Hi All,
I am usually the one who sends people here on SSS info on how to escalate files and give out contact info but today even though we had submitted a FULL FMV CASH OFFER Bank of America FORECLOSED on a family of 5 ... the Wife/Mother is on the list for a HEART TRANSPLANT ...there are 3 small children ... the Dad/Husband works THREE (3) part time jobs to try to take care of his family
The family was lead on until Feb 15th about a Loan Modification ... the Agent listed the house and in 3 days we had a $40K CASH offer ....
Bank of America rejected the offer and rejected the postponement of the FC on the 19th stating that they needed an offer for $43K
On Feb 26th we actuallu got them a $45.5K CASH OFFER submitted ALL paperwork requested
We were told by the EQ Negotiator that she should be able to get the FC ppd and we believed her
Yesterday she called and said that the offer DID NET what she needed and told me to tell the family NOT TO WORRY
LONG STORY SHORT ... Bank of America had another company SERVICING THE LOAN IN EQUATOR and they NEVER REQUESTED THE FC BE POSTPONED AGAIN??????
I have been processing Short Sales for about 8 years and have NOT lost one with a FULL OFFER ever ... and I have not lost one to FC in almost 3 years
We called EVERYONE WE KNOW AT BoA .. including the President AND THE CEO's Office and got a lot of apologies BUT NOT ONE PERSON would call the FC Attorney and get the Sale postponed!!!
I am heartbroken for the family ... My team would have only made $1250 so it IS DEFINITELY NOT ABOUT THE MONEY ...
WHAT IS WRONG WITH EQ and BoA?????? They are REALLY slipping and with FNMA killing ever other deal with their crazy inflated values WHO CAN FIX THIS??
ANY IDEAS or ANY CONTACT INFO THAT YOU CAN SHARE???
Has ANYONE ever had the Bank help the DAY AFTER THE FC and get it back into SS Status?
Thanks for listening ...
Trina
770-943-1888
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This is great advice and i agree with everything. Thanks a lot for sharing useful information with us.
Short Sale Specialist in Utah
NEVER trust anything a servicer tells you, EVER. You must always follow-up with the Trustee to make sure a postponement has taken place, ALWAYS. Refer your seller to the local bar association.
Most have attorneys who do significantly reduced rates for consultations with an attorney.
I would also try your local congressman/congresswomans office. Most have members of their staff who can get directly involved. They are proving to be very valuable in my area.
contact Consumer Finance Protection Bureau
www.cfpb.org - top right hand corner file a complaint IMMEDIATELY they will investigate
I had extreme difficulty with another large bank on a short sale. Bascially, the bank would not accept a great offer because they were going to make more money if the property foreclosed. I instructed my clients to file a complaint with the Office of the Comptroller of Currenty (http://www.occ.gov/). They did, and within two weeks, the bank contacted my clients and backed down on their position. I'm happy to say that their short sale went through without any more issues. Now, I understand that your clients home is already foreclosed on, but I would go back to the president, etc. and let them know that a complaint will be filed with the OCC and then follow through. I'm so sorry your clients (and you) are dealing with this. Keep us posted please.
If it's a government backed loan (Fannie/Freddie) call your congressman! In AZ, Wells Fargo was going to foreclose on my clients, so I took them John McCain's office. They called their bank liason in Washington and 2 days later the sale that couldn't be stopped, was magically postponed.
I would even consider going to the media on this one. "Bank of America forecloses on heart transplant patient!" Sounds like a PR nightmare for the bank!
I REALLY APPRECIATE all of your replies and concern ...
Here is the update ....
I posted the story on the BoA Facebook page and w/i 1 hour I got 4 calls from BoA ... the President's Office ... the CEO's Office and 2 calls from the Socail Media team ... all getting more info and all apologetic but NONE of them had the power to do ANYTHING and i am STILL fighting ...
The husband (who is the only one on the laon) and I have an interview with Channel 5 News Consumer Advocacy Team on Tuesday at 3pm
On Friday at 8pm EST I got a call from ANOTHER guy in the President's Office who said that he shows that SOMEONE BOUGHT THE PROPERTY at the FC Sale last Tuesday ... and that he cannot do anything????
I have spoken to 3 Attorneys who said the same thing??????
WTH?????
I DO NOT BELEIVE THIS but they have ALL said that if the amount that was paid at the FC Sale was more than our SS Offer that it is the banks right o sale to the highest bidder???
ONE Atty AND Derek from this blog have told me that ONCE WE AGREED TO THEIR COUNTER IN EQUATOR that we we "UNDER CONTRACT" ....
I am exhausted and Georgia IS A Right To Rescind the FC state ...??????
A consumer advocate who files law suits here in the Atlanta area has only been successful if they get the papers filed BEFORE the bank forecloses??
Has ANYONE been successful in doing ANYTHING AFTER the FC AND AFTER it is bought by someone at the courthouse stairs?
I am CONFUSED and in disbelief that it SOLD as it is worth $46K MAX and they owed $142K ... doesn't the bank START the auction at the "amount owe" price???
Keep Fighting The Good Fight My Friends and THANX for ALL of you who are trying to help :)
Trina Davis
770-943-1888
Realtors need to rally (attention NAR!) to be heard at BofA. Their un-American tactics are not winning them any brownie points. They need to listen instead of force their agendas on hard working, well-intentioned, and often desperate people.
I had a similar situation, even got a verbal commitment to rescind. Of course you can guess the outcome.
I hope your clients have better luck.
Im sorry to hear that. Theyre such a mess over there. Anyway - I have had a foreclosure rescinded...its a process, but can be done. You'll likely need the help of a local lawyer though in addition to Bank of America....good luck...
Trina,
Rescinding sale dates is possible, but few are far between. You also need a very strong case, typically showing that the bank made an error or didn't act in their investors best interest. What was their reason for not placing a postponement request? Did they state in writing that they would place a postponement request?
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389
I have had a foreclosure rescinded, it depends on the bank and the State where you are at. I would try calling BofA and asking them if they are willing to rescind the foreclosure. It takes time but it might be possible. Good Luck