Bank of America second loan to be be service released after short sale approval
We have a Bank of America approved short sale on two loans. Approval come to close February 15, 2013 but negotiator told us to try to close by January 31, 2013 since the second loan file is set to be service released on 1/31/2013. Customer service sent a request to investor to let Bank of America keep the loan since the approval has been sent already but no answer yet. Did any of you were able to let bank of America still service the loan?
I am going crazy again with Bank of America…always something with them.
Gavina
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Gavina,
Yes, we have had successful requests placed in the past to allow a transaction to close. Continue to follow up vigorously. We would speak to your closing officer and have him confirm that a request was indeed placed. In the past most reps at BOA didn't even know a service release postponement was possible.
310-564-6389
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Permalink Reply by Gavina Franklin on
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Thank for your reply Brett. Yesterday I received a call from BOA indicating after escalation to top level they cannot service the loan since this loan it is a part of a pool loan. Second loan will be serviced by Specialized Loan Servicing who stated that since I already have an approval letter they will honor that approval. The problem is BOA now is telling me now that since they are not servicing the 2nd loan they will cancel the short sale and I need to re-submit all docs allover again.
Gavina
209-598-4510
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Gavina,
Typically when we request a service release postponement we need to give an exact closing date of when we are set to close to communicate effectively that if they continue to service the loan the transaction will close. Having a customer service rep place a request to postpone a service release probably isn't as effective as a high level escalation rep placing the request. If they gave you the reason that the service release wouldn't be postponed to allow you to close based on this loan being part of a pool of loans being transferred does not make much sense in my mind. The majority of times pools are loans are transferred, not individually. We would keep pushing for BOA to reach out and request that they allow you to close as you only need a few extra days. Getting to the right person is often key.
Hopefully SLS does uphold the approval letter, but many times we do not see this being the case.
Best of luck and hopefully you can prevent from having to work this deal all over.
310-564-6389
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