Bank of America FHA short sale success after 6 long months
Posted by Minna Reid on Tuesday, January 24th, 2012 at 1:28pm.A happy ending to a long story….BUT….what I don’t quite understand is why Wells Fargo and GMAC can process their FHA short sales through Equator (a fast and efficient online platform), yet Bank of America still requires all FHA short sales to be processed manually.
A regular Bank of America short sale processed through Equator will generally take about 3-6 weeks….BUT this FHA MANUALLY PROCESSED short sale with Bank of America took a whopping 6 months to make it through the system.
Why BofA? It doesn’t need to be this way.
There wasn’t even any good reason the short sale took 6 months to get approved…forcing sellers through endless qualifying, repeatedly losing paperwork and unresponsive negotiators are the only reasons this short sale took as long as it did. Thankfully after 6 very long months there was light at the end of this long tunnel and the short sale actually CLOSED.
OWED:Bank of America First Mortgage: $620,000, NFCU Second Mortgage: $40,000
APPROVED AND CLOSED: $502,000
TIMEFRAME: 6 excruciatingly painful months
TIME TO PICK UP THE SPEED BofA!
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