Has anyone found any relief with the B of A FHA Short Sale Process? I still have files that are stuck.. they've got their Short Sale Recommendations and are just sitting.. not being opened. We have done everything the process has asked.. does anyone have any great contacts or super helpful people?? I'm getting frustrated.
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I for one share your frusteration.
Twitter works - do a direct message instead of just a normal tweet to the BOA twitter team. Unfortunately, they can only do so much. I have 2 files that have negotiators - 1 is in Phase 2 - 1 has "the highest level negotiator" at BOA who promised to call me last Tuesday and despite me calling on Thursday still no call. My 3rd file which I was assured had been initiated after the famous "waterfall" has still not been started and I have escalated that one 2x at this stage.
These 3 files are my biggest headach and the 90 days on my short sale addendum is coming up so the buyers are free to walk at that stage without repercussions. Have heard that they will be put in Equator sometime this year....doubt that will help since it will only apply to new files.
Good luck to all...we will need it.
No question that an FHA short sale at BofA must be managed every step of the way, constantly, more so than with any other Investor/Insurer. This is not unique to BofA, it is characteristic of every FHA short sale, in my experience. Same applies to FHAs we've managed at USBank, Midland, Wells, M&T, GMAC, Chase. The only difference is that BofA accounts for about a third of our FHA volume.
IHMO the problem is more with the FHA program than with BofA. First, the program needs to be simplified and brought in line with changes that have occurred since 2007. Managing an FHA short sale requires more work, because you need to manage around their pointless restrictions.
I virtually guarantee you that if you go inside any Servicer, you will discover that the FHA comes through on audits and looks for every possible reason to demand givebacks from Servicers, because of violations of guidelines that nobody can implement precisely.
Friends, blame the FHA more than the Servicers. In fact, you harm our efforts by focusing your criticism on the Servicer. It's like blaming the server because your food is rancid.
You make a good point Michael! My goal is only to find solutions to my specific issues.. which I have, by sharing my concerns! I personally, enjoy most of my Bank of America files. Social Media, Escalations and Phase 1 / 2 Negotiators have been outstanding and are great to work with! If you give them a complete file the 1st time, it's a breeze :)
Excellent point. My case may have been an aberration since I had no problem getting the seller qualified for the short sale - he was in jail. The BOA process was out of whack after the FHA approval because the negotiator quit...not BOA's fault.
Jail. That's a good one Julia. Definitely meets the hardship requirement.
I believe BofA decided that for the short period of several months in which the street was beginning to actually say something positive about the bank, someone in the Bank of America management said "no more of the good P.R.", and as a result the memo was put out to act stupid on all FHA files. I would say the memo is being well followed.
A FHA (PFS) short sale should be the easiest of all short sales, but Bank of America, in all of their wisdom, has managed to turn it into the BofA nightmare of old.
Congratulations Bank of America.
Haha! The memo has definitely been followed. I agree, FHA is one of the simplest Shorts to work. It should not be so difficult. Oh well... it will get better, until it get's worse again ;)
I had this problem with several of my short sales. I tweet to @BofA_Help. The social media department is able to get files unstuck.
Oh well looks like someone else already gave you this info. They have helped me on 10 BofA files. I can't speak highly enough about that group.
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