Replies to This Discussion

Permalink Reply by Richard Kirk on February 7, 2011 at 9:55am

I totally understand your concern and frustration.  All you can do is "wait and see".  Even though BofA had that information up front, it really doesn't matter to them at all.  They just don't take your mortgage situation into account.  I would suggest handling one obstacle at a time.  First, get the first extension.  Then, do everything you can do get your loan approved.  If you need the second extension, just give the attorney a fair heads up so he can work on it.  Usually, these things have a way of working out ok.  My only concern would be this:  Is there a foreclosure date scheduled for the seller during this time period?  If so, it may factor into the extension decision.  If there has already been a foreclosure postponed, it is extremely unlikely they would postpone a second.  good luck

Permalink Reply by Dianne Slutsky on February 7, 2011 at 10:40am

Everything is automated with Bank of America and they always issue approval letters for 30 days.  The listing agent should have continued to notify BofA through their Equator system that this was a USDA loan and the length of time and process.  You should provide a copy of a timeline on your loan and the progress of the loan and then request an updated short sale loan approval letter.  You will need to provide your lender with an appropriate closing date on the short sale letter.  As for the extensions, they will certainly grant a second and third postponement.  I have one short sale where the foreclose has been postponed 9 times.  Just make sure that your agent and the Seller's agent are communicating with your lender and the BofA Equator system.

Good luck!

Permalink Reply by Beth Carey on February 7, 2011 at 11:51am

Thank you for your reply! To my knowledge there is no foreclosure date in the near future. I just got word that the new close date is set for Feb 25th. My lender suggests we move forward with the USDA loan...she is determined to have it ready in time. It'll be a miracle, but like you said, somehow things work out so I hope that is the case here. I will keep you posted!

Richard Kirk said:

I totally understand your concern and frustration.  All you can do is "wait and see".  Even though BofA had that information up front, it really doesn't matter to them at all.  They just don't take your mortgage situation into account.  I would suggest handling one obstacle at a time.  First, get the first extension.  Then, do everything you can do get your loan approved.  If you need the second extension, just give the attorney a fair heads up so he can work on it.  Usually, these things have a way of working out ok.  My only concern would be this:  Is there a foreclosure date scheduled for the seller during this time period?  If so, it may factor into the extension decision.  If there has already been a foreclosure postponed, it is extremely unlikely they would postpone a second.  good luck

Permalink Reply by Beth Carey on February 7, 2011 at 11:55am

This gives me some hope! The sellers attorney seems to think the chances of a second extension are not likely and urged my lender to try and make it by the new close date. My realtor hasn't had much luck getting in touch with the list agent, but from what it sounds like, it is the sellers attorney doing the work. My realtor keeps reminding the attorney that this is a USDA loan and therefore takes a bit longer. I hope the attorney is doing everything she can on her end. Being the buyer, everything I know is limited unfortunately. But I'm keeping my fingers crossed!

Dianne Slutsky said:

Everything is automated with Bank of America and they always issue approval letters for 30 days.  The listing agent should have continued to notify BofA through their Equator system that this was a USDA loan and the length of time and process.  You should provide a copy of a timeline on your loan and the progress of the loan and then request an updated short sale loan approval letter.  You will need to provide your lender with an appropriate closing date on the short sale letter.  As for the extensions, they will certainly grant a second and third postponement.  I have one short sale where the foreclose has been postponed 9 times.  Just make sure that your agent and the Seller's agent are communicating with your lender and the BofA Equator system.

Good luck!

Permalink Reply by Richard Kirk on February 8, 2011 at 2:34am

Good Luck!

Beth Carey said:

Thank you for your reply! To my knowledge there is no foreclosure date in the near future. I just got word that the new close date is set for Feb 25th. My lender suggests we move forward with the USDA loan...she is determined to have it ready in time. It'll be a miracle, but like you said, somehow things work out so I hope that is the case here. I will keep you posted!

Richard Kirk said:

I totally understand your concern and frustration.  All you can do is "wait and see".  Even though BofA had that information up front, it really doesn't matter to them at all.  They just don't take your mortgage situation into account.  I would suggest handling one obstacle at a time.  First, get the first extension.  Then, do everything you can do get your loan approved.  If you need the second extension, just give the attorney a fair heads up so he can work on it.  Usually, these things have a way of working out ok.  My only concern would be this:  Is there a foreclosure date scheduled for the seller during this time period?  If so, it may factor into the extension decision.  If there has already been a foreclosure postponed, it is extremely unlikely they would postpone a second.  good luck

Permalink Reply by Beth Carey on March 1, 2011 at 2:53am

Well, good news...we just closed yesterday! I think the close date was actually set for the 28th but they told us the 25th to give themselves some cushion. However they were adamant that the bank would not grant any more extensions, so we (or should I say my lenders) worked our butts off to get the loan pushed through in time. Since I had a clean file, it sailed through Rural Development in under 2 weeks and we met our deadline just in time. The stars were in line for this sale, and everyone came through for me. I received my keys yesterday and I can finally sleep at night! I wish all sales I read about would go this way!