Mortgage Holder: Bank of America
Original Mortgage: appr $135,000
Current Market Value: appr $65,000
Other Liens: Yes
Time for Approval: 4.5 months
Notes: This short sale process was lengthy. Why? Bank of America does not handle its Ginnie Mae USDA short sales in Equator, their online processing platform. In addition, only a few negotiators at Bank of America are qualified to handle these type of files. The Ginnie Mae requirements are onerous. The package for Ginnie Mae consists of standard financial documents PLUS the following:
1. Verification of Information and Occupancy on a special form
2. The listing agreement MUST contain the following EXACT verbiage: “Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker and without payment of a commission or any other considerations, if the property is conveyed to the mortgage insurer or the mortgage holder.”
3. Current, Non-Expired copy of MLS listing
4. Request for Pre-Foreclosure Sale and Affidavit (2 pages)
5. Purchase Contract with the following EXACT verbiage: “Sale is contingent upon the seller obtaining prior written approval of Bank of America”
Another cumbersome part of a Ginnie Mae short sale is that electronic signatures are disallowed. That means documents must be faxed or scanned, which takes more time than e-signatures.
What about the "other lien"? It was a homeowners association outstanding balance of about $5000. Ginnie Mae only agreed to pay $4000, but that amount was accepted as settlement in full by the HOA.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Crestview Florida short sale help
Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more. She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.
