BofA not wanting to pay FL incentive as promised - Short Sale Superstars2024-03-29T09:23:44Zhttp://shortsalesuperstars.com/forum/topics/bofa-not-wanting-to-pay-fl-incentive-as-promised?commentId=3468065%3AComment%3A237033&feed=yes&xn_auth=noThanks Bryant!
I had a HAFFA…tag:shortsalesuperstars.com,2012-06-08:3468065:Comment:2402182012-06-08T02:03:09.275ZToni Campbellhttp://shortsalesuperstars.com/profile/ToniCampbell
<p>Thanks Bryant!</p>
<p>I had a HAFFA approval letter in which the buyer came in at full price cash offer and after a month and a half I was told Bof A would not release seller from debt but would if she went traditional. This made no sense but I did question it and was confirmed so I had seller sign the addendum and submitted. It sat for 2 additional months with a complete run around even when I explained the seller was increasingly difficult, had threatened to remove cabinetry and sell…</p>
<p>Thanks Bryant!</p>
<p>I had a HAFFA approval letter in which the buyer came in at full price cash offer and after a month and a half I was told Bof A would not release seller from debt but would if she went traditional. This made no sense but I did question it and was confirmed so I had seller sign the addendum and submitted. It sat for 2 additional months with a complete run around even when I explained the seller was increasingly difficult, had threatened to remove cabinetry and sell because she was told in the HAFFA approval that she would get "up to"and wanted her $3,000 to help her move. In the end the seller contacted Bof A on a saturday in a drunkin fit and cancelled the short sale!</p>
<p>Buyer is devistated after waiting over 5 months and losing out on other properties. I'm going to try the twitter route and I hope to at least get the word to Bof A we have a process and it should be followed. A seller should not be able to cancel on a moments notice without a signed document. We as Realtors can only work with a buyer or seller when they are of "sound mind", no drunk signing. And the saga continues...</p> I have gotten up to $20,000 o…tag:shortsalesuperstars.com,2012-05-24:3468065:Comment:2370332012-05-24T21:30:04.621ZPat Perrottahttp://shortsalesuperstars.com/profile/PatPerrotta
<p>I have gotten up to $20,000 on one and over $13,000 on another. The trick is to get the offer substantially higher than their appraisal. </p>
<p>I have gotten up to $20,000 on one and over $13,000 on another. The trick is to get the offer substantially higher than their appraisal. </p> The coop letter does not say…tag:shortsalesuperstars.com,2012-05-24:3468065:Comment:2371292012-05-24T21:10:56.582ZTroy Jenkinshttp://shortsalesuperstars.com/profile/TroyJenkins
<p>The coop letter does not say may. If you read the most recent coop letters state that "Bank of America, N.A. will pay you$____" Chase has had issues with this and they are going back retroactively on their current short sales and giving incentives to sellers. Sounds like an attorney got aggressive to me. </p>
<p>The coop letter does not say may. If you read the most recent coop letters state that "Bank of America, N.A. will pay you$____" Chase has had issues with this and they are going back retroactively on their current short sales and giving incentives to sellers. Sounds like an attorney got aggressive to me. </p> It just happened to me on a B…tag:shortsalesuperstars.com,2012-05-24:3468065:Comment:2371192012-05-24T20:46:40.722ZKevin - Greenville, SChttp://shortsalesuperstars.com/profile/KevinMWillson
<p>It just happened to me on a Bank of America Fannie Mae Cooperative Sale. Incentive withdrawn as Owner never occupied.</p>
<p>It just happened to me on a Bank of America Fannie Mae Cooperative Sale. Incentive withdrawn as Owner never occupied.</p> Brian Tutas was right. I hav…tag:shortsalesuperstars.com,2012-05-07:3468065:Comment:2331792012-05-07T13:20:09.037ZPat Perrottahttp://shortsalesuperstars.com/profile/PatPerrotta
<p>Brian Tutas was right. I have had two deals recently, one where $17,000 was paid to the owner, and another one was over $13,000, and this person was not an owner occupant, it was a vacation rental. This was the amount offered by BOA, I didn't ask for it. The only reason I can come up with is that I got offers in both cases much higher than what they wanted. The way to do that, is to get the BPO low, and to offer the property higher than what the bank is expecting. In both these cases,…</p>
<p>Brian Tutas was right. I have had two deals recently, one where $17,000 was paid to the owner, and another one was over $13,000, and this person was not an owner occupant, it was a vacation rental. This was the amount offered by BOA, I didn't ask for it. The only reason I can come up with is that I got offers in both cases much higher than what they wanted. The way to do that, is to get the BPO low, and to offer the property higher than what the bank is expecting. In both these cases, the bank did not come up with their list price until AFTER I got a much higher offer. Of course, you can't submit that offer until the bank has done their work, including a list price. Another deal where someone was qualified, the incentive was denied. That deal the offer was lower than their list price. So it stands to reason that the bank's net in relation to the value they have placed on the property has everything to do with whether the seller get's the incentive or not. Of course, that may not be the reason the bank gives, but it is reasonable. You can try and get the bank to reverse their decision, but I have been un-sucessful.</p>
<p>Regards,</p> Not the answer you want but a…tag:shortsalesuperstars.com,2012-05-06:3468065:Comment:2328562012-05-06T17:56:55.331ZBan KKillerhttp://shortsalesuperstars.com/profile/BanKKiller
<p>Not the answer you want but a warning for the future. Bank of America is an admitted felon. OK? Then add the fact that they are unorganized and bloated beyond belief. The best way to deal with them is to always copy the authority that regulates them in your state. Or the new Consumer Protection Agency...whatever they are called now.</p>
<p>Not the answer you want but a warning for the future. Bank of America is an admitted felon. OK? Then add the fact that they are unorganized and bloated beyond belief. The best way to deal with them is to always copy the authority that regulates them in your state. Or the new Consumer Protection Agency...whatever they are called now.</p> In theory, I agree with what…tag:shortsalesuperstars.com,2012-05-06:3468065:Comment:2328492012-05-06T15:49:51.068ZLisa Lucas, CRS, CDPEhttp://shortsalesuperstars.com/profile/LisaLucasCRSCDPE
<p>In theory, I agree with what you have said about remaining calm, providing the facts and asking for a file to be escalated.</p>
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<p>On the other hand, the banks were never truly unhealthy. Hank Paulson and crew paired up the floundering financial sector with banks solvent enough to carry them through the crisis. I do not care how much money they make or lose -- I cannot see a quarter in recent history where they have not made enormous profits. The banks can be criticized in spite of…</p>
<p>In theory, I agree with what you have said about remaining calm, providing the facts and asking for a file to be escalated.</p>
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<p>On the other hand, the banks were never truly unhealthy. Hank Paulson and crew paired up the floundering financial sector with banks solvent enough to carry them through the crisis. I do not care how much money they make or lose -- I cannot see a quarter in recent history where they have not made enormous profits. The banks can be criticized in spite of the truth that by their fundamental nature they are doing business as they have been constructed -- solely for profit. At the expense of a devalued group of their customers, banks such as Chase and BoA opt to spend money on yet another predatory corporate tool. They can be faulted for making an disingenuous offer of relief. They dangle incentives near struggling homeowners via mailings and other advertising then the bank forces everyone jump through hoops to get the money.</p>
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<p>Yes, every business needs to make money but consider that the banks made money on the initiation of the loan and the interest on the loan. If the owner is upside down and has been paying their mortgage, the banks would easily have made a profit with the interest earned. Also, as other have mentioned, BoA received government bailout money that was not used as it was intended.</p>
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<p>For the banks, making money is wonderful, providing good service to consumers is expensive and when push come to shove, corporations exists only to make money through profit. They are not governed by social responsibility or any inherent ethical bent that compels them toward treating their customers honestly and fairly. The only ones that can do this are the bank employees who are living and breathing human beings, some with a sense of social justice in their hearts....</p>
<p>Once a consumer has a mortgage, they are at the mercy of an entity whose sole goal is to make profits. Arguing on behalf of the banks is unnecessary as they will survive and thrive at all costs. Fighting for several thousand dollars for a human being or family is a goal worth pursuing from my perspective. </p> I have been reading the remar…tag:shortsalesuperstars.com,2012-05-06:3468065:Comment:2328802012-05-06T15:19:52.059ZCarla Giampagliahttp://shortsalesuperstars.com/profile/CarlaGiampaglia
<p>I have been reading the remarks and also doing some research into things of this nature. It seems the govt have given the banks a great deal of taxpayer money to use for this program and others like it. It appears that many of the banks are trying to keep the money. I recently read that only about 3% of these funds have been used for this purpose, so it seems as though our greedy little friends at the banks are still doing what they do best. Bilking the general public out of more money...</p>
<p>I have been reading the remarks and also doing some research into things of this nature. It seems the govt have given the banks a great deal of taxpayer money to use for this program and others like it. It appears that many of the banks are trying to keep the money. I recently read that only about 3% of these funds have been used for this purpose, so it seems as though our greedy little friends at the banks are still doing what they do best. Bilking the general public out of more money...</p> The co-op letters and agreeme…tag:shortsalesuperstars.com,2012-05-06:3468065:Comment:2328792012-05-06T15:13:50.469ZBryant Tutashttp://shortsalesuperstars.com/profile/bryanttutas
<p>The co-op letters and agreements that the borrowers sign have "may" in it. Whenever you see "may" it becomes contingent on whatever BofA chooses to make it contingent on. The "agreement" allows the borrower to <em>enroll</em> in the program and "if" they successfully close the co-op short sale then they qualify for the incentive money.The language they use is very ambiguous for a reason.</p>
<p>The co-op letters and agreements that the borrowers sign have "may" in it. Whenever you see "may" it becomes contingent on whatever BofA chooses to make it contingent on. The "agreement" allows the borrower to <em>enroll</em> in the program and "if" they successfully close the co-op short sale then they qualify for the incentive money.The language they use is very ambiguous for a reason.</p> So far, we have closed 5 tran…tag:shortsalesuperstars.com,2012-05-06:3468065:Comment:2327372012-05-06T14:34:40.745ZKelli Kincheloehttp://shortsalesuperstars.com/profile/KelliKincheloe240
<p>So far, we have closed 5 transactions with the Florida Incentive ranging from $7,711 to $11,797. And we have several others that should be closing soon with incentives $15k+. The calculation for determining the incentive is 5% of the principal balance as of August 31, 2012. One of the biggest issues we've run into is that most of our files are being handled by BOAs 3rd Party Vendors and there has been extreme mis-communication between BOA and their vendors on how the incentive should be…</p>
<p>So far, we have closed 5 transactions with the Florida Incentive ranging from $7,711 to $11,797. And we have several others that should be closing soon with incentives $15k+. The calculation for determining the incentive is 5% of the principal balance as of August 31, 2012. One of the biggest issues we've run into is that most of our files are being handled by BOAs 3rd Party Vendors and there has been extreme mis-communication between BOA and their vendors on how the incentive should be handled. </p>
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<p>Fortunately, we were recently granted access to the agent escalation tool in Equator. In a specific instance where we were told that the seller didn't qualify by one of the 3rd Party Vendors, I escalated the file with this tool and was assigned to someone who specifically handles escalations only. They were able to look into it and communicate to the 3rd party vendor that the seller did in fact qualify.</p>
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<p>Just last week I was speaking with a manager within the escalations team regarding the Florida Incentive. I was told that as long as the file was initiated during the eligibility timeline and closed by August 31, 2012 that the borrower would be eligible (as long as it isn't VA, FHA, USDA). If you called and were told that the seller did qualify and were provided a specific dollar amount that they were eligible for, most likely they are eligible. In regards to the net proceeds, the Florida Incentive DOES NOT go into the calculation of the acceptable minimum net proceeds. Therefore if the offer meets the minimum net without the incentive, the offer should be approved. This is another issue that we have run into and escalated for clarification on. </p>
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<p>Out of the 12 files that I have that qualify for the incentive, only one was actually solicited for the incentive. Out of the 5 that I have closed, none were solicited. It is extremely frustrating that there has been so much mis-communication on this issue, but I go to bat for my sellers and each and every time have been successful on getting the incentive. Just keep escalating.</p>