TheSeller is in his 80s and had never made a late payment on anything hisentire life until he missed 3 payments on this property. He had livedhere for almost 20 years. The property was refinanced to help pay themedical expenses of his terminally ill wife who recently passed away.
1st Lien with Bank of Americafor $179,000. No other liens.
Property was listed on 12/05/2009 at $95,000. It wasslowly reduced and on 1/18/2010 went pending for $75,000 all cash.
The challenge: I needed to avoid goingthrough the Equator system due to the sellers age and the fact that hewas confined to an assisted living facility. I felt that the Equatorsystem would be confusing to him since he did not have access to emailor a computer. After a couple of days ofbegging negotiating I was able to get the file directly into the handsof a supervisor.
The complete file was submitted on 1/22/2010 and wehad written approval on 3/11/2010. That was 48 days after submission.Closing was today 4/22/2010. Or 138 days from listing to closing.Bank of America accepted $68,700 or 38%of what was owed.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
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