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BANK OF AMERICA SHORT SALE SUCCESS STORIES

Posted by Karen Booker on December 14, 2012 at 4:56am in Short Sale Discussions

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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Replies

  • June Green December 18, 2012 at 9:39am

    HUD usually takes between 2-6 weeks for the HUD approval on an FHA short sale in my experience. The last one I did I was able to get the negotiator to submit it as a "Rush" request and we had the approval back in about 2 weeks. Otherwise it has been closer to 4-6 weeks. Hope the helps, good luck!

  • Brian Brumpton December 18, 2012 at 5:16am

    Karen,

    I saw something about an improvement in the average time to process an FHA short sale or Pre-Foreclosure sale improving from an average of 308 to 306 days. FHA always takes a little more time than some, however, if you've done the work up front and made sure they're likely to qualify it will go through. Keep up on the guidelines and if BofA is doing what they're supposed to get the HUD NSC involved. Keep in mind that they have some very liberal timeframes to complete the offer review. Persistence and knowledge usually payoff in short sales.

  • Kevin - Greenville, SC December 17, 2012 at 9:58pm

    I have closed several with BOA and other Lender's.  If you know the rules and know how and who to push back to they are not bad.  I prefer FHA PFS over all other type of Short Sales and to date have a 100% success rate with them.

  • Karen Booker December 17, 2012 at 8:04am

    Thanks every body for posting your success stories.  I really needed to hear something positive during this long waiting period.  

    Hopefully it won't be much longer as I need to be out of my rental by the end of the year.

    I'm really depending on Bank of America to come through for me!!!!!

    • Kevin - Greenville, SC > Karen Booker December 17, 2012 at 10:06pm

      Karen,  

      If the Seller is approved for the FHA PFS Program by receiving an Approval to Participate and your Offer meets 88% of the FHA As-is Appraised value, it should just be a matter of time before you receive and Approval Letter.

      • Karen Booker > Kevin - Greenville, SC December 18, 2012 at 3:33am

        Kevin, 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. Seller is using an attorney and they are on top of everything.  I thought it would take about 3 days but now we have been waiting 3 weeks.

        • Kevin - Greenville, SC > Karen Booker December 18, 2012 at 8:22am

          Karen,

          HUD doesn't approve FHA Pre-Foreclosure Sales, the Servicer/Lender does (BOA in this case).  HUD would only get involved in the Approval process if a Variance is requested.

  • Deborah Y Wilson December 16, 2012 at 1:50pm

    Call the National Loan Servicing Center for HUD and open a trouble ticket, works every time.

    • Robin Lemmons > Deborah Y Wilson December 16, 2012 at 2:06pm

      do you have a phone number for the National Loan Servicing Center for FHA. I have been attempting to get a clear answer from HUD on an FHA short sale and no one I have talked to has the same answer. I had a file declined because the borrower had not lived in the property in the past 18 months. I cannot find this guideline anywhere. It does say that the borrower could not have leased out the property for over 18 months. To me, those are very different.

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