Bank of America has gotten MUCH better in their short sale processing as most all of their short sales are processed through equator. Not their government short sales though. All FHA short sales are processed via fax, and it can be a painstaking process.
With a full package submitted, call after call after call failed to get the short sale file opened and activated. From both me and the homeowners. Enter Twitter. After tweeting to @bofa_help as a last resort, the file was opened in 24 hours.
My clients were easily pre approved for the FHA preforeclosure sales program, and we found a buyer in the first 3 weeks. UNFORTUNATELY, the loan officer did not ask all the right questions, and the deal fell through because the buyer had a foreclosure less than 2 years prior. Nice job jamming up my clients there junior loan officer. When someone files bankruptcy, it does not get rid of their house. It will get rid of the obligation to pay the debt, but you still own your house after a bankruptcy. You have to sell it, do a deed in lieu, or get foreclosed on in order to no longer own the house. This individual got foreclosed on and didn't know it.
Anyhoo, with that buyer gone, we were able to secure a solid backup buyer and make the deal work....with a little drama. We submitted our FINAL HUD for approval 5 days in advance as requested.... but I had to take to twitter again to get the job completed. Our final closing documents came through 3 hours prior to closing. Here are the details:
Amount owed: $290,000
Sale price: $255,000
Closing costs allowed: $18,000
Net to Bank of America: $237,000
Debt forgiven: $53,000
Patrick
Why settle for less than 5 stars?
Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut
Comments(2)