4/14/10 - Submitted offer in Equator

 

5/21/10 - Finally found out that it can't be worked in Equator because of the type of loan that it is (USDA Rural Development).

 

5/26/10 - Faxed entire package to BOA.

 

6/7/10 - Appraisal was received.

 

6/24 - Went to "phase 2" negotiator

 

7/7 - Went to another negotiator

 

7/16 - Small counter offer from BOA.

 

7/19 - Buyer agreed to the counter.

 

7/26 - Submitted to the investor.

 

7/30 - Received short sale approval with full waiver of judgment or deficiency. (see attachment)

 

I'm curious if the full waiver has to do with the investor or not???  It wasn't something I had to ask for, it just came this way.

 

 

BOA Approval with waiver.pdf

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Replies to This Discussion

They do get it right sometimes! Mine took 5 months but got waiver from BofA for first and a waiver from Wells Fargo on the second. Very happy client!
I'm almost positive the full waiver had to do with the investor (USDA). HUD never comes after FHA short sellers either.

Good job working this short though! YOU KICKED BUTT! Good for you and good for your seller! Thanks for attaching the example letter with full waiver. -)
Thanks!
somebody pinch me...am I dreaming or did this guy get a Bank of America short sale approved in less than 4 months?? AND a full release. I am in awe.
Good job, Joe! Thanks for sharing your experience. It helps all of us.
Congrats for your success on this one and everyone else involved for their patience.
How does one know which SS to submit to Equator and which to fax in?
Kathleen,

I'm not sure there is a way to know. :-) The negotiator told me that his manager is aware of that problem and they are working on a solution to address that issue.

Joe

Kathleen Lordbock said:
Congrats for your success on this one and everyone else involved for their patience.
How does one know which SS to submit to Equator and which to fax in?
Hello, I understand this site is mostly for real estate agents, however I decided to join as I found very useful info in your forums. I'm trying to decide what to do with my property. I own a 2/2 condo in Aventura, FL, the servicer of my mortgage is BOA and I was able to find out from them that the investor is US Bank. Only one mortgage. I owe 297K. Similar properties are around 150K in the market. I decided to be behind 1 month in my mortgage payments. Did not pay july, but paid august. I guess my aug pymnt goes towards july pymnt with late fee, so basically I still owe aug installment with late fee now. I got a letter dated 8/16 from BOA basically saying they intent to foreclose 9/15. That letter was sent out BEFORE I made my late payment though. Letter says even if I make partial payment they would foreclose.
I'm not sure I want to continue paying up to 297K when I could purchase a 3 bedroom for 200K.
My questions are:
1. do you know how bad of an impact will a shortsale have on my credit report/credit score?
2. can I contact US Bank prior to starting any paperwork to find out if a) they would be willing to fully waive the deficiency or b) there's a chance of reducing the principal.

Does anyone have had a shortsale experience with US Bank as investor?
Silvana. Is this your primary residence? I'd be happy to talk you through this if you would like. My first question is why did they send you a foreclosure notice so quickly? That makes no sense if you have only missed one payment. I have done several US bank short sales and they were all successful. Your credit will be damaged for a period of time but assuming you pay all of your pother bills on time it can usually be repaired in a couple of years. Of course there are other factors that affect your credit scoring such as how much money yo owe, limits on credit cards etc.

If you need additional help you can email me direct at [email protected]

Silvana Elejalde said:
Hello, I understand this site is mostly for real estate agents, however I decided to join as I found very useful info in your forums. I'm trying to decide what to do with my property. I own a 2/2 condo in Aventura, FL, the servicer of my mortgage is BOA and I was able to find out from them that the investor is US Bank. Only one mortgage. I owe 297K. Similar properties are around 150K in the market. I decided to be behind 1 month in my mortgage payments. Did not pay july, but paid august. I guess my aug pymnt goes towards july pymnt with late fee, so basically I still owe aug installment with late fee now. I got a letter dated 8/16 from BOA basically saying they intent to foreclose 9/15. That letter was sent out BEFORE I made my late payment though. Letter says even if I make partial payment they would foreclose.
I'm not sure I want to continue paying up to 297K when I could purchase a 3 bedroom for 200K.
My questions are:
1. do you know how bad of an impact will a shortsale have on my credit report/credit score?
2. can I contact US Bank prior to starting any paperwork to find out if a) they would be willing to fully waive the deficiency or b) there's a chance of reducing the principal.

Does anyone have had a shortsale experience with US Bank as investor?
Hello Bryan, thanks for replying, yes, it is my primary residence. The letter says they INTEND to foreclose on 9/15 if payment is not made. Again, that letter was dated 8/16 when BOA had into account that I had missed 2 payments, so I guess they were forseeing I was about to miss the 3rd payment on 9/15 and that's why they sent that letter explaining intention to foreclose if they don't get full payment. I made a payment on 8/17 so basically I'm behind only 1 month now.
When you say you had succesfull US BAnk short sales, you mean US Bank as the investor and BOA servicing the mortage, right? DId you get full waiver of deficiency?

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