West Sacramento Short Sale Information – Bank of America Short Sale Nightmare

Looking for West Sacramento short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today let’s talk about our most recent Bank of America Short Sale Nightmare.

This was an FHA insured Bank of America serviced Short Sale that was nothing but problems from A-Z.

In an FHA insured Short Sale FHA must first issue what is referred to as an ATP or authorization to participate before the West Sacramento Short Sale offer can be reviewed. In an efficient Short Sale department the review would take no more the 30-45 days. Remember I said efficient. After nearly 90 days of review and stalling the FHA Short Sale file my seller had had enough and declared bankruptcy just days before we should have received the full approval letter. Now I can’t says I blame her but once the BK has been filed the entire Bank of America Short Sale is on hold until the BK is resolved or the property is removed from the proceedings.

After several months the BK was discharged and we were back in pursuit of closing the Bank of America Short Sale. What a lot of people don’t know is that if there is no equity in the property after the bankruptcy the property still has to be disposed of either through foreclosure or Short Sale.

OK so now we are 6 months into what should have been a 3 month process. We are ready to get our Bank of America Short Sale approval and guess what – FHA sells the note toKondaur Capital ARGH! What else can go wrong on this file I have to ask myself?

As luck would have it the good folks at Kondaur get it. Even before the actual transfer took place they contacted us about the Short Sale. We were able to work out the details and once the sale was completed we were able to secure an approval letter from Kondaur and close the short sale 10 days after the loan was transferred.

Our seller still received relocation assistance and avoided the foreclosure. Kondaur minimized their loss and a happy investor now will be able to transform what was once a blemish on the neighborhood into an asset to the neighborhood.

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.