A common question about short sales
“I just completed one short sale at Bank of America where the seller was current on his mortgage and never missed a payment. Then, I had another one at Bank of America, and they said that they could not process the short sale because the seller was current on his mortgage. Why is that?”
I get questions similar to this one several times a week. On the surface, it does not make sense. Why would one short sale go smoothly, and the next one at the same institution be such a pain the keister?
Believe it or not, the answer is fairly simple. It’s often not the servicer (where the mortgage is paid) that makes the decisions, but the investor instead.