Hi,

I know that this site is primarily used by agents, etc...but I am hoping that you have a moment to help me out.  The contract was signed in Oct 2009.  The sellers were asking $150,000 (I believe that they owed $225,000).  We offered $142,000 and asked that closing cost be paid for us.  The realtor submitted docs over 4 times from Oct to Mar 2010.  In March 2010, BOA told the agent to submit docs to the equator system.  Then and only then did they seem to acknowledge receipt of a short sale request.  The contract was due to expire on April 12, 2010.  We decided to walk away and try to find a new home and sign a new contract by April 30th.  On that day, April 12th, BOA sent a pre-approval accepting the $142K offer, but would only pay 3% of the closing cost. 

We accepted the counter and the agent submitted the information.  We were told that we needed to have the house inspected by the township and that the cost was on us.  We paid $655 for repairs and had the house inspected and approved for move in. 

It is May 1st and we have still not heard from the bank regarding a final approval. Our apartment lease ends on next week and cannot be extended, because new tenants are moving in.  The sellers would approve of us moving in for $900 per month until closing.  We have tried to get the sellers to accept the cost we spent for the repairs and we pay the difference, but they are not.  I believe their lawyer and my lawyer will discuss this next week.  We are going to be homeless and have no choice but to move into the house. 

Our mortgage committment expires May 19, 2010 and the paperwork will have to be done over.

In all that I have written, can anyone - all of you render any advice.  I personally want to walk away, but I are too deep into this to turn back around.  We have spent money on repairs, inspections, termite inspections, man hours cleaning the place up.  We have put our heart into this house.

PLEASE HELP!  Any laws, suggestions, points of contact at Bank of America....any information would be greatly appreciated.  We are of strong a strong faith and have hope that things will turn around.

Thank you,

Monica