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ACORN BofA loan short sale

Has anybody dealt with an ACORN program first time buyer loan that was issued by BofA?

I'd like to know if there is anything special about this type of loan which was apparently 100% financing with no PMI.

 

Thanks,

Dominique

Views: 73

Replies to This Discussion

Permalink Reply by Jeff Payne on January 20, 2011 at 9:58am
I would assume that ACORN is much like Florida SHIPP program, a community or state program.  I have closed several like this and they are easy to deal with.  Who is servicing the loan?  BofA?
Permalink Reply by Dominique Van Ryckeghem on January 20, 2011 at 12:52pm
That's correct, BofA is servicing this loan.

Jeff Payne said:
I would assume that ACORN is much like Florida SHIPP program, a community or state program.  I have closed several like this and they are easy to deal with.  Who is servicing the loan?  BofA?
Permalink Reply by Cindy LaPeer on March 26, 2012 at 6:07pm

Did you short sale this file? I have one now that has come up. She will actually be "off the hook" for repayment in August, but she will still need to short sale at that time. Was Acorn coopertative?

 

Permalink Reply by Dominique Van Ryckeghem on March 27, 2012 at 8:45pm

I essentially had a plain vanilla short sale with Bank of America.

There was the usual not paying more than $750 for escrow fees (and some other small stuff) but that was about it. No seller contributions because BofA can't ask for that in CA. Deficiency free because of CA civil code.

I didn't have to deal with Acorn or any 3rd party company.

Looking back this was an easy one to close.

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