I am buying a short sale. BANK OF AMERICA FHA.
Been under contract since July 2012.
BOA had me sign and addendum promising that I will settle on or before Dec 23, 2012.
So I told my landlord I would be out by the end of the year. He found new tenants that are moving in on Jan 1, 2013.
As of Nov 27, 2012 BOA verbally accepted my offer but now claims they can not help me because it is in the hands of HUD. So confused.
I will be homeless on January 1, 2013. I have 5 children, a dog and a cat.
Feeling so helpless.
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If you don't think that you can move out by the end of the year, you can contact your landlord explaining to them that you might need to stay in your place a little longer. Even though you had notified them to move out and they have found new tenants, they can't really throw you out. All they can do is to give you a 3 day pay or quit on 1/1/2013. Assuming that you pay up oncz Jan 2013 rent, then they would need to give you a 30 days notice or in some states, a 60 days notice if you have stayed in the place for more than 1 year. This will give you enough time for your place to close. Most rental agreement will have stipulation that will exempt the landlord from any damages if they cannot deliver the unit on time. Unfortunately, this will pass the problem to the new tenants who are supposed to move in. They might have given their landlord their notice too. It is best to communicate to your landlord about your closing date so they can inform the new tenants accordingly. In any case, you have more time beyond 1/1/2013 if you really can't move out.
So sorry to hear this.
Have whoever is handling the short sale for the seller escalate to BofA. They need to find out exactly where the file is at. BofA FHA short sales can take a very long time. We are closing on one Friday that has been under contract since May.
***Need Help? Try TWITTER HELP:
LOG INTO YOUR TWITTER ACCOUNT and TYPE: @BofA_Help Call YOUR NAME RE: PROPERTY ADDRESS, YOUR TEL NUMBER
or go to escalation.tool.support@bankofamerica.com
http://social.bankofamerica.com/
For TWITTER Do not place LN# or borrower name in the message. Just a brief: 'Need help with a HAFA short sale" will suffice. Make sure to mention short sale. Also, each file should to be a separate tweet. If you have issues with 4 files then send 4 tweets. They will respond very quickly.
OMG! I have no advice to offer, as I am a potential buyer of SS myself waiting AGAIN for approval. Can you call the listing agent and explain your situation? Maybe they can hopefully get things moving for you. Good luck and I will pray for you, as I know this is stressful and I know it seems that as buyers we do not get our voice represented as much in SS transactions.
Hugs,
Lauren
Lauren, thanks for praying. I got approved today!!!!!
Congrats!!!!! We got our approval the same day as you (still not out of woods yet, condo itself needs to be approved) but our realtor said getting our lower buyer appraisal approved was huge. I am so happy for you. Nobody needs the additional stress around the holidays. Good luck.
Lauren