Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am in the process of trying to complete a short sale on my home in south phoenix due to a relocation out of state. The current offer I have is a strong one, and I am under the impression it is above the appraisal. I have two loans on the home, both from the initial purchase price, both of which are serviced by B of A. In early May, B of A, told my realtor the short sale was approved and that B of A wanted a very short closing, so I started packing, and the buyers did all they could to be ready. We had to wait on the final signed letter from the bank which never came. On Friday, June 17, after I had moved out of the home, B of A sent a letter indicating the sale was declined by the investors. The decline letter is very vague, but the information the negotiator gave my realtor is that the second loan holder wanted more money than the first loan holder would allow, and since they could not agree, the sale was declined. This doesn't sound like anything I can fix, since it is a dispute between the two holders of the loans (Fannie Mae and Bank of NY Mellon). I have made several attempts to speak to someone at B of A to better understand the decline and how to move forward, since the only alternative would be a foreclosure, and no one is able to help or provide any assistance. Since I stayed current on my payments, a foreclosure is a long ways out.
Does anyone have any suggestions or good contacts at B of A that might be able to help? I feel that approving this short sale is a better alternative for everyone, including the bank and the investors, and that if a reasonable person really looked at the facts they would see that. It feels impossible to talk to anyone over there that is knowledgeable and able to assist with anything.
What does your agent say about it? Have you reviewed your situation with an attorney?
The realtor has been asking her associates and managers for suggestions and the consensus seems to be to try to email or write letters to the higher ups, so we are trying that.
The attorney didn't have much to add. She suggested just resubmitting the offer and starting over. We may do that, but the process is so slow with B of A and I'm not sure these buyers can hang around that long. Its been a couple months already.
They never even told us because the first loan holder won't allow the second to get anything more that what they are offering, so I do not have the option of paying the second more to satisfy them.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
