Bank of America / Freddie Mac – what’s the big deal you
say. Well the big deal is this nice little family never missed a payment AND
there was a CalHFA silent second! Now we are
talking’ a big deal.
As the story unfolds we received a call from a nice
family in Roseville who like so many owed more
than their house was worth and needed to relocate. Mr. and Mrs. Seller bought
the condo while they were childless and had since had two handsome boys.
Needless to say, the condo no longer fit their needs.
Wanting to do the right thing and feeling a moral
obligation to pay as long as they could and also to protect their credit, these
sellers elected to remain current on their payments. As it turns out during the
Short Sale process, Mr. Seller was
offered and accepted a job more than 90 miles away. With him living in motels
and couch surfing with friends while his family was still in Roseville made failure on our part not
an option.
As we always do, we presented Bank of America and Freddie Mac a near perfect Short Sale package
and relentlessly followed up on the progress of the Short Sale. After nearly 45 days we
poised to get our approval when Freddie
Mac requested additional financial information because the
sellers were still current.
Freddie
Mac took two weeks to review the additional information and
low and behold issued the approval letter.
Now, earlier we mentioned the CalHFA
silent second that the sellers were about to have to start paying on. Guess
what, the second was service by Bank of America as well and the second
agreed to the Short Sale. My sellers are now waiting
for the escrow to close so they can be together as a family again, walk away
from over $300,000 in debt with no liability for the unpaid balance or income
taxes for the forgiven debt and start a financial fresh life in their new city.
Does it get much better than that?
Is a West Sacramento Short Sale Right for
Me?
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