Bank of America problems can anyone help? LRC closing files with weak excuses.

I have a short sale that I have been working on for about 11 months now. It is a BOA first and they have farmed it out to DTS, then LRC.

Long story short. They (DTS) declined the short sale about 50 days ago due to the BPO being expired. When I called in to BOA, they transferred me to DTS and said oh yeah, re initiate it and it will be 5 days and you will be right back in the same spot. (File was in QA for approval) 50 days later, I am supposed to be sent into QA on Friday. Friday afternoon at 450 pm I get a message from the negotiator that he needs the buyers address to be added to the HUD. (Mind you there are at least 3 HUDS that already have the address on it) I do not get the message until after 5 pm. Title company is closed. I get a decline message the next morning!!!!!!! I just called BOA, they of course can not do anything about it. I need some help here. This is a FMAC loan. The buyer has been hanging on for 11 months. He has increased his offer to full price of what LRC requested and if he walks we will not have enough time to get a buyer in place before FMAC schedules a sale date.

I am rambling, I am so frustrated and angry. I know that I will never refer BOA to anyone. They just don't care.

Help is appreciated.

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Permalink Reply by Short Sale Superstars LLC on June 24, 2013 at 1:00pm

Christopher,

If the file was declined out of equator there is nothing you can do besides initiate it again. You need to escalate the file and have it assigned to an escalations rep who can push the file forward quickly. It's unfortunate that these 3rd parties vendors act of time frames and decline files. I've even had files declined by pure accident. At times i reach out to our contacts at BOFA and have them pull the file from their 3rd parties vendors and work it themselves.

If you have any questions feel free to reach out as my door is always open.

[email protected]

www.ishortsalenow.com

310-564-6389

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