We've recently closed on another Bank of America Short Sale, this one in the Bloomfield, NJ. What made this more challenging was that there was not one but two mortgages to negotiate.
This 3-family home was in high demand, as there are not many 3-family homes currently available in Bloomfield, NJ. What made this property even more desirable was its finished basedment and detached garage.
After marketing the property for less than two weeks, we received a strong offer from a buyer who wanted to reside in one unit and rent the other two.
After submitting this offer to the Bank of America Short Sale dept., an appraisal was ordered. It was clear from the appraisal that our client's offer was in line with the market value. We had already provided our Short Sale seller's documentation to Bank of America's Short Sale dept., so it was only a matter of time before our client's offer was reviewed and ultimately approved.
While we were able to obtain a Bank of America Short Sale Approval Letter in a relatively short period of time, the second lien holder, CCO Mortgage, was not as easy to deal with.
Bank of America originally offered CCO Mortgage $2,000 to release their lien, which CCO originally accepted. However, CCO then rescinded their acceptance and demanded $6,000. Despite this bad dealing by CCO, we were able to get the investor of the first mortgage to agree to increase their payoff to CCO to $6,000, satisfying the lien holder.
Our Short Sale client was able to walk away from her under water Bank of America mortgage, and even received a Borrower Incentive Fee at the closing. The purchaser of this Bank of America Short Sale got what will prove to be an excellent investment in the long term.
Another Bank of America Short Sale Approval in the books, and we are confident there will be many more to come in 2014!
If you are facing difficulty with your Bank of America mortgage, please contact us for a free and confidential consultation.
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