Trying to get a BOA pre-approved FHA SS

I am having the worst luck with BOA even making it past step one. BOA has had all of the homeowners requested docs and financials since Nov 28, 2011.  I have had multiple conversations with the customer care people who keep telling me it will be assigned to a specialist (negotiator) within 5-7 days. When that 5-7 days passes, I call back and they say, NOPE, this file was never open, but I'll put in another request and have it escalated. We have gone through this for 5 weeks now.  Homeowner has recently sent in new financials cause others are outdated due to file just sitting.  Today they told me they didn't even have a borrowers authorization on file so they couldn't talk to me when they have been talking to me for the past 5 weeks..  I just can't get anywhere and I am really starting to feel the frustration.

I see a lot of Realtors on here that have their FHA approval and so I want to know if there is something I am doing wrong or maybe I need to contact someone else at BOA? Any help on what I can do to at least make it to step 2 successfully would be greatly appreciated. I have done many traditional short sales but never a FHA pre-approved one. I really didn't think it would be this difficult. Thanks , Kim

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Permalink Reply by Kevin - Greenville, SC on January 6, 2012 at 4:37pm

Continue to re-escalate.  I just went through the same thing.  I was told they are backed up in that Dept. and the Holiday's did not help.

Contact the Twitter Team - http://social.bankofamerica.com/

Permalink Reply by Kimberly Azzam on January 6, 2012 at 4:39pm

Thanks Kevin. At this point, that is all I can do. I know eventually we will get somewhere, just very frustrating. How is yours moving now?

Permalink Reply by Kevin - Greenville, SC on January 6, 2012 at 7:01pm

I received the Welcome Package a few days ago for both.

http://www.scribd.com/doc/76695551/Bank-of-America-FHA-Short-Sale-W...

http://www.americanbanker.com/issues/176_151/stevens-fha-bank-of-am...

Under its terms with HUD, B of A will have to pay an independent monitor to review its modification work and report to HUD. It is also obligated to seek borrowers through database searches, letters, phone queries and visits to properties. Borrowers who fail to qualify for loan modifications, will receive from B of A $4,000 for a short sale and $7,500 for a deed-in-lieu of foreclosure.

Permalink Reply by Kimberly Azzam on January 7, 2012 at 5:12am

Good info Kevin, thanks. My homeowner is still making her payments and I noticed in the one of the docs you sent, it states that they must be delinquent to qualify? Is this true?

Permalink Reply by Kevin - Greenville, SC on January 7, 2012 at 5:23am

According to Program Guidelines they must be 31 days past due when the property closes.

http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14626.pdf

Permalink Reply by Jeff Payne on January 7, 2012 at 4:23am

I have never waiting for a pre approval from BofA or any other lender in an FHA short sale, I list it, get an offer and submit after I get an offer.

Permalink Reply by Kimberly Azzam on January 7, 2012 at 5:10am

Typically that is what I have been doing as well, but this homeowner already started this process before she called me. BOA told her to do it this way, so she is wanting to get it pre-approved first. I really didn't think it would be that different except for no waiting once we have an offer. We either wait now or wait later.

Permalink Reply by Steve Capen on January 8, 2012 at 2:28am

I am with Jeff - I would get property on the market and get an offer.  You will an offer before it is pre-approved.

Permalink Reply by Bryant Tutas on January 8, 2012 at 1:41am

Going out in the newsletter today

Permalink Reply by Jim West on January 8, 2012 at 4:56am

Kimberly, I would suggest calling HUD and get them to put the heat on BOA. They will assign a case number for you to track and send an email to their FHA contact at BOA. Per HUD guidelines, the lender has 45-60 days to respond to a homeowner who applies for a ss, on if they will accept a short sale request. Do you have an offer yet? I always have a fight with Flagstar but if it is a FHA loan, then I work through HUD to get it approved. HUD insures the loan and if a lender is stonewalling a homeowner, they will chip in and fight with the lender to do what is right for the homeowner. Start with HUD.

Permalink Reply by Kim Kaplan on January 8, 2012 at 1:22pm

Hi Kim, i was recently invited to join a special team with BoA which allows me to escalate files and obtain approvals within a week.  you are invited to contact me if you wish.  [email protected]

Permalink Reply by Ryan Simpson on January 8, 2012 at 3:58pm

There is nothing you are doing wrong.  I have 7 BofA FHA Short Sales that have been stagnant.  They are finally moving forward, but we had to escalate, escalate, escalate ....  We finally made it high enough to an individual who could get things done for us.  That same individual informed my law firm that BofA is revampting there FHA short sales and that these kind of delays should be expected for the next little while.

 

It's all part of the joy of short sales.

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