I should have known in
the beginning that this Bank of America Short Sale was going to be a
challenge. It started with the negotiator insisting on documentation and
details never requested before or since on a Bank of America Short Sale. After escalating the
file several times to get her back on track it became very obvious she was
going to make us pay for escalating above her head even though each time she
was dead wrong and doing the client and Bank of America a huge disservice.
Fortunately the file was
re-assigned and we were able to process the file as it normally should be
handled. We were approved for the Bank of America Short Sale and the seller
was scheduled to receive $3,000 in relocation assistance. And as Paul Harvey
used to say, and then the rest of the story…
We received the approval
letter with less than two weeks to close the escrow. When I asked the Bank of America Short Sale negotiator she
said “oh, I forgot to tell you, the loan servicing has been sold and if you
can’t close by then the loan will be transferred”. ARGH! That would have been
good information to know several weeks prior. When the loan is service
releasedyou generally have to start the process all over again with the new lender.
As luck would have it,
the seller had already moved out, the buyer had already completed their
inspections and the buyer was paying cash. Working with a great agent
representing the buyers we were able to meet the Bank of America Service Release deadline and
close the escrow before the loan was transferred.
Once again we were able
to help a nice young family get out from under more than $400,000 in debt,
receive relocation assistance, avoid foreclosure and get a fresh financial
start with no obligation for the unpaid debt or liability for the income taxes
on the forgiven debt. What a huge victory for these folks.
Is a West Sacramento Short Sale Right for Me?
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for
a free estimate or call me today for a free no obligation consultation or for
the latest West Sacramento short sale information. Call me today and sleep better tonight;
you’ll be glad you did.
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