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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PS: it looks to me like FM wants to short sale as many properties as possible, try that escalations team and I bet you will delete the last part of your message regarding FM destroying deals. It's the servicers.

Mike, If B of A transferred the servicing to another service provider, and you already have a short sale approval letter, then the new servicer has to honor that short sale approval letter.  Sounds like there is a hiccup in QA department at B of A.  I recently had one which was a pre-approved FHA short sale, with short sale approval, and days before closing the QA department decided that the elderly seller's deceased husband had to reincarnate and sign the listing contract and the purchase contract, even though they had a certified death certificate in front of them.  The issue?  The names of the borrowers on the mortgage note have to exactly match the names on the listing contract and the purchase contract. In Nevada, we don't put deceased parties on our contracts.   Escalate the file to a manager at QA and find out what the hiccup is.  Our solution on this file was for me to write across the top of the listing contract and the purchase contract, "Seller (name) is deceased and cannot sign the (listing contract/purchase contract."  You'd be surprised the stupid stuff that can hiccup a file once it hits QA.  Get to a manager at that department.

If the file has been serviced released, Bank of America says the new servicer will honor the terms of the approval letter up to the date of expiration: https://agentresources.bankofamerica.com/content/document/ss_SRLAge...

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!

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!!

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.

[email protected]

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

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!!!!

 

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.....

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. 

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. 

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.

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