What is the policy on short sales? How long do people have to wait to be approved? I put in a contract to buy a short sale on 12/19/09 and I am still waiting! Also, an elderly couple I heard of (I work with their daughter) was forced to walk away from their (short sale) home (this month) because the person waiting to buy it decided to walk away. This person waited over a year! What makes this story even sadder is that the father is sick and awaiting a kidney transplant. The home is in Illinois but the father is on a transplant list in Florida. Therefore, they had no choice but to leave the house behind. This elderly couple did everything that was asked of them and yet they could not get the bank to approve the sale. Unfortunately, now the same thing is happening to me. Who stands to gain from having us wait? The bank in both cases was/is Bank of America (BofA).
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