This morning I awoke to blessedly overcast skies and, even better, a short sale approval letter from Bank of America in my inbox.
When I first met with my seller back in July, he fully expected to be on the hook for the home equity line of credit he had taken against the house – a not-so-small five-figure total. At the time, I told him we needed to include it in the short sale for two reasons – one, at worst the HELOC would need to be converted into a different type of loan because the house would no longer be his to use to secure the note; two, there was a decent chance I could get the amount of the loan reduced.
Last week, we had been able to get the obligation on the HELOC reduced to $5,000. Then word came yesterday that the investor no longer wanted a promissory note of any sort. So, in addition to being able to get out from under his original mortgage, my seller also was able to have the HELOC wiped out.
That, friends, is a good day in the short sale listing business.
Total time from listing to approval? 62 days.
Total time from offer acceptance to approval? 56 days.
That ain’t shabby. And it probably would have been a little shorter if not some unexpected quirks, such as the whole Trail vs. Trl debacle, or the date on the hardship letter needing to be next to the signature and not at the top of the page. (Yes, really.) All in all, figure there may have been an extra five days in delays.
Short sales are not a solution for everyone but for some, they represent the opportunity to get out from an under a bad loan, a bad market, what-have-you and get your life started anew. If you happen to have a B of A loan, for the time being, the process is a bit smoother than with under lenders.
If you’re falling behind or know you can’t keep up with the payments, call me TODAY at 602-502-9693 and let’s talk about what might work for you.