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 Homeowner has recently sent in new financials cause others are outdated due to file just sitting.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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- Always call/email in 3 days after submitting documents to confirm they have been received.
- Update all the financials when submitting an offer.
Just got a decline on a BOA FHA SS - HUD declined due to "borrower neglect", it was vacant and was vandalized. Anyone had any luck contacting HUD directly to ask for a reconsideration?
Same here, past SS's piece of cake compared to current FHA SS. To make it worse, buyer agent is clueless and keeps threatening to walk because WE aren't going fast enough. It took me 3 negotiators to get out of phase 1, I'll spare you the details, now in phase 2. Sellers have sent in the SAME docs at least 7 times and are ready to quit, do they not transfer docs to each other? I received the HUD 90045 form for sellers to sign but it states sellers agree to sell no less than an amount that is higher than our contract.
Does anyone know if they sign this are they obligated to this "minimum net" or can they sign it and I can negotiate? THANK YOU!!
Thi isn't uncommon for a BOA FHA. I wish they would process these through equator like GMAC and maybe it wouldnt take so long. I've done a bunch of BOA FHA's and I think the fastest was maybe 3 months. I just closed one last week, that we started the preapproval process in June. Finally got the ATP in October ( have had a buyer since then) and these idiots took another month to approve that specific sale and 2 more months to approve a final hud. Unreal. We actually had to submit and reschedule close 3 times because of the amount of time it took BOA to get the final HUD approval.
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.
I have had the same experience as Ryan... I've escalated as high as the CEO/President's office. That is when things really start moving.
Wow, and how did you get it all the way to the CEO? When I have the reps on the phone and ask to speak to someone else, they will never transfer me or give me any info? What did you do, google his email and email him or get him on the phone?
I get more flies with honey than vinegar... or whatever the saying is. Usually it starts out with asking for an updated on the foreclousure postponement. If nothing comes of that, I flat out tell the rep that I do not want to be transferred to the specialist's voicemail. Ask for a manger. If it's a Fannie or Freddie, you can ask for their contacts to get a little further. From what I remember, we had a specialist who either got tired of us calling and they gave the contact information to us. We only use the number we have in very extreme cases. In the last 2 years, I've used it twice.
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. kim@kimkaplan.com
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.
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