Greetings,

 

Want to share some experience. 

BofA seems to be taking a pro-active involvement in the Short Sale Process, have closed many with them.

We are closing a HAFA short sale file - today - that Loan Resolutions Corp handled for BofA.  The only problems we had were - getting someone to process the file,  started on June 1 - we were persistent, once the doument collection  began (late June) and they confirmed they had all  they needed (2nd week of July) - A  Negotiator was assigned in August, had weekly communication with her, she was friendly and helpful.  We had a second we were negotiating as well.  BofA agreed to pay the second $6K.  Second accepted, gave us a lien/debt release with a deadline of Sept 30th.  We received an approval to participate in the HAFA program August 3, - then had to start fine tuning the offer - after 3 counters and many HUDS the negotiator approved and submitted to their QC Dept for the final approval letter.  We were supposed to have by Sept 30, (that was the 10 business day target) received on October  5 - it was dated Sept 26 - had left messages - "Where is my letter?" oh-well we got it not on the 30th but the following week - had some stressful moments when deadline passed. 

Had to get an extension on the second, got the Seller involved which was helpful - because second wanted to charge penalties (we were so close - and all these stressful moments of possible loss on all the work we put into this transaction) - second agreed to extend when the Seller spoke to them - didn't charge any penalties (they were not as cooperative with me). 

I submitted the final HUD in EQ system on Monday, Approval letter said they needed 72 hours to review. Now, however, the Negotiator I was dealing with was out on Medical leave and the closing person  assigned would not return my calls or emails or my Title Officer's calls.  The Buyer's Agent is upset because the Buyer's lock expires today.  More stressful moments - this morning called BofA escalation and received the approved HUD within an hour.

All in all - it wasn't a bad experience.  Typical short sale stress involved, which I am really trying to let go of - pausing and taking deep breaths.  Persistence really is the key in most of our short sales ... and, of course submitting all the required documentation for successful closings.

BofA has been my favorite Short Sale Lender to work with of late.

www.ShortSaleDifference.com

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Honestly does anyone have perfectly smooth short sales???  Seems that getting to the closing table is always so stressful and everything comes down to the LAST day - closed one yesterday with purchase contract pending with Wells Fargo FHA dept.  from last Sept., 2010 (yes, 2010) and went back to BOA on 2nd twice before they would agree to settle for the 2250 FHA would give them.  Approval finally from BOA Aug. 30 good thru Sept. 30, Wells assured me they were escalating the file lol...finally called and emailed supervisor first week of Oct. after ext. from BOA to close 10/14.  Negotiator gets file done with me copying supervisor on every email - file complete Wed. am, final HUD sent to FHA closing for Wells Wed pm, told to take off $58 seller had to pay in extra taxes AFTER the negotiator had told me to keep it on there!  Finally approved to close Friday morning of last day to close per BOA 2nd....just nerve racking....

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