I have a client who just got a job transfer and has to move. He is financed through B of A(was Countrywide) and has excelent credit. He is not behind on payments at all, but he is upside down in his current home. He would love to purchase a new home where his new job is. Does Bank of America offer a program that would allow him to short sell his current home, while at the same time, purchase a new home, as long as he finances through Bank of America? My client said a friend of his did this exact same thing with a different bank, and I have heard of it, but I don't really know much about it. Does anybody out there know or have some insight? I would appreciate any info!! Thanks.
Hopefully he doesn't have assets enough to make up the difference for the short sale. I would get it on the market, get an offer, submit it as a short sale with his hardship being relocated and hope for the best. I would say he should not buy another house till the short closes. just my opinion.
Hey Eric, I saw your post and figured I would reply to this rather than create my own. I have a client that relocated from Ohio down to Texas due to her inability to find a job in her profession. She appears to be a wonderful candidate for a short sale as her dti is now well over 100%, she has zero money in the bank and actually has nsf fees on her bank statement. Anyway I am telling you all of this because BofA actually just declined our short sale soley because she is not behind on her mortgage. Although I explained to them that she is making mortgage payments by taking cash advances on credit cards at this point. They didn't care. They said they simply won't review a short sale unless the owner is behind on payments. So that should answer your question unless someone can give me additional insight on how to get around this.
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