Well, here's another frustrating problem I have with a short sale. I received approval from Bank of America on a short sale and they gave me 45 days to close. Great! Except the buyer was doing USDA financing. The lender got started on the paperwork and in the middle of the paperwork decided to remove one of the buyer's names. That didn't stop the process. So, while they continued on, I received approval from BOA to remove one name.
As the buyer's lender got ready to submit the file to USDA for approval, the government shut down USDA. This is the only way the buyer's can purchase the home. I request an extension from BOA to find if we don't close they are transferring the loan to a new service provider.
So between the government shut down and Bank of America, I am sunk. I can't get this short sale closed and will have to start over......most likely with a new appraisal, higher price, and I've already postponed the foreclosure twice. I've got 2 weeks before the loan is transferred. Any suggestions?
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Talk to the investor about the situation. Usually, I'd say ask a state senator to get involved, but since it is due to the fed shutdown, your federal congressman has nothing to do all day and is responsible for the mess, you might get him to call the bank. He is forcing your seller into foreclosure. Boy, what a mess, gotta love politicians...
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