Home › Forums › Closed Forums › Buying and Selling RE › BofA offers loan mod during short sale process
- This topic has 30 replies, 5 voices, and was last updated 14 years, 11 months ago by
EconProf.
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March 12, 2010 at 9:20 PM #525260March 12, 2010 at 9:33 PM #525715
tc
ParticipantWanted to lock in a good rate. And close before mid April.
March 12, 2010 at 9:33 PM #526068tc
ParticipantWanted to lock in a good rate. And close before mid April.
March 12, 2010 at 9:33 PM #525270tc
ParticipantWanted to lock in a good rate. And close before mid April.
March 12, 2010 at 9:33 PM #525137tc
ParticipantWanted to lock in a good rate. And close before mid April.
March 12, 2010 at 9:33 PM #525811tc
ParticipantWanted to lock in a good rate. And close before mid April.
March 12, 2010 at 10:49 PM #525280SD Realtor
ParticipantWell I guess I understand wanting to lock in a good rate, however most of the time a lock period is only 30 days. I am sorry to hear about what happened. Unfortunately there are alot of variables involved that buyers need to consider with short sales.
For instance, what if the lender would have accepted the short sale but not released the note? In orher words the seller would have still been under an obligation to pay off the note even though it would have not been secured by the property. Similarly what assurances did you have that the full WRITTEN approval letter would have been delivered in a quick enough timeframe for you to close in mid April (beyond of course the constant verbal reassurances from the listing agent)?
Again, I am sorry to hear about what happened, however with short sales, investing any money or making any plans prior to having that approval letter is risky plain and simple. It does suck though.
March 12, 2010 at 10:49 PM #526078SD Realtor
ParticipantWell I guess I understand wanting to lock in a good rate, however most of the time a lock period is only 30 days. I am sorry to hear about what happened. Unfortunately there are alot of variables involved that buyers need to consider with short sales.
For instance, what if the lender would have accepted the short sale but not released the note? In orher words the seller would have still been under an obligation to pay off the note even though it would have not been secured by the property. Similarly what assurances did you have that the full WRITTEN approval letter would have been delivered in a quick enough timeframe for you to close in mid April (beyond of course the constant verbal reassurances from the listing agent)?
Again, I am sorry to hear about what happened, however with short sales, investing any money or making any plans prior to having that approval letter is risky plain and simple. It does suck though.
March 12, 2010 at 10:49 PM #525147SD Realtor
ParticipantWell I guess I understand wanting to lock in a good rate, however most of the time a lock period is only 30 days. I am sorry to hear about what happened. Unfortunately there are alot of variables involved that buyers need to consider with short sales.
For instance, what if the lender would have accepted the short sale but not released the note? In orher words the seller would have still been under an obligation to pay off the note even though it would have not been secured by the property. Similarly what assurances did you have that the full WRITTEN approval letter would have been delivered in a quick enough timeframe for you to close in mid April (beyond of course the constant verbal reassurances from the listing agent)?
Again, I am sorry to hear about what happened, however with short sales, investing any money or making any plans prior to having that approval letter is risky plain and simple. It does suck though.
March 12, 2010 at 10:49 PM #525821SD Realtor
ParticipantWell I guess I understand wanting to lock in a good rate, however most of the time a lock period is only 30 days. I am sorry to hear about what happened. Unfortunately there are alot of variables involved that buyers need to consider with short sales.
For instance, what if the lender would have accepted the short sale but not released the note? In orher words the seller would have still been under an obligation to pay off the note even though it would have not been secured by the property. Similarly what assurances did you have that the full WRITTEN approval letter would have been delivered in a quick enough timeframe for you to close in mid April (beyond of course the constant verbal reassurances from the listing agent)?
Again, I am sorry to hear about what happened, however with short sales, investing any money or making any plans prior to having that approval letter is risky plain and simple. It does suck though.
March 12, 2010 at 10:49 PM #525725SD Realtor
ParticipantWell I guess I understand wanting to lock in a good rate, however most of the time a lock period is only 30 days. I am sorry to hear about what happened. Unfortunately there are alot of variables involved that buyers need to consider with short sales.
For instance, what if the lender would have accepted the short sale but not released the note? In orher words the seller would have still been under an obligation to pay off the note even though it would have not been secured by the property. Similarly what assurances did you have that the full WRITTEN approval letter would have been delivered in a quick enough timeframe for you to close in mid April (beyond of course the constant verbal reassurances from the listing agent)?
Again, I am sorry to hear about what happened, however with short sales, investing any money or making any plans prior to having that approval letter is risky plain and simple. It does suck though.
March 13, 2010 at 6:58 AM #525876EconProf
ParticipantFor many, many years, B of A was known as the bank with the worst reputation for customer service and stupid investment practices. Of late, Citicorp and Chase have been giving them competition.
B of a used to have a slogan Bank with the Leader. Pundits changed it to Bank with the Bleeder.March 13, 2010 at 6:58 AM #525202EconProf
ParticipantFor many, many years, B of A was known as the bank with the worst reputation for customer service and stupid investment practices. Of late, Citicorp and Chase have been giving them competition.
B of a used to have a slogan Bank with the Leader. Pundits changed it to Bank with the Bleeder.March 13, 2010 at 6:58 AM #525780EconProf
ParticipantFor many, many years, B of A was known as the bank with the worst reputation for customer service and stupid investment practices. Of late, Citicorp and Chase have been giving them competition.
B of a used to have a slogan Bank with the Leader. Pundits changed it to Bank with the Bleeder.March 13, 2010 at 6:58 AM #525335EconProf
ParticipantFor many, many years, B of A was known as the bank with the worst reputation for customer service and stupid investment practices. Of late, Citicorp and Chase have been giving them competition.
B of a used to have a slogan Bank with the Leader. Pundits changed it to Bank with the Bleeder. -
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