It’s possible to short sale your property even if your property is encumbered by two mortgages.
Here’s proof that if can really happen even with a Bank of America short sale.
The active players were “EMC Mortgage Corporation holding the 1st mortgage and Bank of America Home Equity Line of Credit holding the 2nd.
After EMC received a complete package, they approved the terms of the short sale in 67 business days! Then the package was handed over to the Bank of America short sale department, specifically the HELOC department out of Jacksonville. They work fast. They approved their side of the short sale in less than two weeks after receiving the complete package. (If you have been following my blog, you will notice that the key to a short sale success is a complete package )
Here’s the approval breakdown:
EMC Original Loan: Approved at approximately 26% of original loan amount
= net to lender $33,784.08
Bank of America HELOC: Approved at approximately 8% of original loan amount
= net to lender $5,397.72
It’s important to note the results of the deficiency rights. EMC retained the right to pursue this borrower after the short sale, however, Bank of America’s approval letter stated that “[a]ny deficiency balance will be waived and the appropriate 1099 will be sent.”
Here are the actual short sale approval letters.
Check out more of our Bank of America short sale success stories, contact us or call us at (239) 985-4142. This Fort Myers title company services all of Southwest Florida including: Fort Myers, Estero, Bonita Springs, Naples, Cape Coral, Lehigh Acres, Pine Island, Punta Gorda and Port Charlotte.