Bank of America Important Information

I have been communicating with a person at Bank of America who asked me to pass this along.

Several changes in our Short Sale (SS) process that will have an immediate impact your members.  Many are included in the link below…

https://realestateagent.bankofamerica.com/ptff.aspx?p=251

It is important that they review their current SS files to insure compliance with the new policies (including the BAC addendum and 3rd party authorization) in order to prevent the potential closing of their SS transaction, forcing them to re-start the process.

I view these process changes as instrumental in workflow improvement and efficiencies with BAC SS.  However, I can also see that if agents are not prepared…it may be a painful interim period with rumors outpacing facts. 

A couple of other items that were discussed on the webinar (which I strongly recommend early agent listing a SS to view, will be available for replay tomorrow on www.bankofamerica.com/agentresources) were the vendor Service Level Agreements (SLA) for HAFA transactions, the necessity for only a licensed real estate agent to participate in the negotiations, co-operative SS and the agent locator tool. 

Overall, a lot of change (on the surface) in April, with benefits and efficiencies gained in June and throughout the remainder of the year.

I thought it would be good for you to be informed and relay the information to your members.  Additionally, please let the members know that BAC has a renewed push and product line coming out for originations; we have retooled our underwriting, improved our 203k and developed special products for BAC customers…more to come this quarter, especially in markets where we have a banking presence.

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Permalink Reply by Victoria Chrysokos on April 3, 2012 at 3:10pm

MY BROTHER HAS HIS HOME IN A SHORT SALE WITH A REALTOR.  THE MORTGAGE IS WITH BANK OF AMERICA.  B.O.A. HAD HIM ON THE HAFA PROGRAM AND NEVER HONORED THE AGREEMENT.  ON FEBRUARY 22, 2012, AN OFFER CAME ON THE HOME.  MY BROTHER ACCEPTED THE OFFER THINKING THAT WHEN THE SALE IS COMPLETED, HE WOULD BE GETTING HIS MOVING OUT MONEY OF $3,000 AND AS STATED IN THE HAFA AGREEMENT, DEBT FORGIVENESS ON THE MORTGAGE BALANCE......WELL.....HE WAS JUST TOLD LAST WEEK THAT HE WOULD MOST LIKELY BE RESPONSIBLE FOR THE DEFICENTCY BALANCE AND WONT BE GETTING HIS MOVE OUT ASSISTANCE MONEY EITHER.  IN FACT B.O.A. IS MAKING HIM MOVE OUT 5 DAYS B4 THE CLOSING.  SAD THING IS, REALTOR NOR B.O.A. WILL SAY WHEN THE CLOSING IS.   HERE IS THE QUESTION,  CAN HE GET OUT OF THE ACCEPTANCE CONTRACT?   SINCE B.O.A. CHANGED THE GAME RULES AFTER SIGNING OFF ON THE ACCEPTANCE CONTRACT.  HE ALSO HAS PROOF OF FRAUD BY B.O.A. ON THE HAFA PROGRAM.  HE WOULD FILE SUIT AGAINST B.O.A. BUT OF COURSE CAN NOT AFFORD AN ATTORNEY.  ANY HELP OR ANSWERS OUT THERE???  THANKS

 

Permalink Reply by Jeff Payne on April 4, 2012 at 12:52am

Victoria, I do not believe that they have to honor the HAFA program, it is quite possible he did not qualify after they put him in the HAFA program. 

There are a few things that do not seem right here. First NO ONE can make him move out 5 days before the closing UNLESS his realtor was dumb enough to get him to sign something in the contract that says the buyer can take possession early.  How can he move out early if no one has told him the closing date?

Is there an approval letter for the short sale in writing?  Does the approval letter say that they will not waive the deficiency? 

Since Bank of America is NOT party to the contract, they are irrelevant when cancelling the contract.  That contract is between buyer and seller

Sorry to sound harsh but I seriously doubt that your brother has a clue about BofA and HAFA fraud because if he did, it would be easy to find an attorney looking to make a name for themselves.

My advice is for your brother to talk to his agent or his agents broker to find out what is going on.

Permalink Reply by Keri Sweetland on April 13, 2012 at 3:03am

I have to agree with Jeff on this one.  Chances are your brother signed the attached document with BOA which stipulates WHEN he will be vacating the home, it's something that the agent negotiating the short sale fills out.  If he was approved for HAFA he would have reveived an ALTRASS and then the actual BOA HAFA approval letter showing he was approved.  Just because he was placed in the program doesn't mean he was approved.  It sounds like there are missing pieces to this puzzle. 

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Permalink Reply by Jeff Payne on April 4, 2012 at 12:44am

Erik, I would for sure.

Permalink Reply by Bryant Tutas on April 8, 2012 at 12:12am

Good info Jeff

Permalink Reply by Alex Mejia on April 12, 2012 at 11:37am

Thanks for the update!

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