I went online to see if I could find a Bank of America, FHA, short sale success story, but I could not find any thing. Everything I read is negative.

Can any one offer any hope to a buyer that is waiting for HUD to approve a short sale?  I can't find one success story. 

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I've closed many. They're not the easiest deals to get closed, but with a fair market value offer and a good Agent/Negotiator it should not be an issue to get approved.

Karen,

      We have closed over a hundred. From your previous post you need to now just take a deep breathe and wait to hear back in regards to the decision on your approval letter.

[email protected]

www.ishortsalenow.com

310-564-6389

Karen - I prefer Bank of America short sales over almost all others for systematic response. They have a standardized escalation procedure, you can reach a person, and they take customer service seriously. FHA is a bit slower, because only certain negotiators work those files and they are not in Equator.  They also have to follow a seemingly more onerous process for HUD. They are not perfect, but compared to Wells Fargo, Citi, Chase or Suntrust - I'll take a Bank of America any day...  I hope their competitors are listening.

Wendy, thanks so much for your opinion.  It gives me hope.  In your experience, how long would you say it will take to hear something.  My offer was approved by BOA on Nov 27 but now we are waiting for HUD since the seller has an FHA loan.  I thought it would take about 3 days but now we have been waiting 3 weeks.  

I agree with Wendy...at least when you have some issues with Bank of America we can escalate and get people to listen. I recently closed a short sale with them because their Social Media team got involved. The rest of the lenders are harder to get through to, unfortunately. Don't give up on the FHA short sale - they are a little difficult. 

Sara Mehrpouyan CDPE

www.short-sale-vs-foreclosure-help.com

Here are some success stories for Bank of America Short Sales

http://activerain.com/blogs/tutas/tags/bank%20of%20america

I agree with Wendy as well. An FHA short sale with Bank of America is slower than a conventional loan, but not difficult. I just closed one a few months ago that was quite smooth. I find it reasonable to expect a full approval in 2-3 months. Good luck.

All FHA loans are harder in general to close than standard Fannie and Freddie deals, but just understand they may take a bit longer to process. You know there is PMI backing the loan since all FHA loans have them. B of A FHA, which can not go through Equator, is not a difficult process, but due to the governmental agency req's make sure your information is filled out properly and completely and that you submit all requested documentation.

 

Now if you hear USDA Guaranteed Rural Housing loan, run the other way and never look back........

 Gary, thanks so much for your opinion.  It gives me hope.  In your experience, how long would you say it will take to hear something.  My offer was approved by BOA on Nov 27 but now we are waiting for HUD since the seller has an FHA loan.  I thought it would take about 3 days but now we have been waiting 3 weeks.

Sorry, my experiences have been negative as well. I have a pre-foreclosure sale and the value came back so high I cannot get any activity on the property. The investor will not permit me to reduce the price. What is the point?

I'm guessing this is Fannie Mae or Freddie Mac. If you look around, you'll see threads on how they are boosting the BPO by 20% in their demand. Supposedly forcing foreclosures then on the REO side they will "kindly" allow a buyer to get a loan at the boosted price w/o "having to" do an appraisal. Yep, **your** fed scumbag suckering another citizen to an overpriced property. Gotta love those politicians..

 

     I find BOA shortsales have improved greatly over time. I find them responding much better and realistic on current values. I used to run in opposite direction when client had a BOA lender. The are more cooperative than they have ever been,

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