B of A postponement declined but not short sale???
Someone please help me make sense of this. There is a foreclosure date set for Sept 7 for this property. I just finished uploading all the docs for our great offer yesterday into Equator and now it is being reviewed. However, when I called this morning to the 800 number, they told me that the investor had declined the postponement but not the short sale. I told the rep that even if we had an all cash offer, we couldn't close today b/c we don't have an approval for the short sale. He said we did but it was being reviewed. What?! I tried to also tell him that the sellers are in Puerto Rico and just got hit really hard by Hurricane Earl and they have limited communication. I asked to put in the postponement request again. No, they couldn't do that. I asked to speak to a supervisor and at first he told me no b/c I would just get the same answer. Finally, after much insisting, I talked with a supervisor who told me the same thing... postponement request was denied, it's going to foreclosure next Tuesday, we can't change that, but short sale is approved but still being approved. Please someone explain this to me. Is there anything I can do to change the postpone date??
Replies to This Discussion
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Permalink Reply by Cindy LaPeer on
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I'm in Houston and tomorrow is "Texas Tuesday." That's when the courthouse auctions take place on the first Tuesday of every month. It appears that the auction is set for 1 p.m. Funny thing is that I received an email from Equator telling me that they had updated their valuations and were gathering more information. The only reason I know there is a sale date is because I call in at least twice a week. I don't trust the Equator system. My sellers no longer live in the country b/c he couldn't get a job here, so there's no time to file anything. I will call these people first thing in the morning. I can't call the attorney because BofA won't give me that info!
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I've made the contacts you suggested and he is trying to help. But he told me that this loan is a Fannie Mae that is delinquent for 24 months (never mind that they tried to do a loan modification during that time), so it is highly unlikely that FM will postpone the date. I've contacted everyone I can think of in the chain of command including FM who wouldn't give me the time of day! At this point, all we can hope for is that they will get some money from BofA to help them (their parents) move. It's pretty frustrating and disappointing especially when Equator makes it look like everyone thing is moving along nicely.
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Permalink Reply by jeni lamberto on
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Can you do a mailaway to the seller in Puerto Rico? Via e-mail?
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