt to National City.

Please share your experience with a 1st mortgage company like BOA accepting a short sale after the 2nd mortgage company folded like a beach chair?

Anthony

Posted by Tony Hodge on 05/18/2008 07:11 PM

Comments (7)

Post is included in group: Short Sales
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Post is included in group: Short Sale Specialists & Pre-Foreclosure Education
Post is included in group: Short Sales Specialists
Post is included in group: New Jersey Preforeclosures

7 Comments on OMG now we are talking... National City YOU ROCK!!!

MAY

2008

Wow, Nat City, mut be getting desperate or very realistic.

I have done 3 BOA properties they are very very tight and slow but then again it seemed like all the lenders have taken April off. Best of luck on this one.

Thanks, we will need it! If BOA drops substantially not only will I make the homeowner happy but I might be able to take the wife on that cruise of Europe we have been talking about ;)

Thanks for reading and commenting!

Every once in a while we get lucky with an easy Short Sale. Good Luck..

NOV

2008

Anthony That is great! You gotta love that second mortgage company willing to take a hit like that, now BOA should take a hit, they been getting hit hard in recent years and it will only get worse before it gets better.

NOV

2008

We also had a very favorable experience with National City as a 2nd....they issued their approval and waited patiently for the 1st to get their approval together...however, they will not negotiate with the seller for full settlement, only a release of lien......make sure your seller knows the difference.

NOV

2008

I have not had a short sale with bank of america yet, but that's good to know National City gave your sellers a good deal.

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