After several months on market our East Haven, CT homeowner found herself unable to clear her loan in a traditional sale. With over $30,000 of negative equity she realized her only option was to pursue a short sale.
Since our sellers loan was FHA
we knew the short sale process itself would be quite predictable. However, Bank of America (the servicer on the loan) always makes everything ten times as difficult as it needs to be. Although our seller could easily qualify and be approved, we anticipated some headaches with Bank of America
After re-listing the home as a short sale, it took just 2 weeks to secure a buyer. As expected, Bank of America began their shenanigans and the months started to pass as we pushed the process along endlessly! It took a solid 5 months to produce an approval but once we did – just a few later the property closed, with our very relieved seller walking away fully forgiven of all her mortgage debt, and with an incentive check of $1,500!