Successful Bank of America Short Sale - Fannie Mae was the 1st Mortgage Investor and Bank of America Held the 2nd Mortgage both with Mortgage Insurance
6405 Silk Oak Ct, Citrus Heights CA 95621
DETAILS: This property had 2 mortgages that were both serviced by the same lender - Bank of America. Both the 1st Mortgage and 2nd Mortgage were "Purchase Money" mortgages which means they were both attained at time of the original home purchase. Fannie Mae was the Investor holding the note on the first mortgage. Bank of America was the Investor holding the note on the 2nd mortgage. Both Fannie Mae and Bank of America had taken out Lender Paid Mortgage insurance, also referred to as LPMI. That means both investors had insurance against the potential for loss on a short sale or foreclosure. The negotiation between the lender and investors by Citrus Heights CA Short Sale Real Estate Agent Ken Patterson began in February and finally ended with a successful short sale in September 2011. The Mortgage Insurance Company on the 2nd would not give authorization for several months and made unreasonable demands for compensation throughout the transaction. Finally in August, Fannie Mae set the Trustee Sale Date also known as the Foreclosure Date. By grinding through these negotionations Real Estate agent Ken Patterson and his TEAM Patterson Realty staff were able to close this short sale just 3 days before the scheduled foreclosure. For more details - CLICK HERE
Ken Patterson has closed many Short Sales in Citrus Heights California (For both Buyers & Sellers) as well as Short Sales in Granite Bay CA, Elk Grove CA, Sacramento and Rocklin CA in addition to other areas around Sacramento and Placer County. Ken and his TEAM Patterson Realty agents also keep up with Short Sale and Foreclosure trends as well as what Lenders like Wells Fargo Mortgage, US Bank, Green Tree Mortgage, Bank of America, Ocwen Mortgage Services, Bank of New York Mellon and Fannie Mae and others have or have not done for particular borrows on Short Sale Transactions.
TEAM Patterson Realty and Real Estate Agent Ken Patterson are synonymous with underwater mortgage assistance and short sales in the city of Citrus Heights California. They also help home owners in understanding Loan Modification Help your mortgage lender may be offering for your Citrus Heights CA home.
Recent Sales: Number 1 Number 2
Citrus Heights CA Short Sale Agent Ken Patterson has SOLD another home with a Bank of America Home Mortgage. A Short Sale Specialist is an agent that has actually completed and sold Short Sale Listings successfully.
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