Dan,
I have a short sale in progress. It is a tough situation. The clients from what I can tell were mislead by the loan officer. It is a mute point as to whether this is a true statement or not. At this point, it really doesn’t matter. The clients have some responsibility for signing and not fully reading their loan documents at the signing. We just got approval for the short sale. I submitted the complete package and BPO with market analysis of our local area. The package was reviewed within 3 days and a BPO ordered. The BPO was completed within 3 days and it was sent upwards for approval from the Insurer this past Monday.
I just got a call from the Loss Mitagator this morning at 7:00 am that we have been approved with the following conditions. The clients are to sign a 15 year promissary note for the difference of what they owe ($99,000.) witha no interest. The payment will be $527.00 a month.
