I have another short sale success story to report. Just last month, I received short sale approval on a file, with two Bank of America loans, only 37 days after the offer was presented via the Equator system. So, the fact that this was a short sale only added about one month to the total time it took to get an approval from Bank of America and close escrow. Both loans were processed concurrently through the Equator platform that Bank of America uses for its short sale processing.
The first mortgage loan was owned by Fannie Mae, and the second loan by a different investor. As a Santa Maria Short Sale Agent, I know that when loans are serviced by two different entities coordinating the approval time lines can be tricky. However, in this case, since both loans were both serviced by Bank of America, both were processed through Equator. Approval for both loans was received in 37 days and ultimately a full waiver of deficiency was obtained for the seller. This was a great result for all involved.
If you have a Bank of America loan and are considering a short sale of your Santa Maria, Orcutt, or Nipomo home, you should seek out an experienced short sale agent to guide you through this process. If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
Copyright© 2011 Tni LeBlanc *Two Loans with Bank of America and Short Sale Approval Received in 37 Days! *