Just closed a Bank of America short sale

Condo investment property, 4 members of LLC as owners

2 mortgages, both with BofA

First Mortgage balance $484,000
Second Mortgage balance $60,000

 

Sales Price: $240,000
Approved closing costs $30,730
First mortgage payoff: $209270
Second mortgage payoff: $3000

 

Closing costs included $3099.51 for past HOA fees and $2700 for 2010 taxes

 

Contract submitted on Equator 8/18/10
Approval letter recieved on 9/29/10

Views: 31

Replies to This Discussion

Permalink Reply by Michael Hayley on October 29, 2010 at 8:39am
Wow! There is hope...

You didn't mention, but I assume you got release from liability for deficiency?
Permalink Reply by Jeff Payne on October 29, 2010 at 8:59am
Bank of America is going to issue a 1099

Michael Hayley said:
Wow! There is hope...

You didn't mention, but I assume you got release from liability for deficiency?
Permalink Reply by Kimberley Kelly on October 30, 2010 at 12:11pm
But did you get a full release from pursuit? You'd think you would since the SB931 goes into Law 1/2011. Both PML's?

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