I need some help is dealing with a financial institution regarding a short sale. I purchased a home in 2005 (my primary residence) and due to the financial atmosphere of the times, I was not able to sell my other home. I am not one to put my money in the stock market as I am not familiar enough with the stock market to take that kind of risk. All of my life I felt that real estate was a safe and trusted investment and this home was to be my retirement. I am a Realtor and as you might have guessed my income suffered substantially, I did however, take a part-time position in the healthcare field and for a time worked in customer service in the evenings. During this time, my husband had to have quadruple by-pass and was out of work for 7 months. Trying to do the right thing I used up all of my financial resources thinking this mess would surely come to an end.
In April 2009 I decided that it would not be financially feasible for me and my husband to remain in this home. And by the way, we put down 20%, had a 30 year fixed rate mortgage that was financially verified. We paid approximately 800,000 for the home that was now worth about 500,000 so doing a loan modification was not an option.
I listed the home in on April, 09. On 7/08/09 we received a purchase contract, with an anticipated closing date of 9/30/09 which I was able to get extended into November, 09. This contract was submitted to both HomEq Servicing and BOA who already had all of my financial information pertaining to the short sale. On August 31, 2009 we received a letter from BOA stated that they had received all the needed information and in the letter it stated “we expect the process to take 30 – 40 days to complete”
So on 9/30/09 I received approval from HomEq for the short sale which had an expiration date of 10/30/09. However, I could not get BOA to move at all on the file. As a result the buyer walked away from the contract as she had her home sold and needed an immediate place to live and the HomEq approval expired.
I then put the home back on the market and on 11/17/09 received another offer for the property. I then submitted all the new contract information to both HomEq Servicing and BOA. On 12/11/09 I received approval from BOA, however, the approval had en expiration of 1/25/10. I cannot get any assistance from HomEq (who already approved the price and the second offer was higher than the first). I call frequently requesting approval and advise them that time is running short. There basic response to me is “tough”.
I feel that I am being caught between a rock and a hard place. Both these institutions received TARP money which over the years my tax money is paying for and they cannot be cooperative at all. Are they stalling to let it go into foreclosure, which in my mind only serves to exacerbate this housing mess we are already in?
I am hoping you can assist me in this matter.
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