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Short Sales in CT > Blog > Bank of America 1st & 2nd Mortgage Short Sale in New Haven, CT - Success Story

Bank of America 1st & 2nd Mortgage Short Sale in New Haven, CT - Success Story

August 26, 2012

  A borrower who was nearing the last payment that they could afford had made contact with me to get rid of their condo in New Haven, CT.  They were successfully approved for a loan modification a year prior and now were once again just weeks from being unable to make their next mortgage payment.

  We immediately went over the short sale process, the required documentation and signed a listing agreement to list the property at $75k.

  The short sale was immediately initiated through the short sale processing software and the borrower was evaluated by Bank of America for eligibility into the HAFA program.  However, even though the borrower did meet all of the qualifications of the HAFA program, the investor who owned the mortgage note was not participating in the HAFA program and so the borrower was dropped from the program and reviewed for BOA's propriety Cooperative Short Sale program.  Full approval to participant was granted for the Cooperative Short Sale program and everything was smooth sailing from there.  The CoOp program is nearly identical to the HAFA program in that the lien deficiency is complete waived, the credit is reported as 'paid in full for less than the balance' and the borrower is entitled to $2,500.  The only real difference between the HAFA program and the CoOperative program is that the borrower receives $3,000 at closing through the HAFA program.

We started the marketing strong from day one with high-end professional photography to make the listing stand out from the other units for sale..  and it paid off.  Within just 2 short weeks we were able to produce 2 strong offers.  One of the offers was at asking price and the other just a couple thousand less. I advised the seller to accept the $75k full-price offer and we moved onto the next stage of the short sale.  Lucky for us Bank of America had already initiated the BPO Valuation just days before receiving the offer and so everything had fallen into place perfectly thus potentially reducing the short sale turn around time back weeks.

  The BPO valuation came in on point and the purchase price lined up perfectly.  We were in for a very quick short sale approval.  Within just 2 weeks after uploading the offer to Equator, BOA approved the 2nd lien from __ to just $880.  One lien down, one lien to go.  

  Just 3 weeks later, and without even requesting the financial documents or questioning the buyers financials, BOA approved the 1st lien for $60k with a full waiver of their right to pursue a deficiency judgement and an approval of $2,500 for the sellers troubles.  After letting the seller review the approval letters, we signed them and they were submitted to the closing attorneys.  The buyer had their inspection in 7 days which they deemed acceptable and their mortgage was also approved within just 3 weeks.  We closed in 30 days after short sale approval and everyone was very happy.

Thank you Bank of America! Another BOA Short Sale Success!

Total Days on Market: 14
Total Days Pending Short Sale: 30

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