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Two Loans with Bank of America and Short Sale Approval Received in 37 Days!

Two Loans with Bank of America and Short Sale Approval Received in 37 Days!  

I have another short sale success story to report.  Just last month, I received short sale approval on a file, with two Bank of America loans, only 37 days after the offer was presented via the Equator system. So, the fact that this was a short sale only added about one month to the total time it took to get an approval from Bank of America and close escrow.  Both loans were processed concurrently through the Equator platform that Bank of America uses for its short sale processing.  

The first mortgage loan was owned by Fannie Mae, and the second loan by a different investor.  As a Santa Maria Short Sale Agent, I know that when loans are serviced by two different entities coordinating the approval time lines can be tricky.  However, in this case, since both loans were both serviced by Bank of America, both were processed through Equator.  Approval for both loans was received in 37 days and ultimately a full waiver of deficiency was obtained for the seller.  This was a great result for all involved.

If you have a Bank of America loan and are considering a short sale of your Santa Maria, Orcutt, or Nipomo home, you should seek out an experienced short sale agent to guide you through this process.  If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

*  Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

Copyright© 2011 Tni LeBlanc *Two Loans with Bank of America and Short Sale Approval Received in 37 Days! *

Tni LeBlanc, Broker
(805) 878-9879 mobile/text

tni@mintprop.com
www.MintProp.com
CalBRE #01871795

Comment balloon 19 commentsTni LeBlanc, Realtor®, J.D. • May 21 2011 02:08AM

Comments

Tni, congratulations! BoA is stepping up finally. Question: with the two loans processed through equator, were they with the same negotiator, or two different assigned short sales?

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) over 8 years ago

Hi Pam - Yes, I won't miss the 8 month BofA short sale!  Glad to see they've gotten their act together a bit.  Both files had the same negotiator and the approval arrived in one letter -- it was pretty smooth.  

Posted by Tni LeBlanc, Realtor®, J.D., Tenacious Tni (805) 878-9879 (Mint Properties, Lic. #01871795) over 8 years ago

Tni, in one letter?! Wow that is pretty smooth. I look forward to my next challenge that maybe won't be so bad. Thanks, Tni!

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) over 8 years ago

Hi Tni,  great..see ...all you agents out there, not all short sales are bad...jump in..

Posted by Ronald DiLalla, No. Orange Cty Real Estate (Century 21 Discovery DRE 01813824) over 8 years ago

Hi Tni - Wow.  Who took over the B of A?

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 8 years ago

CONGRATULATIONS! job well done.  I just started on my cdpe certification. I love working with short sales. Best wishes and I can't wait to hear more success stories from you!!!

Posted by Kim Boekholder Utah Real Estate, Broker, Results Real Estate (Results Real Estate 801.580.5624) over 8 years ago

Great job Tni!!! Bank of America is certainly getting better with approving short sales. Thankis for helping another homeowner avoid foreclosure!!

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 8 years ago

It's  nice to hear some good news surrounding BofA short sales!

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) over 8 years ago

Pam - I think they are getting better.  I don't like the way they are handling their HAFA files though -- they have outsourced them to AMS Servicing which adds a layer of bureaucracy.  But, this file went very well - and it shows they are capable of handling files well.

Ronald - LOL.  Yes jump in they will be here for awhile.

Conrad - LOL.  Not sure but they are doing a better job.

Kim - That's great news. CDPE is a worthwhile designation.  Handling short sales gives me a lot of personal satisfaction as well.  I enjoy helping my clients out of a bad situation.

Thanks Bryant!  I was thrilled about it.

Christine - Yes, it's not all bad even with BofA.  LOL.

 

 

Posted by Tni LeBlanc, Realtor®, J.D., Tenacious Tni (805) 878-9879 (Mint Properties, Lic. #01871795) over 8 years ago

Tni -  I am sure that the process went that much smoother because of your expertise! Congrats. Best, G

Posted by Gay E. Rosen, As Real as Real Estate Gets! (Julia B. Fee Sotheby's International Realty) over 8 years ago

Tina.

Glad to see BOA is finally getting better with this process. It's about time and congrats to you

Posted by Scott Hayes, Realty Austin, Broker Associate ((512) 786-8300) over 8 years ago

Tni, your short sales are going swimmingly.   If they were an olympic event, you'd be gold.  Great job!   Brian

Posted by Brian L. Sirota, Esq., For Solutions: (714) 501-7660 (Bristar Realty (Realtor/Attorney)) over 8 years ago

That's exactly how it should be. I keep telling agents that if they do it right, it really doesn't take that long. Congrats on the approval.

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) over 8 years ago

Thanks Gay!  It does pay to help your client put together their package in a complete fashion.

Thanks Scott!  

Brian - They are going a lot better than three years ago.  The banks know that they have to deal with these files.

Melissa - Very true and thanks

Posted by Tni LeBlanc, Realtor®, J.D., Tenacious Tni (805) 878-9879 (Mint Properties, Lic. #01871795) over 8 years ago

Go Tni. Go Tni.  Now  you know there are those that think a "Short Sale Approval" is stew for the crock pot right?  But hey, who are they anyway?

Posted by Charita Cadenhead, Serving Jefferson and Shelby Counties (Alabama) (Keller Williams Realty) over 8 years ago

Thanks Charita! LOL.

Posted by Tni LeBlanc, Realtor®, J.D., Tenacious Tni (805) 878-9879 (Mint Properties, Lic. #01871795) over 8 years ago

BofA has made changes in its use of the Equator system and is is much better now as you ahve experienced!! Congratulations, that was a pleasant surprise!!!

Posted by Paddy Deighan JD PhD, Paddy Deighan J.D. Ph.D (TimeshareLawyers.pro) over 8 years ago

Thanks Paddy - I agree they have made improvements.  The average file I think is handled much better.

Posted by Tni LeBlanc, Realtor®, J.D., Tenacious Tni (805) 878-9879 (Mint Properties, Lic. #01871795) over 8 years ago

Congratulation Tni! I'm glad you guys are doing great. Keep up the good work.

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) almost 7 years ago

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