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Permalink Reply by Tammy Evans on August 17, 2011 at 8:10pm

Congratulations. May I ask the terms of the contract, was it a full price offer, 2nd lien holder?

 

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Permalink Reply by Estella Drake, CDPE on August 18, 2011 at 12:55am

@Tammy - Terms HAFA RASS, HAMP mod didn't work, denial received with HAFA option or deed-in-lieu, borrower chose short sale, called BofA with borrower and ok'd option, transferred to 3rd party AMS, HAFA seller application/package submitted, appraisal done, borrower approved, received written SSA approval with terms and price 120 days to sell, 1st with BofA, 2nd told by AMS with BofA & Approved, investor MI approved, listed it with the given approved amount, 3 offers received within 48 hours, full price investor with concessions of 3%, but found out no concessions allowed (SSA said yes allowed, but not true), removed concessions, 94 phone calls later and emails to Elena Celsestine National Realtor BoA trainer contacted many many times (I believe she did help), on and on ground hog day and torture, but at the end of this what I thought was a happy ending and right before the  Formal Sale Approval letter was authorized  I found out they were so sorry but, the loan was sold, ugh! What do you mean sold, yes, but we did not know it, than why did you and everyone else that answered the phone tell me all loans and MI were approved, uh, we made a mistake....Prayed and investigated who the 2nd is and within 48 hours I was given the 2nd lender approval, now that is service and how it should be! This is just in a nut shell and much nicer and cleaner than the long story! AMS is where BofA was 3-4 years ago and they do not share a thing with you because you must guess while you go a long. Today I was on the phone regarding another HAFA file and all the negotiators were cheering in the background, my comment was, "They must be cheering for me, cause I closed with a record 94 phone calls, lol" I heard noise and asked what that was and told it was the negotiators!  This is my true story.

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Permalink Reply by Tammy Evans on August 18, 2011 at 7:48am

That is an amazing story, all your hard work actually paid off, congratulations!

This is the second time I heard BofA selling the note during negotiations. They really must not want to participate in this program and AMS must be very difficult to work with. I am the buyer in a BofA HAFA shortsale, no experience with HAFA until now... my offer is 5k less of asking price and they rejected with a counter for full price. I am holding my ground albeit I haven't seen a less than full price acceptance.... any words of wisdom?

Estella Drake, CDPE said:

@Tammy - Terms HAFA RASS, HAMP mod didn't work, denial received with HAFA option or deed-in-lieu, borrower chose short sale, called BofA with borrower and ok'd option, transferred to 3rd party AMS, HAFA seller application/package submitted, appraisal done, borrower approved, received written SSA approval with terms and price 120 days to sell, 1st with BofA, 2nd told by AMS with BofA & Approved, investor MI approved, listed it with the given approved amount, 3 offers received within 48 hours, full price investor with concessions of 3%, but found out no concessions allowed (SSA said yes allowed, but not true), removed concessions, 94 phone calls later and emails to Elena Celsestine National Realtor BoA trainer contacted many many times (I believe she did help), on and on ground hog day and torture, but at the end of this what I thought was a happy ending and right before the  Formal Sale Approval letter was authorized  I found out they were so sorry but, the loan was sold, ugh! What do you mean sold, yes, but we did not know it, than why did you and everyone else that answered the phone tell me all loans and MI were approved, uh, we made a mistake....Prayed and investigated who the 2nd is and within 48 hours I was given the 2nd lender approval, now that is service and how it should be! This is just in a nut shell and much nicer and cleaner than the long story! AMS is where BofA was 3-4 years ago and they do not share a thing with you because you must guess while you go a long. Today I was on the phone regarding another HAFA file and all the negotiators were cheering in the background, my comment was, "They must be cheering for me, cause I closed with a record 94 phone calls, lol" I heard noise and asked what that was and told it was the negotiators!  This is my true story.

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Permalink Reply by Enrique Vasquez-Plaza on August 19, 2011 at 3:09am

Wow! Congrats!, i have 2 right now with BofA and Ams in NY. Well, after 3months of gEtting nowhere i decided to scalate. Now i ambeing helped by a nice lady (hafa escalations) Heather Martin who -dekspite of being swamped with files and constant program changes has managed to move this 2 files. One we jsut did bpo and we are waiting for fannie mae to release listing price, and the other one i just accepted counter on equator after (ssa given and rass sent) and i am expecting full approval tomorrow!!! :)

I know what it feels!! Congrats, its a long journey and it takes dedication!!!

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Permalink Reply by James White on August 21, 2011 at 11:55am

Great Estella, I was working an a B of A -AMS deal as well, boy did they muck it up! The two systems just simply do not work together. The appraisal was stuck in B of A's system, AMS refused to call B of A and visa versa to get the appraisal in the system, escalations did not work, then after 2 months of fighting I was told the MI company on the second will not participate in HAFA. Believe me I asked about MI at the beginning, but was told there isn't any. Long story short, back to equator, 6 weeks later a new appraisal, an counter offer and what I was told was a submission to the investors, turned out they declined due to missing counter offer and closed the file. Fortunately, I took screen shots of the equator documents screen and had copies of all e-mails proving all the documents including the counter we're uploaded to equator 3 days after the counter and 6 days prior to expiration..... Now escalated 3 levels and have been told to start over even with iron clad evidence as to THIER mistake. The Team Lead claims he will follow this and see the file moves quickly, although when asked he won't commit to anything. We’ll see how it goes.... chin up! Next stop, executive management!

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