should i get an attorney to expedite my short sale?

Katie
Home Seller
New Baltimore, MI

My home is on the cusp of foreclosure and we have sold it on a short sale. The bank has been giving us the run around for months. They keep telling my real estate agent that they are 8 weeks behind and they also say they never received the paperwork. The saddest thing of all is that it's Bank of America, my 2nd mortgage that's holding us up. They also happen to be my employer. I do not even know who to call or what to do. I was really hoping to avoid foreclosure. Can anyone help or offer some sound advice? Thank you.

Answers (3)
Cindi Hagley, W...
Broker
San Ramon, CA

Getting an attorney involved could stall your short sale...because then their legal team will get involved. Your agent needs to call everyday, ask to speak with supervisors, and pretty much make your short sale their top priority until you get approval. Bof A is behind......as long as there is no auction sale date you should be OK.

Thu Aug 20 2009, 23:38
Brian Walker
Agent
Clinton Township, MI

Don't waste any money on an attorney, your agent can get you through this, if they say they don't have the paperwork have your agent send a copy each day until they acknowledge it. You couldn't achieve a "short sale" without the bank agreeing, so start being the squeaky wheel until you and/or your agent gets answers. They agreed to the short, and you have a buyer they need to get this done before it looks like they intentionally stalled until they aquired your house. They farm out a lot of shorts so the overloaded factor doesn't fly.

Thu Aug 20 2009, 17:22
Brian Luck
Agent
Chesterfield, MI
FIRST ANSWER

Katie:
I have a few of these "on my plate" right now, and unfortunately BOA is one of the worst to deal with, for a combination of reasons. I could go into heavy detail but would hope that your listing agent is well-versed in the short-sale market and can navigate through your options, while hopefully getting the foreclosure sale adjourned.. Typically this can be accomplished when a deal has been submitted with a comprehensive short sale package prior to the foreclosure date and more importantly... into the hands of a bank negotiator prior to the scheduled foreclosure date.
Regards,
Brian Luck
Keller Williams Realty
586-770-4827

Thu Aug 20 2009, 17:21

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