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2nd Loan Approval

Posted by Loreena Yeo on January 3, 2013 at 10:59pm in Short Sale Discussions

Really need some direction here:

After 1 year, BOA seems to be able to get a formal approval letter but will want to close in less than 30 days.

However, I have GMAC who is the 2nd lien holder. They can be quick.

But looking at the timeline, it doesnt look like the buyer will have enough time to get the loan done (less than 30days).

Any advice?

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Replies

  • Bryant Tutas January 4, 2013 at 1:20am

    Freddie and Fannie will both give 60 days to close.

  • Wendy Rulnick January 4, 2013 at 12:47am

    Loreena - You can usually get a 1-2 week extension from Bank of America. They normally won't give an extension until it is closer to closing deadline. So, wait about 10 days from expected closing date if you know there is going to be a delay, then email the Closing Officer in Equator. It also helps to get a statement from buyer's loan officer as to cause of delay or status of buyer loan approval.  Good luck!

    • Loreena Yeo > Wendy Rulnick January 4, 2013 at 12:50am

      Thanks Wendy! Now that's new HOPE in this transaction. 1 Year+

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