Have a short sale that is going on forever. We got the listing in Feb 2012. Got a buyer within a month. April the negotiator sent a response to the WRONG EMAIL, so we never got the response telling us the deal was approved. Then buyer walked in July. Almost straightened the email problem out, and got another buyer by June of 2012. We are still waiting for a response. They keep telling us we are almost approved but now no one barely responds to our request for updates. Buyer is hanging in there too. It is a Bank of America short sale and normally I can work well with them, but this one is taking so long I am not sure what to do. It has been escalated several times by their managers. Yikes, what to do.. My poor seller is distraught. Any advice would help.
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Twitter ROCKS for B of A, but be certain to add in your contact info. so they can reach out to you.
Glad to help directly if you email me - Ben@ShortSaleShop.net
I had this happen too. Yes, you need to escalate through HUD. I emailed my 3rd party authorization ( it needs to have the FHA Case # on it) to customerservice@deval.us. I then called (800) 594-9057. Make sure that you have details about who you spoke with and what happened. When I called after submitting the 3rd party, they called B of A while I was on hold. Unfortunately the file still had to be escalated through both B of A (twitter is best) and HUD a few more times before it was finished. Here is something that I did not know. According to HUD, once an offer is submitted to the lender, the clock starts ticking. B of A guidelines do not want the FHA offer until the ATP has been issued. If no offer has been submitted, there is no timeline for the ATP to be submitted. My HUD case worker told me to submit an offer as soon as I receive it, no matter what their guidelines say. I now submit offers immediately to B of A with FHA short sales, and at the listing, I have the borrower sign a separate 3rd party authorization for HUD. In the case of my 1st one, I just added the case number to the top of the letter that I already had. I do not recall if they need the last 4 digits of the SS#. I would call and find out. Good luck. I hope this helps
Call the Corp office and ask for the executive offices for help
100 N TRYON ST, STE 170
CHARLOTTE, NC 28202-4024 | view map
(704) 386-5681
did you try to contact @BoA_help (twitter has a BoA help line...which will generate activity and wake up the process)
give it a try....and stay in touch daily within the "equator" (frustrator software)....... dont even try to email outside their Equator" file for the property.....good luck....ive suffered also.....
Mike
I am closing a B of A FHA Short sale this week I started in Jan 2012. 1st appraisal came in at 38k in Feb 2012. Listed at 38k but after 6 months and 2 price drops later, was only able to get a 23k offer. Requested a new appraisal after 6 months, but was told B of A doesn't do more than one appraisal, but I could dispute the value but couldn't use any comps that were short sales or foreclosures. This is a distressed area of STL and there were no regular comps to support my value, only distressed comps. They declined the short sale and closed the file. I was only able to get the file reopened and a new appraisal ordered after I escalated with the dept of HUD/FHA. Second appraisal came in at 28k and I was able to convince the 23k buyer to raise there price to 26,100.00 and I am closing this week. If all else failes, you can try to escalate with HUD by calling 877-622-8525. Get there fax number so you can send them a LOA. The 1st time you call HUD, they will transfer you right back to B of A escalation. Just talk to B of A, get the name and number of the agent at B of A and then call HUD back in a few days and tell them you already spoke to B of A and give them the name of the person you spoke to at B of A. They should open a case for you and assign a case number. Hope this helps.
Don't forget sometimes B of A act as server (not note owner) and sometimes they can not have all the legal paper work and the right documentation to make a safe decission of sale.....and for any reason they can not contact the real investor owner..
i do recomend you to look for the right investor owner of the note and write a letter commenting your case... and
always call or e-mail your negotiator a least every 3 days interval " how is your short doing? or do you need anything else from us..?.!!!!"....imaging inside there is a lot burocracy...they are handling 100,000 of thousands of files!!!!and try to have an easy to remenber and write personal e-mail...
I have an FHA shortsale (no equator) with Bank of America that started last JULY 2012! We did not get qualified status until November 2012! Guess what??? Still no approval letter in hand May 5, 2013. 2-3 times weekly calls, MIA contacts, countless escalations. I asked someone yesterday what the heck is going on over there??? He said he takes 90+ calls a day, more than half FHA, and the majority of those ticked off over time frame. He said each handler has over 200 files at any given time. I don't know if I've just had bad luck getting the people assigned to my file who were. I can only wish our file were only a few months from the onset...
Again... with anything Bank of America, when you hit an issue, I'd recommend going to twitter and sending a tweet to the Bank of America help desk there. @bofa_help That's been the only thing that pushed a few of my BofA shorts through. They (BofA) have a internally-mandated response time on twitter.
Definitely use Twitter. Like Cyndi said... @bofa_help Send them a message with the property address, borrower name, loan number, and YOUR name and your direct phone number (cell number is great). Last one I did, I got a call within an hour and they had my entire file open in front of them, listing pictures and all. Makes me with other banks were following social media.
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