This post was contributed by a community member. The views expressed here are the author's own.

Health & Fitness

HAFA short sale approved and closed with Bank of America in Salem, CT!

Homeowner successfully avoids foreclosure with a HAFA short sale through Bank of America.

A fairly routine Bank of America short sale. This particular client had not made a payment in close to 2 years, and there was not even a lis pendens filed yet.  I find this pretty common when the loan is owned by Bank of America.

We priced the property aggressively, and were able to have a solid offer in the first 2 weeks on market.  A couple minor snags came up - our file got reassigned to a new negotiator after about 6 weeks of working the deal and the old negotiator not being very responsive.  I was told by the new negotiator that " he was no longer with us".  I guess there is a consequence for not doing your job as a short sale negotiator at BOA!  Anyway, our new negotiator was great, and quickly submitted our file for a streamline HAFA approval.  We got the approval letters about 3 weeks after the new negotiator was assigned.  Slight problem when the letters came through though - they did not match our counter offer worksheet.  So we had to go to the closer on the file, do a deal change to match our agreed upon numbers, and get an amended approval letter. This took 3 or 4 days.  Less than a month later, we CLOSED IT!

Here's the details:

Find out what's happening in Montvillewith free, real-time updates from Patch.

Sale price: $50,000

Closing costs allowed: $16,000

Find out what's happening in Montvillewith free, real-time updates from Patch.

Net to 1st mortgage with BOA- $34,000

Net to 2nd mortgage with BOA- $8,500 per HAFA guidelines

HAFA relocation assistance to seller: $3,000

Total deficiency forgiven between both BOA loans: $166,000!!!!!!!!!

Time frame list to close: 103 days

 

Patrick

Why settle for less than 5 stars?

 

Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top  real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut.

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?