Confused buyer dealing with BOFA, please help!

So I put in an offer August 27th, accepted by the seller on September 2nd.  Last week bank of America sent my realtor an email countering and asking escrow be closed by December 10th. I accepted the terms and they verbally approved the sale on October 17th.  And to add I am only dealing with one loan through BOFA.  When I originally put an offer on the home a notice of default had already been filed and the Foreclosure date set for November 6th, which I'm guessing has been pushed back pending the short sale.  I asked my realtor how long it would be until we get the approval letter and she replied we are waiting on investor approval which she thinks will happen next week hopefully followed by the approval letter.  As read in previous posts, investor approval can take weeks.  My question is this:  December 10th isn't too far away.  What if the investor approval and approval letter come within weeks of the 10th? Will the bank extend the closing date or will they go ahead and foreclose in the house?

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Permalink Reply by Lila Lopez on October 29, 2011 at 7:17am

That is definitely great news. My suggestion is to make sure to stay in constant contact with your realtor and make sure you realtor double checks the court records to make sure the foreclosure sale has in fact been cancelled. The key here for you will be to make sure others are doing their job. Good luck.

Permalink Reply by EDWARD ( Augie ) AUGSBERGER on October 30, 2011 at 2:39am

 

 That's great that you got your extra time but everyone keep this in mind:

A last minute option I have found to work great is to go to the local judge and get a court order to extend. It seems like a lot of work but really it's not. I have done the one page form and requested to see the local judge hours before the foreclosure sale and present the documents , a willing and able buyer and seller and have had the judge on every occassion grant me at least 30 days. He will get the the foreclosing attorney on the phone and the seller and ask them a few questions and as judges do make the decision to do the right thing and give the seller a opportunity to complete the sale. The attorney kicks and screams and claims the Lender will not extend further but in the end it's not his choice and it should go through.

 

   Just another weapon to try.

  Augie

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