I submitted my short sale package to Bank of America last month and request to postpone the foreclosure sale. They declined and the property sold to Fannie mac. A day later, I received a letter from Bank of America saying:
“This short sale was submitted to your Investor for approval and was denied due to (insufficient offer, not willing to sign a deficiency agreement, or contributing to the loss). However, if the seller is willing to sign the deficiency agreement or contribute to the loss or have the buyer increase their offer; we may be able to reconsider the short sale. Please send us any updated documents for the short sale to be reconsidered.”
Someone please tell me, if I still can do the short sale on this property,
Thanks
It sounds to me like the property went to foreclosure and went back to Fannie Mae as the legal title holder of record! This makes me believe that B of A may have originated the loan but sold it over to Fannie Mae and continued to service the loan.
It’s over and done with if this is the case as it will come back as a REO at some point in the next year or two, but from what you stated a foreclosure sale happened at the courthouse steps, there were no bidders and it went back to the legal owner of record “Fannie Mae”!
http://www.homepath.com Heres the link to fannie mae properties after they are foreclosed on. You will be able to find it on here when it comes back on the market. Surprisingly they sometimes come out cheaper than you would offer on the short sale.