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....
Wednesday, March 10, 2010
Bad news and good news
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Posted by Ken at 1:00 PM
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2 comments:
We will continue to think good thoughts on your behalf - although we will not be happy to have you leave the neighborhood. The Twists
Wow this is really dragging on. I guess patience is really needed in short sales. Never done one, not sure I could survive the process.
Helen
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