For the past two weeks, more supervisors are reporting the new requirement for a cash contribution to close the investment short sale. Not much to request for investment property if it means getting out of your current situation and moving on with your life. I also see more note requirements to close the short sale or a combination of both. Why would a borrower balk at being asked to bring $10,000 to closing and sign a note for $25,000 if it means getting rid of property and replacing a 800k plus note to something more manageable. So who is to say after the closing a month or so down the road the lender won't offer a settlement on the note.
Working with Bank of America is like walking down a dark street, but I do see a light all the way down at the end. Keep on them and you may get your short sale through sooner than you think. I have to say all the level two reps I have dealt with are really great employees. I won't list any names here but I have sent letters to their managers thanking them for helping us move these properties.
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