Yes, that's right, I already had the approval letter in hand and everyone was proceeding to the close date. The buyer did their inspection and was ready to move forward. No indication of trouble in Bank of America/Fannie Mae paradise. Today via equator, I get an message with a denial letter attached. It was denied because it failed Quality Review. I called the customer service dept and there were no other notes except for that nondescript blurb. The CSR also confirmed that the short sale had been cancelled in equator. I sent a note to the negotiator, but haven't gotten a response yet, if I ever will. Has this happened to others or am I just the lucky one. By the way, the buyer was paying higher than market value for the property which was in lousy condition, but since FM doesn't consider repairs in their highly inflated prices, the buyer was paying more than he should. FM is destroying short sales left and right. Comments, insights, and sage advice is welcome and appreciated.
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I agree with you. Something has changed with Short Sale lenders. I had an approval with Nationstar then two days later I was told that they need a $9,000 contribution. This was after court mediation, 2 appraisals paid by the buyers. The negotiator said she forgot to get the investor to approve it. REALLY?
Then I have another short sale with WellsFargo that came back and said they wanted a $6900 contribution and the sellers to sign a Promissory Note for the full deficient balance. I sent them a long e-mail asking them if they actually reviewed this file, this is a court ordered sale and neither one of these people have any money! Where have they been for the last year? Finally somebody looked at the file again and they came back and said they would take just the cash contribution and to counter what the Sellers can afford. I feel like we have gone back in time 3 years where things are getting lost and one hand does not know what the other is doing. VERY FRUSTRATED.
All this is happening after the files go for final management approval.
Sounds to familiar...!!! This happening all over. Fannie Mae has even reversed on itself within days of rendering a FMV. Where is the outcry from our RE leadership..?!?
I think I saw a post somewhere on this site that said that NAR was all over the Fannie Mae issue. I'll believe it when I see it. It seems they get involved at the 11th hour rather than being proactive and protecting us.
Here's an update....I guess they have a "reason". It turns out that the buyer has a suit against B of A for unfair and fraudulent business practices. I found this out over the weekend from the buyer's agent. So, it looks like they are blackballing the buyer. As the story goes, he was involved in another deal where he had spent money on inspections and even had to turn on the utilities in a B of A short sale. B of A denied the short sale just a few days before closing after having already approving the short sale, approval letter and all. (sound familiar) He got mad and filed a suit for $1 against them for the point of it. (some people have too much time on their hands). He has decided to back out of this deal so it does no good to escalate any further. On the positive side, I got another buyer last night willing to pay what FM is asking. Unfortunately, we'll need to go thru B of A's "expedite" process. The last time I went thru this, it only took 4 months. They are just so darn speedy when they set their minds to it.
I have had nothing but trouble with Bank of America FHA short sale. My suggestion is to call the Office of the Vice President and ask to speak to a Customer Advocate. You will be assigned a Customer Advocate who will escalate the issue, you may even get a new Negotiator or Closer assigned right away. I had to use my Customer Advocate for the approval process and for the closing process, but finally got it done. Don't take no for an answer and don't give up! I also contacted my Congressman and notified the Office of the Vice President that I did so and the Congressman's office contacted BofA.
It is absolutely absurd the amount of bailout they have received and payment they receive to help these homeowners, only to fail these hard working Realtors, buyer's and homeowners and everyone in between! There systems are flawed and someone needs to go in and make some serious changes!
Wishing you the best! Call them everyday and don't settle until you win.
Sounds like they might have sold it. I agree that you should use the twitter team on this one. With approval letter in hand, it does not sound to me that they would deny it after the fact unless loan was sold to another servicer. I would be yelling from the rooftops on this one!
The way things are going right now with Fannie though right now, I would not put anything past them at all! You can dispute on homepath.com for Fannie Mae too.....
This one is easy....GET TO A DECISION MAKER!!!
A LOT of these banks WILL pay attention if you threaten to contact local media, contact the OTS or OCC.....just need to know who to complain to and this will get straightened out.
Sounds like you are just getting the run around - DO NOT PUT UP WITH.....KEEP FIGHTING FOR YOUR CLIENT AND YOUR PAY CHECK!!!!
Here is an escalation name and number for you. I have something similar happen, it was not a Fannie Mae however. Elizabeth is in the escalation dept and could find out what happend. Give her your loan number, name and property. I would put HELP and loan number at the subject line, this gets their attention. Let me know if she helps, I have other names.
elizabeth.fair@banofamerica.com
805-572-3138
If she doesn't answer your email, call her, she answers her phone.
Karen Curtis
Prudential Real Estate
Park City, Utah
435-729-9192
Send a message through equator to everyone on the list, not just the negotiator. I have had weird things happen just because someone inputted information in the wrong file. Also, the negotiator may have left or gotten fired, so they decline your short sale since that person left. Another thing that works amazingly well, twitter @bankofamericashortsalehelp (or something close to that) and complain about the decline. They actually monitor that twitter feed and respond fairly quickly. Good Luck!!
Yes, I had it happen. After many phone calls they said the reason was my seller signature didn't match what they had on file. He had to go to a branch and sign in front of a manager with ID. I then had to resubmit the short sale again. It finally did close. Good luck!
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