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Permalink Reply by Premier Loss Mitigation Services on July 18, 2011 at 3:54am

We got some answers and action when we tweeted, "BOA short sales are driving us crazy! They are not responding to emails and we need to get this short sale closed ASAP!". We received a reply right away and a call from them within an hour. It is worth a try.

Joshwin Thampan said:

I'm facing issues with some files on equator for the last 6 months. On each troublesome file, I messaged the negotiator through Equator, got no response, then escalated the file through Equator and messaged the Vice president, AVP’s, Managers, Team leads, BACI regarding this issue. They never gave me a response. I spoke with the negotiators, asked them the reason for declination, they didn't have an answer for that, but all that they could see on the file was that some internal department declined it and the reason was not specified. They confirmed that the files were not declined because of insufficient offer, as in such cases, the bank sends a counter offer or at least a message will be sent that the offer is insufficient. Negotiators could do nothing once the file gets declined and advised us to call the short sale customer service. I called the bank, spoke to the customer service representatives, they escalated this issue, but again I got no response. Then I spoke with the supervisors, where they advised me that it was a technical error in their system. Advised me to re-initiate the files and once it is active, they will fast track those files. 
 
So, I re-initiated the files, but after numerous requests, they couldn’t fast track the files, then later after it got to a certain stage of negotiations, these files got declined again. I called bank and this time I was advised by the supervisors that Bank of America doesn't encourage Investor offers and the contract needs to be under an individual name (no LLCs or Corporations), they also wanted clean legible contracts. Also, some advised us that it might be due to an issue with the property. I spoke to a few asset managers who tried escalating these files to upper management level. I could see the messages they sent through Equator to the upper management several times but no one ever responded. 

 

This is the 4th time i re-initiated the files and it is getting declined at some point in the process. Each file gets declined at a different stage of the short sale process.

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Permalink Reply by Joshwin Thampan on July 19, 2011 at 3:22am

I tried tweeting, but the BOA representative and specialist gave me the same reason of declination and said they don't have access to any other information.

Premier Loss Mitigation Services said:

We got some answers and action when we tweeted, "BOA short sales are driving us crazy! They are not responding to emails and we need to get this short sale closed ASAP!". We received a reply right away and a call from them within an hour. It is worth a try.

Joshwin Thampan said:

I'm facing issues with some files on equator for the last 6 months. On each troublesome file, I messaged the negotiator through Equator, got no response, then escalated the file through Equator and messaged the Vice president, AVP’s, Managers, Team leads, BACI regarding this issue. They never gave me a response. I spoke with the negotiators, asked them the reason for declination, they didn't have an answer for that, but all that they could see on the file was that some internal department declined it and the reason was not specified. They confirmed that the files were not declined because of insufficient offer, as in such cases, the bank sends a counter offer or at least a message will be sent that the offer is insufficient. Negotiators could do nothing once the file gets declined and advised us to call the short sale customer service. I called the bank, spoke to the customer service representatives, they escalated this issue, but again I got no response. Then I spoke with the supervisors, where they advised me that it was a technical error in their system. Advised me to re-initiate the files and once it is active, they will fast track those files. 
 
So, I re-initiated the files, but after numerous requests, they couldn’t fast track the files, then later after it got to a certain stage of negotiations, these files got declined again. I called bank and this time I was advised by the supervisors that Bank of America doesn't encourage Investor offers and the contract needs to be under an individual name (no LLCs or Corporations), they also wanted clean legible contracts. Also, some advised us that it might be due to an issue with the property. I spoke to a few asset managers who tried escalating these files to upper management level. I could see the messages they sent through Equator to the upper management several times but no one ever responded. 

 

This is the 4th time i re-initiated the files and it is getting declined at some point in the process. Each file gets declined at a different stage of the short sale process.

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Permalink Reply by Joshwin Thampan on July 19, 2011 at 3:37am

Did you get the same decline message on your files?

Maribella Hernandez said:

This happened to 6 of my files in April, after 3 weeks in limbo and one house that went to sell b/c of their mess, I finally reinitutated all the files and escalated quickly. Now the 5 remaining have been postponed for sale twicw and hope fully are in the last stage of the approval. Good luck and do not give up :)

 

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Permalink Reply by Sean D. Elliott on July 19, 2011 at 3:55am

My office has had several files (twelve files just last Thursday) in the last six months declined for the same reason, "internal review", and no one has answers.  Most of the files already have written approvals from Bank of America.  We have buyers moving forward with a purchase (paying for inspections, appraisals, giving notice to landlords etc) and sellers preparing to move only to have BoA decline the files mysteriously. 

The last one that was kicked out after written approval was a Freddie Mac loan.  The approval from BoA was good through July 13th.  A rep from Freddie Mac actually called our client to see if we were on schedule to close by July 29th!  The negotiator even confirmed that Freddie Mac approved the sale through the 29th but that the file was declined (after written approval) on July 6th.  So BoA isn't even listening to their investors!  This is the second time on this file, same buyer same seller, that it has been kicked out after written approval.  I have been demanding answers and getting none.  

My seller has contacted her Senator, who has in turn contacted Freddie Mac.  Hopefully more people will be able to complain to the investor behind the loan to force BoA to deal with their issues and get us some answers.  It doesn't seem like a good business practice to ignore the wishes of your investor or to do an "internal review" after a file has been approved.  I'm all for internal review, just do it after all docs have bee submitted to Equator and before the file is sent for investor approval and explain what is wrong so the issue can be fixed (if there even is one). 

Does anyone else think it strange that there seems to have been a wave of files wiped out by this mysterious internal review last week and today BoA is reporting better than expected profits today?

Wendy Perez said:

At what stage of the negotiation is this happening?  I assume you're using Equator.  Is this happening right after you submit the HUD figures?

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Permalink Reply by Joshwin Thampan on July 19, 2011 at 4:50am

Each of my files got declined at a different stage on Equator, some of them after the BPO was ordered or completed, some just after completing all the tasks. There were a couple of files that got declined after receiving the approval letter.

Wendy Perez said:

At what stage of the negotiation is this happening?  I assume you're using Equator.  Is this happening right after you submit the HUD figures?

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Permalink Reply by Sean D. Elliott on July 19, 2011 at 5:14am

Joshwin,  I am new to this site so I apologize if this is common knowledge but are you a realtor or a third party negotiator for the seller's?  I am an attorney and we started having this problem with BoA at the beginning of 2011 and were thinking it may have something to do with the fact that we are a third party not a realtor and the Equator system seems geared towards realtors.  There have been changes made to allow accounts for attorneys and third party negotiators but we still are having issues with the internal review denials.

Joshwin Thampan said:

Each of my files got declined at a different stage on Equator, some of them after the BPO was ordered or completed, some just after completing all the tasks. There were a couple of files that got declined after receiving the approval letter.

Wendy Perez said:

At what stage of the negotiation is this happening?  I assume you're using Equator.  Is this happening right after you submit the HUD figures?

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