Wednesday, August 29, 2012

Seminole, Niceville FL Bank of America Ginnie Mae Short Sale Approved


Niceville Ginnie Mae Short Sale Agent Niceville Ginnie Mae Short Sale Agent

This house at 1425 Hickory Lane, in the Seminole area of Niceville Florida, was just approved for Bank of America short sale closing.  It was a long process, with delays due to department changes at Bank of America, but in the end - success!  Here are the details:

First Mortgage Holder: Bank of America

Second Mortgage: None

Mortgage Type: USDA Ginnie Mae

Original Mortgage: $180,000 appr

Current Value: $70,000 appr

Deficiency Judgment: Waived

Seller Cash Contibrution: None

Seller Promissory Note: None

A USDA Ginnie Mae short sale (called ”pre foreclosure sale” at Ginnie Mae), is not processed through Equator, Bank of America’s online processing platform. Ginnie Mae does not issue a letter that states deficiency (or the remainder of your note after selling the property is waived).

USDA loss mitigation guidelines, however, state there is no pursuit for the balance of the unpaid note. I researched online and found the following information about USDA loans sold as short sales "A borrower who successfully sells the property securing the loan using the PFS option is relieved of the mortgage obligation.  The borrower shall not be pursued for deficiency judgments by either the Servicer or the agency".  What other things should you know about USDA short sales? You must have a hardshp, be at least 31 days late on your mortgage payment or facing imminent default.  
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.

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