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Bank of America B of A Loan or Mortgage Owned by Fannie Mae ? Possible Short Sale ? Read Here
Bank of America B of A Loan or Mortgage Owned by Fannie Mae ? Possible Short Sale? Read Here
I recently found out that my seller's Bank of America loan has Fannie Mae as the investor. Well, there is such thing as the Co-op or Cooperative Short Sale. If the homeowner's mortgage is with Bank of America and owned by Fannie Mae then they may qualify for this type of short sale. The short sale has not been listed for sale for too long and my client and I have both received a phone call from the negotiator through REDC for Bank of America & Fannie Mae. He describes quicker response times and deficiency waiver for the borrower! The short sale will be processed using Equator. Could be nice?
Comment
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Comment by Sylvia Finocchiaro on May 23, 2011 at 11:43pm
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Not a good experience for me. I submitted the short sale package a month ago and found out they denied the Hafa because the Seller turned down Hafa. She never did. We went through and completed all the paper work that was sent to us. We did a conference call with the Hafa negotiator, he asked us for additional doc....we faxed them.....I called over and over.....left emails daily. Nobody returned a phone call or even an email. Now they are telling me we need to initiate again. Not pleased. More than likely will lose the buyer.
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