Bank Of America Short Sale Approved & Closed!
Raymond Kennedy has closed another Bank Of America Short Sale in Illinois. Bank Of America approved the Short Sale and released the lien on the property for a total payoff of roughly $189,000. Based off the amount that was owed there was over $50,000 loss off the original loan. The loan was forgiven without any deficiency amount attached. In addition Harris Bank held a lien on a second loan which was also approved allowing the sale. This allowed the homeowner to move on with their life and put them in a much stronger financial position for the future.
Since Bank Of America is such are large lender I have worked with Bank Of America on Short Sales with various different types of loans. I have worked with them with various types of Short Sales including HAFA, Portfolio Bank of America Short Sales, Freddie & Fannie Bank Of America Short Sales, Home Equity Lines of Credit (HELOC). Some are more challenging than others but I have been very successful with the completion of these types of Short Sales.
To learn more about Bank Of America Short Sales in Illinois please contact Raymond Kennedy at 708-620-4460.
Reasons why a Bank Of America Short Sales are beneficial to those facing a potential foreclosure in Illinois:
- Illinois is a Deficiency judgement state which means the lien holder/bank/investor could possibly come after a home owner for the remaining balance. By pursuing a Bank Of America Short Sale you open your self up to the opportunity to negotiate the remaining balance and either have this liability completely waived or reduced significantly.
- Reduce the negative impact to your credit.
- Put yourself back in the market sooner to purchase another home by completing an Bank Of America Short Sale.
- All the traditional fees such as Realtor commissions, attorney fees, standard seller fees are not required by the seller, the lien holders pay this as part of their loss. It is fairly a low risk option if you qualify for the Short Sale and are interested in pursuing an Bank Of America Short Sale.
- Every Short Sale is different depending on a number of factors such as the lien holder, type of loan, loan terms, investor and your financial situation. There are some homeowners that may qualify for incentives. I have seen incentives at $3000, $5000 and in very rare unusual circumstances up to $30K to participate in a Short Sale depending on the lender of the loan, the investors as well as price points of the home.
This information is not intended to be legal advice but only to give you direction and guidance on what to expect with Bank Of America Short Sales. I advise you to seek the legal advice from a qualified Real Estate Attorney in your local area. Some homeowners may or may not qualify for a Short Sale and may only qualify for the Short Sale under certain terms. It’s important to understand these terms before proceeding.
Learn more about Bank Of America Short Sales Here
Search Illinois Short Sales Here
Search Illinois Bank Owned Foreclosures Here
Raymond Kennedy
Keller Williams Preferred Realty
Direct: 708-620-4460
Email: illinoisagent@gmail.com
Comments(1)