I'm sending out an S.O.S. to anyone who may have had experience working with BofA on a FHA loan.. BofA informed me today that my short sale contract I filed 10 days ago is 'declined' without giving details until today.
BofA admitted they misinformed me from the start on their procedures on FHA loans they are servicing. Today, I was informed the Seller must formally make a request with BofA to perform a short-sale on their FHA loan and then the request must be submitted to FHA under a HUD Profile Review which then determines if an ATP (Authorization to Participate) will be issued by FHA.
Does anyone have any advice on how best to expedite this process and move through this red-tape? I would appreciate any feedback you may have or your experience with these types of transactions so I can avoid further pitfalls.