Simon Hahn Group is listing a short sale in Germantown, MD (Churchill View)
Bank:
Bank of America
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sales specialist
703-662-1466
If you're considering a short sale in Germantown, give us a call. We are Germantown / Montgomery County Short Sales Specialist / realtor. We have also done over 15 Bank of America / Countrywide short sales so call us if your mortgage is with Bank of America or any other bank. Nothing beats experience in this market.
Simon Hahn Group is listing a short sale in Centreville, VA (Compton Village).
Bank:
Bank of America
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sales specialist
703-662-1466
If you're considering a short sale in Centreville, give us a call. We are Centreville Short Sales Specialist. We have also done over 15 Bank of America / Countrywide short sales so call us if your mortgage is with Bank of America.
Here's a sample Countrywide / Bank of America short sale approval/demand letter. You should always have an attorney review the short sale approval/demand letters. I highlighted the part that's critical on the approval/demand letter. It states the following:
BAC Home Loans Servicing, LP and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above. In addition, if this loan is covered by mortgage insurance, the mortgage insurance company may reserve the right to pursue the seller for the deficiency based on the terms of the mortgage insurance policy. Furthermore, there may be tax consequences associated with entering into a short sale. The seller is encouraged to seek guidance from an independent tax advisor, and/or an attorney, before proceeding with the short sale.
It's a standard language that Countrywide / Bank of America uses. I can post at least half dozen short sale letters. If you have any questions about the letter, you can email me and I can share what 2 short sale attorneys told me about the letter but since I'm not an attorney, I won't post anything.
Also, the contract date on this short sale was 11/7/09.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sales specialist
703-662-1466
countrywide bank of america short sale approval demand letter
Here's a recent short sale that settled with Bank of America being the first trust and BB&T being the second trust. Here's the summary.
Banks: Bank of America (first trust), BB&T (second trust)
Days for Approval: Bank of America - 90 days, BB&T - 92 days
Hardship: Loss of job
With second liens, many times the account will go into recovery department if the account is 180 day delinquent. Some are easy to work with but others can be really difficult if it gets sent to collections attorney.
Here's the demand letter from Bank of America.
Here's the BB&T short sale demand/approval letter.
If you are considering a short sale, call for a private consulation. Direct number is 703-662-1466.
Short sale process is constantly evolving. I want to share couple short sale demand/approval letters. These are all fresh. First one was received on 8/31/09 and the second one was received on 9/10/09. I'm representing the buyers on the first one. The second one, I'm representing the seller. First one states "the bank will release the lien and charge off the remaining debt as a collectible balance." The second letter say "Bank will report the account to the credit bureaus as 'settled.'" If you want to know the time frame, first one took little over 4 months. We wrote the contract on 4/18/09 and got the approval on 8/30/09. There was only 1 lien.
The second letter on this post show a short sale where I'm representing the seller. The contract was ratified on 8/12/09 and the bank sent the approval on 9/10/09. There were 2 liens.
Hopefully this gives you an idea of why short sales can be confusing or frustrating. Each case is different even when it's the same bank. There are things you can do to ensure quicker response but sometimes you're at the bank's mercy. If you have any questions concerning BOA / Bank of America short sales, contact me. I've been doing BOA short sales since 2007 and this is probably my 10th one with BOA. If you are considering doing a short sale, contact me for a confidential consultation.
I just got one of my Bank of America (BOA) short sale approved in less than 30 days! No kidding. The contract was ratified on 8/13/09 and approved on 9/10/09. While it may not be as impressive as Usain Bolt's 100m record, in the short sale world it is every bit impressive espcially given that it's BOA short sale.
2. Second trust is Wells Fargo. (Already approved!)
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializs in short sales.
Agent has been 100% successful with Countrywide short sale in the past (5 transactions).
Note to Buyer's Agent and Buyer(s):
Please use NVAR Short Sale Addendum.
Please use NVAR Contingency/Clause Addendum and initial next to "As-Is" Clause.
Please make sure the buyer has a preapproval and copy of earnest money check.
Seller will not pay for home warranty.
Please do not ask for seller subsidy unless it's a VA or FHA loan.
Please be willing to wait up to 3 months. We can get this done. If you can't, this short sale is not for you.
Sellers prefer to use Wreath Title of Vienna. If you choose to use your own title company, please provide estimated HUD1 with the contract. Emailagent prior to submitting an offer.
Transaction Updates:
Once we have a ratified contract, buyer's agent and buyer(s) can log inhere for weekly updates.
