Great news for those who are interested in short selling their homes with a BofA portfolio loan(s). They were actually very good to work with, no delays, no excuses, no missing documents and actually gave an approval in less than 45 days. We have a good team and generally get approvals in less than 70 days, but this was just flat out fast. So what you say, many banks do that, right? Nope, after the approval the title company sent their final documents to BofA showing that the property had a hidden second lien in the form of a Gov't sponsored down payment assistance loan. Even worse, the loan and accrued interest was over $9500 and our short sale price was only $120k, which creates an additional 8% loss for BofA. We thought the deal was dead for sure, but nope, only 7 days later the negotiator emailed us a revised approval with the second lien being paid in full. We were amazed to say the least!
So the sale has closed and we wanted to publicly thank the BofA portfolio group for their efforts. They are actually helping homeowners start over, which also helps turn the economy around. Our clients are now working on repairing their credit and getting all of their other debts paid off.
If you are struggling financially and are considering a short sale, make sure you educate yourself about the process and the credit ramifications, as some careers will not allow the damaged credit that a short sale creates. Start by calling your local real estate professional and ask as many questions as possible. Good luck all!
