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.
They refer to a pre foreclosure short sale program is all. No work group on it either.
We finally got a response today from the person who has the file requesting some papers again that I faxed and emailed in March. SO finally some movement. We shall see.
It sounds like you are dealing with an FHA short sale. Has the ATP (Approval to participate) been issued yet? You want to call the executive office and complain and they will have someone contact you within 24 hours. The BOA FHA short sales are a nightmare but you do have to keep escalating it. I try the escalation dept once and if I don't have any resolution then I go straight to the top. This works for me every time. Hope this helps.
Check out Homepath.com where you can put in a formal escalation.
I called the BOA Customer care line last Friday night at 1866-880-1232.
Is this being processed through equator? If so, did you accept an offer from worksheet under offers tab?
I was told it takes approximately, 14 days from any changes made by you or negotiator before moving forward to hoping the closing que. That's based off a "cooperative" short sale though.'
Try one more time to reach out and then in my opinion go straight to Freddie or Fannie.
Just closed on April 15, 2013 a BOA shortsale that started January 8, 2012. It was a nightmare from start to finish. Try going to their Twitter page @bofa_help and posting for help. We did that several times and were assigned to the "Presidential team" which didn't get us anything special but it sure sounded good. With repeated contacts with the Twitter team, we were able to keep "lighting the fire." With a lot of patience on the part of the buyer and sellers, repeated requests for the exact same paperwork and staying strong we did get the result we wanted.
twitter takes too long and we need investor approval asap.
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.
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.