Buford GA Short Sale Approved with M&T Bank and Citi Mortgage

Buford GA Short Sale Approved with M&T Bank and Citi Mortgage

Finally after 4 months of waiting we finally have short sale approval from M&T Bank and Citi Mortgage.  My client the seller, the buyers, selling agent and I are all very happy needless to say. Buford GA Short Sale Approved with M&T Bank and Citi Mortgage finally!

This short sale was a bear!  We went under contract on August 8, 2012 in hopes of closing this out before the 12-31-2012 the planned expiration of the mortgage debt forgiveness act.   

Our orginal close date was in October and at that point Citi requested a second BPO and then a third BPO.  Finally in late November all BPOs were completed and we were issued the short sale approval from Citi Mortgage and we extended the closing date to mid December still hoping to make the deadline for the mortgage debt forgiveness act.

We were working with M&T Bank to get the first lien short sale approval and the deadline for the mortgage debt forgiveness act was quickly approaching and time was not on our side.  This approval did not go as expected, there were questions about whether the sellers would receive the $3000 for relocation  and time was slipping away.

The negotiator was out of the house and so was his manager and neither was due to return to the office until 12-31-2012.  I escalated and did everything in my power to get the short sale approved before the 12-31-2012 deadline but even with my best efforts I was unable to get it approved before the expiration of the mortgage debt forgiveness act expired.

Needless to say when the mortgage debt forgiveness act was extended until 01-01-2014 and we finally received the final short sale approval letter my clients and I were elated.  Finally Buford GA Short Sale Approved with M&T Bank and Citi Mortgage

To date M&T Bank has been the most difficult bank I have dealt with due to the lack of communication, but I am glad that we finally have approval from both the first and second lien holders.  Now I look forward to successfully closing this transaction in the next couple of weeks.