I have a seller whose house is scheduled for foreclosure auction on April 19. We've had a ratified contract since the end of February. The appraisal, which was done last Friday, apparently hasn't made it to Bank of America. The loss negotiator says he has to have the appraisal (to give to investors) before intervening in the foreclosure process. Is that a bunch of bunk or is there any precedence of him having said that? Based on the fact that we have a ratified contract and a good buyer, what possible reason would BofA have to NOT intervene in foreclosure proceedings? Should I be escalating this case to higher authority?
If it was just done last Friday, most likely he is telling the truth, it can take some time for the appraisal to get there. I am sure BofA has a million reasons to NOT intervene... escalate, escalate, escalate to get the sale stopped
Wanda - Bank of America waits 3-5 days before the sale date to postpone. Since you are "there", I agree with Jeff. If the negotiator won't postpone, go to supervisor, team lead, customer service line, etc.
Definitely escalate this. I was told earlier today that BofA usually does not make the postponements until 48 hours before the foreclosure date but we did just get them to say they could do one within 14 days of the sale. I am sure that the negotiator does need the appraisal, but this will also usually be tied up with the investors longer than you will like. Get the supervisor involved now.
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