We just closed another
marathon Bank of America FHA Short Sale. We honestly worked on this file for nearly 10 months. Keep in
mind the Bank of America FHA Short Sale Guidelines call for a decision to be made whether or not the
borrower can participate within 45 days of submission and once the borrower is
approved for short sale, a determination on the offer is
supposed to be made within 30 days of authorization. Yea, right.
Why the delay you ask?
Real simple. This Bank of America FHA Short Sale was submitted at a time when FHA Short Sales were ramping up and I
honestly think Bank of America once again got caught flat
footed. We had to have multiple foreclosure sale dates postponed even before we
got the Authorization to Participate or ATP issued.
Once the ATP was issued
we thought we were headed for smooth sailing only to find out the light at the
end of the tunnel was an oncoming train! WOW. We spent another two, almost
three months getting the offer approved. Now keep in mind the ATP already tells
you what the net amount FHA will accept so it is not a matter of the
offer being strong enough. We knew we had a winner going in.
Again it was multiple
postponements of foreclosure sale dates and even an escalation directly to FHA but
we finally got the formal approval and closed the escrow in about 45 days give
or take. Is the process better now? It really depends on the negotiator and
Customer Relationship Manager or CRM. Some are better than others
Bottom line – another
homeowner saved from foreclosure and given a financial fresh start.
Is a West Sacramento Short Sale Right for Me?
Give me a call and let’s find out. We also offer a short sale lease back program for those who
qualify allowing you to short sale and stay in your home. Call me
for details
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. Thanks for joining us
today on our topic “Bank of America – FHA Short Sale Information”
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