I sounds to me as if BofA and Countrywide are still slightly different departments. I have just had an approval for a short sale with BofA and am pursuing a modification with
CW and they are definitely different folks, numbers, proceedures, etc.
For my BofA short sale approval, it was purchase money on a vacant lot. Details are as follows:
- Purchase money in CA and I believe it stayed in house and wasn't sold.
- We are paying off just under 70% of the loan with the sale.
- We got the approval in less than a month from the time an analyst was assigned.
- They have agreed to "settled paid in full for less than the full balance".
- Pretty sure there will be no deficiency judgment based on the above.
- They will issue a 1099c.
- We are not having to come up with any cash ourselves.
We are really lucky based on what I am reading elsewhere but we did have some leverage because there were some legal situations that needed our cooperation in order to solve so we used this to negoatiate and get the approval fast.