After an employment change and several unsuccessful attempts at modifying her loan, our Naugatuck homeowner found herself unable to pay her mortgages and with no equity to sell, she realized her only option was to pursue a short sale.
Our seller had two loans on the property – one with BOA
and another with SLS
. While the SLS second mortgage seemed fairly easily resolved (as most junior liens are), Bank of America (the servicer on the first loan) always makes everything ten times as difficult as it needs to be. Although our seller could easily qualify and be approved, we anticipated many headaches and a long road ahead with Bank of America.
Just 6 weeks after going on market a buyer was secured and we started working on the short sale approval. As expected, months passed as Bank of America Bank struggled to pull their processing together….Why a bank as large as this one is completely incapable of putting a consistent short sale process together is beyond me…but I digress…We pushed the process along and 4 months later our approval letter arrived, followed closely by the approval from SLS. The property closed and our very happy seller walked away fully forgiven of all her mortgage debt, and with an incentive check of $3,000!