I couldn't believe the high level of professionalism and quick turnover time with a recent short sale negotiation from National City. In less than 3 weeks of recieving the package the mitigator faxed us a near unbelievable response letter.
This was a second mortgage of $100,000 and they settled at $8,000!!!
In brief the house was once appraised for $410,000 back in 2005. In 05 the owners refi'd to pull out $100K in cash. Meanwhile, they had a first mortgage through BOA for approx. $280K.
Today the home has dropped value but can sell at a quick sale price of $315K. We are still waiting for a response from BOA on the first mortgage short sale negotiation but even if they dont budge I think we did the homeowner well by knocking off $92,000 in debt to National City.
Please share your experience with a 1st mortgage company like BOA accepting a short sale after the 2nd mortgage company folded like a beach chair?
Anthony
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