Wednesday, March 24, 2010

BofA Timeline Recap

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Was just looking back at how long some of this has taken.  Of course at this point the overall process has been going on for a little over 4 months (since our offer was accepted).  But for Bank of America alone, who only holds the second title on the house and is only getting $3,000 on this deal;

  • January 13th is when they were first engaged
  • January 22nd we were moved to the electronic, Equator system
  • February 17th we were assigned an appraiser
  • February 25th they did an appraisal
  • March 23rd we received written approval
So 49 business days, 10 weeks, over half of our 4 months.  But that wait is now over, finally!

Tuesday, March 23, 2010

BofA Approval!!!!

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BofA provided their written approval today!!!!!

If the first does their job we should be in escrow around April 2nd....we'll know more soon, but this is VERY big news....

Wednesday, March 10, 2010

Bad news and good news

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Bad news is that we heard the holder of the first mortgage is beginning to foreclose on the property, something we were trying to avoid but this has been going on for so long it is not too surprising.

Good news is that the Realtor spoke live with a Short Sale Team Manager at BofA today.  She was able to explain to them that this is a second mortgage, not a first mortgage that they are owners of (not sure why they didn't quite get that) and that the first is starting foreclosure.  She gave a verbal that they would accept $5,000 (offer was $3,000) which the first has earlier said they would give, so this is good news.

They have contacted the first mortgage folks with this news, not sure if that will stop / hold the foreclosure or not.  We also need to get this in writing from BofA.  Realtor is following up with them on Friday to see what that is going to take and when we'll get that.

We're told that once we get that in writing from BofA, then it will take about 10 days for the first mortgage folks to get their approval in writing and THEN we can go into escrow.   So hopefully this is all good news.

We need the good news because we got very depressed when we heard that foreclosure has started...but it's not over until it is over....

Thursday, March 4, 2010

We finally hear from the Negotiator

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Whenever I talk about the negotiator I think of some guy in a back room like on Deal or No Deal (the Banker) for some reason.

In any case, the Realtor heard from the Negotiator today.  Not a ton of info, but at least it was some sort of communications (via email).  They were apologizing for the delay, and stated they were waiting for a "value received task" to complete and they have requested it be expedited.  Not sure exactly what that means but at least we know there is activity.

I'm still optimistic we will have news by mid month from BofA and assuming it is good news we can be in escrow by month end....