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Comment by Catherine Gibson yesterday

Hi Everyone! Does anyone have a number to the Pres that they can share. File going on 16 months, FINALLY get the approval letter 4/16/13. Been trying to close ever since! They will not assign a closer! NUMEROUS calls and emails to Negotiator, her boss. No response. Was able to escalate and get a case number, was told that closer would contact me within 48 hours, 2 weeks later still battling. Tweeted, have called and strangely enough get disconnected! Nothing is working! They have wasted my clients relocation money with the inability to close on time. Now approval letter is expiring Monday! They say there is nothing that can be done! They are telling me that I am as high up in the company that I can go.

Suggestions, anyone? Both sides screaming at me to close!!! HELP!

Comment by Seth Russell on May 16, 2013 at 6:27pm

The latest report from CFPB..Bank of America tops its list for most consumer complaints...

See:

http://www.ibtimes.com/bank-america-tops-wells-fargo-jpmorgan-most-...

Comment by Brad Hatton on April 30, 2013 at 3:48pm

What is BoA's official guideline on requesting a postponement of the sale date? I thought it used to be 2 days prior to the sale date. Now they are telling me it has to be requested 14 days prior to. Does it depend on what type of short sale, HAFA, etc? Thanks!

Comment by Sara Mehrpouyan Los Angeles CDPE on April 29, 2013 at 5:51pm

Kathy-- perhaps the medical condition will be a good reason for them to accept a short sale? Good luck

Comment by Kathy Deal on April 29, 2013 at 4:08pm

We have had many clients buy and short sale before I just haven't had a VA and Bank of America.  We have lenders that if their credit is pretty much solid they have done FHA loans on a new purchase while short sale on current home. 

Comment by Thom Colby CA Broker on April 27, 2013 at 11:00pm

Kathy -  I did one of these at the end of last year.  Seterus 1st and Citi 2nd,  Borrower had been out of work 18 months and never missed a payment. The only job he could find was 400 miles away (within CA).  It was less expensive for him to buy a new place than to rent.  He bought while we were doing the short sale and closed prior to short sale approval.  He included the new mortgage in his financials for the short sale.  This was one of the smoothest and fastest I've completed.  When the reason is legitimate and falls within guidelines, it can be done.  I was the 3rd party negotiator on this one an I was absolutely up front with both lenders about the new purchase.

Comment by joe beauchamp on April 27, 2013 at 8:46pm

Kathy, because the bank will go over the sellers' credit report, bank statements and financials, they will see the activity and "extra" money somewhere. Logic is not used by most of your contacts at the bank, so they will see $$ and demand it. I, too, assume you are best off waiting until after closing on the new place and use medical as the primary hardship reason.

Comment by Kathy Deal on April 27, 2013 at 7:56pm

The sellers wife has a medical condition that makes it impossible for her to do the stairs in their townhouse which is 3 levels.  They absolutely need to get her better living quarters.  That is the only reason they are getting another home and need to sell the townhouse.  Opinions welcome

Comment by Stephanie Hart CA 310-930-2342 on April 27, 2013 at 7:45pm

I agree... I wouldn't take the listing.

Comment by ElizabethWeintraub00697006LyonRE on April 27, 2013 at 7:32pm

Except for Cooperatives, I've had no other banks approve a short sale for a seller who bought a new home in the same area. Moving out of state seems to be OK but not in the same vicinity. They all come back and say they are not rewarding the seller and they will not approve the short sale. So if I see a seller has bought a new home in the past 12 months, I don't list the short sale. I'm in the business of closing short sales, not listing them.

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