BofA offers loan mod during short sale process

[SD Realtor]

I guess I am intrigued by this. Not the part about the lender offering a mod, but why did you do your inspections before the short sale was approved by the lender. Sometimes (but not always) it is a good idea to wait until all the lenders have sent an approval letter so things like this do not happen to buyers.

[tc]

Wanted to lock in a good rate. And close before mid April.

[tc]

Wanted to lock in a good rate. And close before mid April.

[tc]

Wanted to lock in a good rate. And close before mid April.

[tc]

Wanted to lock in a good rate. And close before mid April.

[tc]

Wanted to lock in a good rate. And close before mid April.

[SD Realtor]

Well 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.

[SD Realtor]

Well 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.

[SD Realtor]

Well 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.

[SD Realtor]

Well 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.

[SD Realtor]

Well 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.

[EconProf]

For 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.

[EconProf]

For 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.

[EconProf]

For 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.

[EconProf]

For 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.

[Author]

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