Posted by Edwin on May 07, 2010 at 14:37:23:
It appears the bank merely wants $75 per day if the purchase does not close by 3/26/10. The part about “being absorbed by other parties” seems very unclear. Who are these “other parties?” Once they have agreed to sell for one price, I don’t see how they can get another BPO and try to jack up the price on you. Sounds like you might need to get a lawyer to sue the b**astards. That’s what I would do. The nerve of that bank!!
forcing bank to short sale via legal action?? - Posted by Tim
Posted by Tim on April 07, 2010 at 20:15:07:
Last week I was scheduled to close on a short sale transaction. In the bank’s short sale acceptance letter their verbiage specifically stated…"This transaction must close by March 26th, 2010, or there will be a $75 per diem that will be charged. This per diem will not be absorbed by Citimortgage, but by other parties. At the day of closing last week there were some minor errors that were made on the HUD, and when this was emailed to the lender/negotiator for them to approve she later that day replied stating that due to these two items that their management decided to have another (third time) BPO performed to reevaluate the worth of the property. Basically, eventhough their acceptance letter specifically states the above verbiage they just threw that out the window, and pulled this. They have since come back, and have stated that the value is drastically higher then the last agreed upon short sale accepted amount. My question in this is can I take legal action to force their hand to honor this agreement since it specifically stated the OR a $75 per diem will be charged??? If anyone could please assist with this, I would be extremely grateful. If I might be able to take legal action on this it would also be greatly appreciated if anyone might be able to point me in the direction of whom I could get in touch with. Thank you!