We currently have an FHA loan through B of A, it has been a struggle but we have remained current. We are going through a short sale currently, Bank of America is the primary & only lender involved. Our home is likely worth $80-100,000- in today’s market, but we owe $240.000. We started this short sale process at the end of September- still waiting for a negotiator to be assigned. Of course I have been reading all I can to educate myself regarding B of A tactics.
When asked, about the HUD approval letter- B of A responded that the negotiator will request the letter when assigned. Per HUD guidelines the date on the HUD letter, is the start of the short sale process. From what I can tell, this letter should have been requested in Oct. ( 2 months ago) HUD’s closing is 1% or less, depending the buyer’s loan. B of A requests 5% at closing. I’m just trying to uphold my credit (as much as possible) and get through this alive. Can B of A handle this as they see fit or do we have any recourse ? I’m totally confused. Seems as though the lender would want to be included in the HUD program to re-coup anything they could in addition to the sale.
I’m afraid I’m going to have to pass you on to a mortgage specialist. I think you should follow the link and contact a HUD housing counselor in your area that deals with these issues daily.
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