Asked by Pat Holkesvig, Stockton, CA • Thu May 29, 2008
BofA recently approved a short sale for my clients. The first mortgage is a purchase money loan. An offer from a well qualified buyer netting the bank $221,123 was submitted in January, 2008. BofAâ€™s BPO valued the home at $220,000 two months later. No surprise since the home is in Stockton, CA , the â€œforeclosure capital of the USâ€. The value has since dropped substantially.
On my recommendation the sellers have met with an attorney who advised them to not accept the terms of the BofA short sale agreement. That agreement gives the bank and/or its investor the right to collect on any deficiency, a right they BofA would not have if the first mortgage is foreclosed on. As a consequence my clients have decided not to move forward with the short sale.
Information passed down to us from Bob Carus, Sr. VP of Mortgage Servicing informed us that BofA is unwilling to modify the short sale approval verbiage. It is the required verbiage on ALL BofA short salesâ€¦.no exceptions.
Real Estate in Stockton
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