BOFA Issue

I need advise, my short sale was approved in feb 1021, almost six moths after, BOFA issued letter of approval to close with all stakeholders agreed on the sale/… Closing date August 24th, The approval letter came in at 9am in the morning of August 16th, BOFA emailed my agent at about 5.30pm that the loan is sold to different company, overnight, another email came that cancel the short sale that was approved in Feb 2012. What do I do legally? I
ve packed all my stuff, rented a storage and ready to move. Now I do not know what to do.

Speak with a lawyer to see if you have a valid claim.

you will need to do another short sale with the new servicer.

I agree with satarnag. You will need to negotiate another short sale with the new lender. BofA was obviously trying to get as much immediate cash as they could when they sold the loan. Now, it’s up to the new lender to approve a short sale.

Most short sale buyers are investors. They usually know the risks. If the buyer is really serious, they will be willing to go through the short sale process again with the new lender.

The good news is that the new lender will have to start from scratch with any foreclosure proceedings. So, for now, you have time to negotiate with them to avoid foreclosure.