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.
Tags:
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?
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