Bank of America FHA Short Sale Package – It is the
difference between a quick no nonsense approval and a long drawn out affair.
Let me elaborate.
We had a Bank of America FHA Short Sale where we had received the
Authorization to Participate in just under 30 days. As you know an FHA Short Sale is a two-step process. Three
if you really think about it. First FHA has
to approve you for liquidation vs. retention which is short sale or deed in lieu vs. loan mod. Once
approved for liquidation you get the ATP orAuthorization to Participate. The
ATP tells you what the minimum FHA will
accept on the short sale and what the list price should be. Once you get the
ATP the lender then reviews the offer and related documentation for final FHA short sale approval. Leave it to the
government to take 60-90 days to do something private industry can complete in
as little as two weeks but that of course is another story
So back to the story. We
received our ATP but the approval was lagging. We followed up on the file twice
a week every week to no avail until we finally escalated the file not only to
the team lead but to HUD directly. Funny thing. We escalated to HUD in
the morning and had a response from our negotiator that afternoon.
Anyway short story long,
the negotiator called us and said ours was one of the cleanest most complete Bank of America FHA Short Sale Packages he had ever seen. I
know that killed him to say that but honestly we pride ourselves on submitting
clean files that get approved. With a clean file in hand and approval on its
way we will be looking at closing this escrow in as little as 30 days. Another
homeowner saved from foreclosure. Life is good.
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. Bank of America FHA Short Sale Package
No comments:
Post a Comment