Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on January 27, 2011 at 11:19am

http://theshortsalegenius.com/bank-of-americas-cooperative-short-sa...

Permalink Reply by Wendy Rulnick on January 27, 2011 at 11:50am

Kevin - Thank you for sharing the link.

Permalink Reply by Ray Snook on February 1, 2011 at 4:51pm

I don't know if anyone else tuned in to the Webinar that the CDPE had with BofA regarding their new "Co-operative Short Sale System" but all the hype and positivity it was given by the BofA representative doesn't seem to compare with the actual experience.

I called BofA on the number they gave for CoOp SS,  and asked for my client to be considered for the program.. the rep went away for a few minutes (it was obvious she had no idea what it was) and then came back stating that the seller would be contacted within 72 hours with a view to starting the process. Well that was 10 days ago and the seller still has not received a call. And now I have an offer on the house so they no longer qualify anyway.

Yet another pie in the sky scheme that won't work because BofA cannot get its ducks in a row before it starts spouting off about how wonderful the new system is.

So now I will go the traditional route and take the usual 3 months of misery, multiple buyers and multiple submissions, lowering of sales price and lower net to the bank. They just don't help themselves do they?

Permalink Reply by Wendy Rulnick on February 2, 2011 at 12:52am

Ray - I had the  exact same experience!  I was put on hold, the rep was confused, came back on and no one has contacted  my customer yet.  She also gave conflicting information  from BOFA's online coop literature.  She said the investor-owned property would definitely have waiver of deficiency.  We'll see how this all pans out.  Maybe as more of us call, they'll start getting their act together.

Permalink Reply by Ray Snook on February 4, 2011 at 9:16am

I asked the seller to call them and complain which he did. I received a call from a nice lady at the escaltions department, who told me she was dealing with it and to email any problems or concerns to her. She got the HAFA dept to call me and we are sending docs to them. So it is back in my court to send docs to HAFA but i have Amanda to watch over the file now. I can't believe I am saying this but I HOPE I DONT GET AN OFFER because if I do then it wont qualify anymore for a co-operative shortsale... and by the time they finish HAFAerring the thing to death we may well have an offer in place!  

Wendy Rulnick said:

Ray - I had the  exact same experience!  I was put on hold, the rep was confused, came back on and no one has contacted  my customer yet.  She also gave conflicting information  from BOFA's online coop literature.  She said the investor-owned property would definitely have waiver of deficiency.  We'll see how this all pans out.  Maybe as more of us call, they'll start getting their act together.

Permalink Reply by Michael Schneider on February 4, 2011 at 11:40am

Yup, my experience too.

Called with a specific property that I thought would be good to test the new cooperative short sale program.

Rep had no idea what I was talking about.

Permalink Reply by Ephrem Jando on April 22, 2011 at 8:18am

How INTERESTING I am reading these comments while I am on hold with BofA because the REP says  there is a program called CO-OP that the client qualifies for but needs to get more information on it! I had to refuse to hang up the phone until she asked the manager for more information and options because the file should qualify for HAFA but they are saying the Investor has denied it. At the HAFA department (AMS) they specifically told me everything is fine but Short sale department needs to click "YES" on eligibilty. I asked for a phone number for the "co op" department and she could not find one she gave me a email address that looks funny but ive tried it lets see what comes out of it. 

"CO OP" department possibly

[email protected]

 

Ill keep everyone posted.

 

Ephrem Jando

www.stopping4closures.com