Just received this from BOA: Please be aware, the lien on this property is scheduled for sale to a new Investor (non Bank of America) on 1/31/2013. This Sale will need to be closed by 1/29/2013 as we need to review and approve the Closing Docs, and require enough time to stop the Service Release. If this Sale does not close by 1/29/2013 you will need to obtain a new Sale Approval from the new Lien Holder.
We do have short sale approval but there is no way we will be able to close by that date. Spoke to the closing officer and his manager but no luck in getting this cancelled. I have already reached out in Twitter but they could not provide any assistance regarding this. Reached out to the negotiator also but no response as of yet. Any thoughts on who else can I escalate this file to?
If it is a FHA short sale - contact HUD direct. They stopped one for me last year - just by calling.
This is a 2nd lien so I don't believe it is an FHA loan. The closing officer did say that this part of a block of files being service released. And yes, the closing officer did already provide me the new servicer information. Just wish I could stop the service transfer and close this in a couple of weeks. Still trying so will see what happens.
Howard - You can ask if Bank of America can request to retain the servicing rights. Try the Twitter team. I've had this done before. If the closing office and his manager said "no", and they didn't tell you why, they didn't try. If there is no way to stop the transfer, the new servicer may choose to honor the approval and extend the closing date.
***Need Help? Try TWITTER HELP:
LOG INTO YOUR TWITTER ACCOUNT and TYPE: @BofA_Help Call YOUR NAME RE: PROPERTY ADDRESS, YOUR TEL NUMBER
Thanks Wendy. I actually did that before I posted. First they said unable to help but they called back on Friday and said their may be one possible way. Have not heard back from them yet. I have the new servicer information so will be calling on Monday.
Awesome info!!!! I've had two BofA files transferred to different investors within the last month. Fortunately, they were both transferred to Bayview who took 2 weeks to approve vs. the 7 months I've been dealing with BofA!
Linda - I have had this done, just last month! Give it a shot. Some of the negotiators may not even know this is possible.
Wendy, very helpful tip. Thanks.
Howard, I am in the same situation as yours. Two loans with the BOA, received approval letters closing Feb 15, and the second loan servicing release Jan 31. Closing Officer advises to close by Jan 31 or even the first loan will shut off in equator and I will need to start all over again. New servicer (SLS) will honor my approval letter but the problem now is with the BOA again. A request was sent to the investor to allow the BOA to service the second loan until Feb. 15 but it was denied.
That might be promising only that I only have one lien which is the 2nd and I think the new servicer is SLS. Need to check. T
Gavina that is absolutely NOT true that 2nd lien service release has nothing to do with the first in Equator if the 1st is not being serviced released This is same as it was when B of A sold many 2nd loans to Greentree 2 years ago . here's what really going on. the negotiator's motivation to get these closed is internal pressures to get as many short sale files out of their queue by end of January.
Thanks Patricia. Will try this.