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BOFA Did it again!!!!! What are they thinking???

Posted by Carmine R Biello Jr on November 16, 2012 at 10:49am in Short Sale Discussions

BOFA Did it again!!!! Short sale approved. Approval letter being worked on and I could not get it last Friday or this past Monday as I was told I would. Tuesday, Wednesday and even yesterday received an email stating trying to get the letter to me if not today, than tomorrow. Closing already scheduled for Tuesday morning. File submission to approval in 48 days.

Today get a Decline Notice:

 

"This loan was service released 11/15 to Select Portfolio at 800.258.8602.  The short sale transaction currently in process has ceased, so please contact the new servicer to begin working with them.  Thank you, Pamela"

Can you say Frustrated????????????  I mean really BofA?????????????????

 

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Tags: BOFA, File, Sale, Short, after, approval, transfered
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Replies

  • Celeste ODea October 28, 2013 at 1:54pm

    IndyMac/OWB just did it to me tonight.  Worked on this file for 2 years and received an approval letter Friday and it's being serviced released on Nov 1 to Ocwen.  Why do they do this? It's very frustrating, because now we have to start all over again. I guess it's still all about the money with these banks.  Maybe they get a higher price if they sell them "under contract" or something.  We do what we can and jump thru hoops and over valleys and then they pull this at the 9th hour.  The selling agent and buyer are not happy about this after waiting all these months.  Don't work with IndyMac/OWB if you can help it. They have done nothing to help us through the whole transaction.  Their approval letter is worthless in my mind!

  • Joan Psarros, CDPE, CRS, SFR November 28, 2012 at 10:20am

    I just wanted to update my message on 11/19/12.  HAFA had approved and we were almost ready to get the final approval and then I was told the loan was going to be sold.  It went to SLS and I did finally get a human and was given a new loan number which I uploaded all the information to the new bank.  I spoke a couple of times to different people using the loan number.  Then around the 3rd week of November the system wouldn't take the loan number I couldn't get through.  Finally after some frustration I got a human and found that the loan went back to BOA.  So, yup, starting all over with BOA again.

  • Ann Howard November 19, 2012 at 12:17pm
    I am working on a short sale that was sold to SLS. You have to go through the customer service center. For email it takes 3-4 days to receive and if you fax it takes a week. You will need the loan number ( the borrower will have it with the letter sent to them) the propery address and last four digits of the primary borrower's social security number to access any information once you have sent over the third party authorization. Not easy dealing with them as they do not use the equator system and you will not receive any emails from them nor call backs. You will have to call them at least twice a week for any information. I usually call on Wednesdays and Fridays for updates. I feel your frustration.
    • Carmine R Biello Jr > Ann Howard November 19, 2012 at 2:55pm

      Hi Ann,

      Thanks for the info. With SLS you can sign up the client under their website and they will respond in 24 hours. They called me today on another deal and I spoke with them about three times since last week on the other deal I have with them, You need your client's permission to set up a login with their information. Goto https://www.sls.net/default.aspx and set up an account if your client does not have one. Use your email so you can get information first hand. I use the SLS site to message cust service regarding a request for a phone call. They will forward it to the negotiator.

      Let me know if you need anything with them, It's not so much working with SLS that frustrates me, it was way in which BofA handled and is handling the process. They can do a much better job, especially for loans in my situation where it was approved with a confirmation email and they dragged it another 5 days only to release it. That's just wrong.

      Best of Luck. Let me know if you need anything, Thanks! ;-)

      • Ann Howard > Carmine R Biello Jr November 20, 2012 at 4:04am

        Hi Carmine,

        The negotiator is finally calling me, looks like we may get an approval from the investors.

        I still find it more frustrating with the time it takes for them to receive information. In this day when everything is instant it takes 2-3 days for emails to reach the negotiator, if they had their own private email it would go faster.

        I have dealt with a lot of companies, but this one is the only one so far that seems to take so long for response time.

        Thank you for your help, and best of luck for you and your client.

    • Joan Psarros, CDPE, CRS, SFR > Ann Howard November 19, 2012 at 12:26pm

      Hi, Thanks, Maybe I am trying to work this too early as the seller hasn't received anything from SLS yet.  I was told the beginning of October that they were transferring the loan on November 1st.  I was given a loan number around the 5th of November.  Now, when I call (and I call a lot) I put in the loan number with the last 4 digits and get a recording that there is no such loan.  I get a message if I want to speak with someone press #4 and then they hang up.  This has become a quest of mine.  I cannot tell you how many times I have tried.  I have emailed (another 4 hours of time I will never get back before I die).  I keep getting message that the file was not sent as the file is too large.  After multiple trys I just tried to send a cover sheet and that didn't even work.  I have faxed it and we will see on that one again.  They won't recognize the loan number and probably throw it away.

      I really do not know why things are going the way they are now.  I was always the person that followed the rules and life went along just fine.  But, I want to know who is making up the rules now?  This is crazy.  If only the American Public really knew what was going on they would understand better the world that we are in now.

      Thanks for the help. I need it.  Anybody else have one of these loans that is still not showing up on SLS's numbers?

      • Carmine R Biello Jr > Joan Psarros, CDPE, CRS, SFR November 19, 2012 at 3:08pm

        Try to email them at crdocs@sls.net  Reference the property address - you can also reach them at 800-306-6059. Best of Luck!!

         

  • Karen Roberts November 19, 2012 at 11:51am
    Perhaps BofA is transferring these files to Non-GSE's (like Seterus, SPS and GreenTree) who are not required to honor the National Mortgage Settlement Agreement so that BofA does not have to report on the homeowners they are not helping. This Act was a fund to reimburse affected homeowners and rectify serious mortgage abuses by these lenders Looks like it's working? Right! Write your Attorney General and Senator. Let them know that this activity DOES NOT assist the homeowner that this act was designed to help.
  • Wendy Rosenberg November 19, 2012 at 11:43am

    It happens all the time.  We had one where we negotiated the loan for 8 months, had an approval letter and the day before closing, they told us it had been service released a year and a half ago!  Bank of America acknowledges this is an issue and suggests that the homeowner check their mail from Bank of America and you or the negotiator should continually check with Bank of America to see if the loan is scheduled for service release.

  • Joan Psarros, CDPE, CRS, SFR November 19, 2012 at 11:26am

    Hi, I can not say frustrated.  There is another word for it.  I had one with BOA as well.  Worked on it forever.  The seller was an investor.  I was told we had to go through HAFA first.  So, we did and that got approved except for one little issue we had an offer than was higher than their BPO by almost $40k.  So, I was told to change the listing contract lower, change the MLS to lower.  I told them that I had another offer for much higher.  They said no problem after I did the above and had the approval than to send in the offer I already had.  The listing was changed, per their request, to the lower amount.  Oh, the buyer was furious as he now felt he was paying too much for the house so he walked.  But, I got another offer immediately. I called them and was told there wasn't enough time as the loan was being transferred to SLS in a month.  There was nothing that could be done as all we could do was wait until SLS had the loan on November 1st.  Of course I called on 11/1/12 but was told it takes a week to get everything into the system.  I have called continuously and was given a new loan number in the beginning.  But, when I call I can't get through the system as they don't recognize the loan number or the seller's social security number.  I have tried to fax the package.  Oh emailing was fun.  They gave me an email address and no matter how little I sent it kept coming back it was too much and declined.  I have been on hold for hours .  I still haven't been able to get the package to a human.

    So, Frustrating is not the word I am thinking!!!!!! If anyone know how to speak with a human at SLS let me know????

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