Bank of America no longer working with LRC

I have a HAFA approved short sale that has probably been sitting on someone's desk for over a month. I finally found out that after not getting any response from the negotiator that as of this week BOA is no longer working with the department that has my file known as LRC. Files are "supposedly" going to be transferred to UTLS. If you have anything with LRC contact UTLS immediately and get them to help you move everything over. They will not inform you about this and you will only receive dead silence.

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Permalink Reply by Jessica Eisenhauer on May 26, 2011 at 8:30am
That is horrible as UTLS is way way way worse than LRC from my experiences. =(  That totally sucks.  Well this explains why I got through the entire process of uploading all the docs etc and then the status went back to Borrower Outreach and I was told that the file was mistakenly assigned to LRC but it should have been REDC. =(  Great.. =)
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 26, 2011 at 11:11am

I used to do BPOs for UTLS but they didn't pay for 6 -12 months.  After contacting the CEOs office I found out they were having financial problems and weren't paying many of their vendors. 

 

Quite frankly, if I ever have a short sale and it gets assigned to UTLS, I'll advise the client to find another Broker to work with. 

 

I think BofA made a huge mistake in selecting REDC and UTLS to handle their short sales.

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Eric Mieles on May 26, 2011 at 1:21pm
Wow not good. I just called today as I've had a file with them since March and they said it was in the last stages of underwriting. I wil jump on it tomorrow and get some answers. thanks for the heads up.
Permalink Reply by Eric Mieles on May 27, 2011 at 5:25am
Just got off the phone with BOA. I have a file with the LRC HAFA code and they mentioned any file with the code already on it will continue to be processed through LRC however new files will go to UTLS.
Permalink Reply by Judith Sailors on May 27, 2011 at 8:24am
I called after I read this and they stated the same thing today. Yesterday they were sure it would go to UTLS. I hope they have it all clear now and my file doesn't end up lost between parties. The old file on the equator system is still there and I have to go to another section under "transferred" in order to communicated with the correct negotiator....what a mess.
Permalink Reply by joe beauchamp on May 27, 2011 at 11:10am

HA!  I have not been in here for months and months - decided to take a quick look - and I have a file at LRC where they came up with a ridiculous counter, so buyer walked.  LRC people claimed that they could handle HAFA w/o buyer even though BOA reps had always said no.  Well, no responses to vmail, email, equator, etc. for a week.  Then I saw this message - just called BOA.

 

Rep confirmed. Files at LRC will continue, new ones go to UTLS (I suppose AMS for no buyer files).  Mine? Still at that @#$@#$ LRC with no responses...

Permalink Reply by Rebecca Puig on May 29, 2011 at 1:47am
Exact same thing happened to me! I contacted a "higher up" who was going to escalate, but have not seen any movement yet and it's been almost a week. I will contact UTLS immediately. Thanks for this post-very helpful!
Permalink Reply by Judith Sailors on June 10, 2011 at 9:37am
This department and program (HAFA) is completely unorganized. I have a sale date approaching and still not much happening to get the deal in escrow. I hope they don't come back with a counter such was your case. Thanks for the heads up...

joe beauchamp said:

HA!  I have not been in here for months and months - decided to take a quick look - and I have a file at LRC where they came up with a ridiculous counter, so buyer walked.  LRC people claimed that they could handle HAFA w/o buyer even though BOA reps had always said no.  Well, no responses to vmail, email, equator, etc. for a week.  Then I saw this message - just called BOA.

 

Rep confirmed. Files at LRC will continue, new ones go to UTLS (I suppose AMS for no buyer files).  Mine? Still at that @#$@#$ LRC with no responses...

Permalink Reply by Bryant Tutas on June 12, 2011 at 1:25am
Let's place this in the newsletter today and see what kind of responses we can get
Permalink Reply by ElizabethWeintraub00697006LyonRE on June 12, 2011 at 10:57am

Escalation is your friend at Bank of America.

 

Elizabeth Weintraub

Broker-Associate #00976006

Lyon Real Estate

 

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Permalink Reply by Wilma Hebrank on October 8, 2011 at 3:46am

I have the same situation.  My file has been moved from AMS to LRC.  The file is in limbo.  Can you provide the # for UTLS or any other pertinent info. that I may need to get this HAFA going.  Thank u.

Permalink Reply by joe beauchamp on October 10, 2011 at 4:54am

Your request is confusing. Your file moved from AMS to LRC so you want the number to UTLS?  Huh? OK, HAFA is handled horribly by BOA, and it looks like it is so for BOA's own reasons - to appear to cooperate but keep the file as long as possible (they manage the account and are paid by the investor - it isn't their money).

You need much extra patience and fortitude to deal with HAFA at BOA - keep that in mind.  I try the normal calls and sending messages to the negotiator, etc. but also will escalate to other places like the BOA SS rep and BOA office of the president - when things are not happening at AMS/LRC/UTLS/etc.  In the past, I've had success with knowing names at UTLS and LRC to get things moving - I suspect BOA has cut those off by now.

In your case, I think getting the expected flow would help the most.  Talk to the rep at the company where your file is.  It may take a couple of them to get one with the understanding to tell you what to expect.  If it sounds reasonable, then call in when necessary to make sure that they are on target.  If they aren't, push those escalations.

BOA uses UTLS/LRC, etc as whipping boys.  They do not tell their own reps that these delays are 99% due to these companies required to send emails to BOA negotiators to actually do the tasks and that those negotiators take their time getting around to the tasks (you cannot get their names, no one has control over them).  Knowing this structure explains why I escalate through BOA when I get nowhere at the sub-company - it really is BOA making the delays - they won't admit it, however.

UTLS 877-824-0976; AMS 877-418-4934; LRC 888-387-0523; PROMMIS (replacing REDC) 877-452-3908

Finally, I got quick response using twitter at BofA_help (others have raved about this, I finally was stuck and tried it).  Unfortunately, the result was bad, but the response was fast and thorough.

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