Hello Short Sale Superstars! Anyone deal with a BofA Coop w- NDS, and run into an "Error of Opportunity?" I've been told it would be escalated, still waiting...No response on the escalation to Closing. WE ARE TRYING TO CLOSE.1st, this is a coop short sale, BAC-Coop sent us the price to list, we received an over asking price all cash offer, uploaded it into Equator, then negotiator started it right away, counter offered, nothing changed, accepted as is. Then we received notice of a Trustee Sale, so negotiator sent it to investors for approval, now in Offer Analysis for over 30 days, TS postponed, to October, but we are coming up on the 2nd TS date. Equator has had the Approval letter in the Library since 9-13-12, with a COE of 9-27-12, and buyers funds are in escrow, and buyer and seller have signed and ready to close, by the 9-27 date, however, no final approval to close, therefore, Equator still showing Offer Analysis, NOT Closing. Now we need an extension and Equator is still showing in Offer Analysis, although EVERYONE I've spoken to both at BofA and NDS, say its approved but there is a problem in the database... No response regarding this issue. Anyone have any ideas or contacts to actually get this moving, its stuck...Thanks in advance for any info or experiences.
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I am dealing with NDS right now. I don't have the same exact issue but my experience has been horrible thus far for NDS. Their reps don't seem to want to deal with the file and this one has been completely neglected. I have been doing short sales since 2008 and had my share of short sale challenges among all lenders and servicer's, it's the nature of a short sale. Even with that I was always able to overcome them. NDS goes to the top of my list as worse vendors/servicer's and when possible they will be avoided on future deals.
Bank of America has been very responsive and by escalating they seem to be the only way to get NDS to communicate with me. I give Bank Of America a lot of credit in that regard. For the record, I have done a number of Bank Of America short sales and while some of them were challenging, there was always a person at that company you could go to resolve the situation in a reasonably timing manner, NDS doesn't seem to have the same interest in completing the deal.
I encourage anyone that has problems with NDS to communicate this to BOA in a constructive manner. NDS is a company that commissioned by BOA to help with files. If they see enough negative complaints than perhaps BOA will rethink that business relationship with them.
I am curious if this company gets paid based on the length of time they service the loans and perhaps that would include the time they service it after the foreclosure taking the file over at that point. When you look at their website it states REO Management so could this be a conflict of interest and it might be more profitable for NDS if it goes to foreclosure. I don't know the answer and am only speculating, but it's a good question.
I don't normally post on forums my disgust with the performance of companies but I have never seen a company neglect a file more than NDS has on this particular file.
Try this number:
Bank of America office of the President 877-498-7226
Good morning ALL: Still NO RESOLVE, I've tried EVERYTHING Everyone is suggesting, NO ONE either on the BAC Nor the NDS side has been able to help. I even spoke to someone on the Social Media Team, still nothing. WE have an upcoming 2nd Trustee Sale Date, and at NO Fault of the buyer Nor the Seller, has this file been delayed "to go to Closing", Buyer's Funds are in escrow, all parties have signed, ready to close, but between BAC and NDS, neither can get Equator to go from Offer Analysis to CLOSING for some reason. NEED A HIGH LEVEL MANAGER or VP, between the 2 Companies can can follow this issue to CLOSING. Thank you all for your assistance, but this has literally been the most frustrating SS I've had, and I've had a lot of wierd things come up over the past few years. This is the First time, I've had an easy close on My side, but the SS bank was Not ready on their side, and now No one will take responsibility for it, naming the cause as "Error of Opportunity" being an Error in the system, that is not allowing the NDS specialist to send to close at BAC and follow it through to Close. If anyone has any better solutions, I've tried it all, and reached out in multiple arenas, only to be hear again, enlisting your expertise again.
Check to with DTS or BAC to confirm that this loan has not been service-released (aka sold, transfered to a new lender)
Lisa,
On Bank of America's agent resource center there is a guide for escalations. I attached the escalation tool guide for you. I've used it a few time and had my file escalated very quickly. Good Luck.
escalationtoolquickreferenceguidev2.pdf
***Need Help? Try TWITTER HELP:
LOG INTO YOUR TWITTER ACCOUNT and TYPE: @BofA_Help Call YOUR NAME RE: PROPERTY ADDRESS, YOUR TEL NUMBER
or go to escalation.tool.support@bankofamerica.com
http://social.bankofamerica.com/
For TWITTER Do not place LN# or borrower name in the message. Just a brief: 'Need help with a HAFA short sale" will suffice. Make sure to mention short sale. Also, each file should to be a separate tweet. If you have issues with 4 files then send 4 tweets. They will respond very quickly.