Short Sale Decline letter from B of A..talked to investor and he didn't decline short sale!

Has this happened to anyone? I think it is a case of the files getting mixed up with someone elses. I contacted the investor who is a local community bank and he is the direct contact for the individual investor. He was really surprised that there was a short sale negotiation and knew exactly what property I was talking about. I asked him if I should tell the buyers' agent that the sale was declined or wait and he told me to wait! Has anyone come across this scenario before? My short sale is closed out of Equator so I am assumming that I have to start all over again, correct?

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Ask the investor if you can work directly with him on the short sale. We have done this several times with BAC files (you would be surprised at how many times we have heard from investors that they had no idea BAC was working on a short sale). Don't assume that they (BAC) mixed up your file... remember the person working on your file has several hundred files and any reason to get a couple off their desk they will take, even if that means cancelling a workable file.
Wow! Are you serious? I just assumed that they mixed up the files. Well let me tell you what I did. I e-mailed EVERYONE on the equator list, the VP, SVP etc. saying what I did and who I talked to. It was a big stroke of luck that I got a hold of the right person today! He was totally surprised and shocked that he hadn't heard anything from B of A. He didn't know anything regarding the offer for the property, the counter offer, close of escrow, NOTHING! So, Terry how did you get this resolved? Do I have to start all over with B of A? Another twist, this bank is in our town so I could walk everything in if I have to. What do you think I should do?

Terry Hammill said:
Ask the investor if you can work directly with him on the short sale. We have done this several times with BAC files (you would be surprised at how many times we have heard from investors that they had no idea BAC was working on a short sale). Don't assume that they (BAC) mixed up your file... remember the person working on your file has several hundred files and any reason to get a couple off their desk they will take, even if that means cancelling a workable file.
Ask the investor if you can send everything he needs directly to him. The last one we did with BAC where we went through the investor was owned by a company called IMPAC (luckily they will often let Realtors contact them directly). IMPAC approved the short sale (with terms that BAC would have never allowed), but the approval letter was still issued through BAC. The biggest complaint that we hear about BAC from investors and MI companies is that BAC either sends incomplete package or no package at all. Never assume that they are doing their job, the longer the servicer stretches out a default, the more money they make from the investor.
The investor said that he is going to contact B of A. I was going to wait for a reply for B of A but what I am going to do is contact the investor on Monday and ask him if I could send everything to him and work it that way like you suggested. Thanks so much for your help and thank God for this website! Have a great weekend!

Terry Hammill said:
Ask the investor if you can send everything he needs directly to him. The last one we did with BAC where we went through the investor was owned by a company called IMPAC (luckily they will often let Realtors contact them directly). IMPAC approved the short sale (with terms that BAC would have never allowed), but the approval letter was still issued through BAC. The biggest complaint that we hear about BAC from investors and MI companies is that BAC either sends incomplete package or no package at all. Never assume that they are doing their job, the longer the servicer stretches out a default, the more money they make from the investor.
Good Luck! I am hoping that the investor helps you out and gets the ball rolling for you!
Hi everyone! Well just an update! By the time I got the short sale sorted out and put with an awesome negotiator in the escalation department that moved the file forward in record time, got the second loan approval, and another counter offer on the table, the buyers' agent got very frustrated and probably advised his buyers to walk. I lost the buyers. Plus the investor also got his own valuation and bumped up the sales price $30,000. Now it is going to auction on Friday and the investor refuses to do another postponement even though I have several interested buyers. Unless I get a postponement, the deal is lost! It is my first loss and I am taking it pretty hard for my sellers. I asked the negotiator what I could have done different and she said it was a case of bad luck on the part of the negotiator mixing up the files and telling me to appeal directly to the investor. Guess I wasn't supposed to contact the investor but if I hadn't, he would have never know that B of A did a poor job of handling his transaction. So right now, begging and pleading for more time to get the new buyers in and close the deal in October if the trustee sale is postponed. Otherwise it will go back to the bank on Friday..I will keep you posted but it doesn't look good. Thanks for listening!
Another update! Can you believe I am on the 14th trustee sale postponement on this deal and the third round of buyers! The buyers are hanging in there! I will keep you all posted. Has anyone had more than 14 postponements on a trustee sale? Anyone? good night all!
Kelly, B of A is in my humble opinion the worst bank to work with. They do whatever they want, count yourself lucky to have another month to fight to get this short sale done. Dieing to know how it turns out! Best of luck

It might just be my skewed perception, but it seems to me that the MORE activity you have on a property the LESS likely you are to get continued postponements from BofA.....  At least that has been my experience....

Hi Everyone! Here is an update! We are closing March 15th. I got the short sale approved for market value and postponed the trustee sale for the 12th and final time last week! The property appraised inspections have been done and we are ready to close. I will keep everyone posted.Oh, I did have to go through two more round of buyers to get it done. Which meant had to start the short sale over again 3 times with B of A. I didn't have any more contact with the investor. I also had an AWESOME negotiator that woukd consistently answer his e-mail and call me on my cell. But so far, I am 100% on closing my short sales...let me know if you need a short sale agent in Northern CA! :)
Kelly Magreevy Connect Realty CDPE SFR CNE Saving Homeowners from Foreclosure
I had the same issue with BAC and I called the investor (Bank of New York); from there I was given a phone number for a managing director at BAC and that is where my short sale moved forward.  After a few phone conversations my short sale was approved that day;r BAC had the file for more than 6 months.  The investor did tell me that they give BAC all control over their portfolio of loans that BAC services.  I would call back the investor and ask them who you should contact at BAC outside of the equator network.  Good Luck, we all need it with Bank of America!
Great thread of info here and congratulations to Kelly!  I'm curious though about the investor part of this.  Is it OK to contact the investor and if not, why?

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