Wednesday, January 13, 2010

Things are not standing still!

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There is more activity happening, so at least we are not completely stuck.  What we understand at this point is that the 1st mortgage folks have the complete offer and are waiting to put their approval on the whole process.  The paperwork has been submitted to the 2nd mortgage folks (BofA) that will give them a "token" payoff for their loan.  They will not take a total loss, the stimulus package will provide them with an insurance payout for the rest, just like the 1st mortgage folks will get.  If the 2nd mortgage folks accept the offer (that can take 7-10 days) then we can get the approval from the 1st and we can go into escrow! 

So, not a done deal yet, but this is farther than we made it with the previous mortgage holder.  The fact that we're now talking to the 2nd mortgage holder on the deal is a good thing and puts us one step closer we hope.


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