I just had a BofA negotiator tell me that we HAVE to close escrow on our short sale 1 week before the upcoming scheduled trustee sale (Calif) because the investor (Bank of NY Mellon) won't postpone the trustee sale? She says investors are tightening up on this and have stopped granting postponements. Has anyone else run into this?
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I just lost my first home to foreclosure in over 4.5 years ( really sucks!!) and it was indeed fannie mae. We had agreed to the investor counter offer almost 4 weeks before the auction date and from that point on hounded the negotiator at CITI and fannie mae would not postpone because according to the senior VP of short sale dept. at CITI, fannie mae will NOT postpone without an approval letter in hand!!! period, no chance- his words. Thus even though we met the bank/investor counter offer fannie would not postpone.
Here's the salt in the wound though. We had a net to the bank on the HUD for slightly over $145k after all fees. The bank sold it at the steps for $131k and took a $14k loss with them. I had been able to get ALL of my f/c postponed before but this one sunk like the titanic and I had to call my clients and give them the news......... fun phone call BTW.
Just had a negotiator tell me today on a Freddie Mac that unless they have Freddie Mac approval prior to the trustee sale that is scheduled for Sept. 11, that Freddie Mac will not allow a postponement - even though we have been in the process for 3 months and it has now been in with Freddie Mac over 3 weeks. Tomorrow I am emailing freddie mac to try and get some assistance - worked once - maybe I'll get lucky.
My condolences Douglas. The really hard part is telling our clients the bad news. They always seem to say it makes no sense (they're correct) and they're upset because there seems to be absolutely no logic involved (given what we know). My guess is FNMA had a MI policy that would net them more if the FCd? SOMEthing must be happening moneywise to precipitate such a decision. Too often, FNMA blows up a great deal on a short sale only to net significantly less on the FC or REO sale.
Hello, I just got a B of A FC postponed 2 weeks ago NY Mellon is investor.
It was postponed that same day. I called and called to make sure it went through. I too am in CA.
Good luck, don't give up.
Go to B of A Twitter for escalation.
Kathy Dyer
Just so everyone knows -- what number were you calling?
Katherine bottom line she's bluffing. Having worked in a short sale department for over 5 years I know the games the banks play I challenge them all the time and with my contacts at B of A I am always successful. FYI B of A has delegation on most of Bank of NY Mellon's loan If you have a valid reason for postponing, such as buyer's lender needed to clear minor conditions it willbe granted. On the other hand if buyer is having problems getting loan approval then you may not get it.
negotiators are not in a position to deny postponements They must request a postponement but they will give their typical scripted line that " we can request but cannot guarantee it will be postponed"t there are some bad negotiators out there so I will always go over there heads and even have told them that I will file a formal complaint that will end up in the employee file.
No, just had a vacant lot short sale trustee sale postponed for 30 days (this is the 3rd time). Perhaps it's just YOUR investor?
I represented the buyer on one that was B of A, not sure who the investor is, but after having a contract waiting for an approval after 3 months the bank said will give approval if you can close in two weeks. I have an FHA buyer, appraisal hadn't been ordered, inspection wasn't done. We argued that it couldn't be done and the agent said that if we could show the bank that we were seriously working on getting the loan then they might postpone. Listing agent offered to pay for appraisal and inspection to show that she had faith the bank would postpone which the buyer would have to reimburse if the bank did postpone. Bank did postpone for only 30days. Time is up next Friday and it looks like we will get it closed.
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