BOA flouting federal guidelines, threatening to decline offer because we won't do the same -- HELP!!
Received an offer $4K over asking price on a HAFA short sale from a very strong preapproved buyer. When BOA asked for HUD-1 to be submitted, it was -- on the new HUD-1 form, which BOA apparently does not accept.
They sent a note back:
OFFER REVIEWED…HUD CHANGES NEEDED…MOVE LINE 404 TO LINE 506, MOVE LINE 405 TO LINE 507…REMOVE LINE 509 B AND 509D…RE-DO HUD…CAN NOT HAVE LINES WITH A, B, OR C…SUBMIT NEW HUD -1
So basically BOA is asking for the old HUD-1 to be submitted. Which is fine, we can do that, but in order to stay within federal guidelines we will be using the new HUD-1 at closing in order to stay within federal guidelines -- and BOA would have to approve it before closing. When the old HUD-1 has been submitted to BOA in the past, and then the NEW HUD-1 has been done for closing to comply with federal guidelines -- which has to be approved by BOA before closing -- things have gotten seriously screwed up. We're trying to prevent screw-ups down the line so we can have a smooth close.
Here was the note that was sent to the negotiator: Ms. Vaughn, I am not sure if you are familiar with the federal law's new procedures regarding the HUD-1 Settlement Statement. If we make the requested changes on lines 509 b,c & d we will not be in compliance with those procedures and will not be able to use the HUD you are asking for at closing. Please advise.
And they advised all right -- SUBMIT A NEW HUD WITH THE REQUESTED CHANGES…IF THE NEW HUD WITH THE CHANGES ARE NOT RECEIVED…THE OFFER WILLL BE DECLINED
So.....help me out here....BOA doesn't have to comply with the new federal guidelines? And our choice to get this deal done is to flout federal guidelines?? HELP!!!
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Send a letter to BofA Legal Dept. asking for their written position on which version of the HUD they require. Also, Tweet @BofA_Help for some assistance.
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Permalink Reply by Eric S. Garrison Waterboro, ME on
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I see Thom already told you the same thing, but to help speed their reply to you, send them a (DM - Direct Message) on twitter with the property address and best method and time to contact you. Good news is they DO read these boards and soon, they will personally be able to reach out to us on such boards. I really applaude them for the proactive approach! Good luck!
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Permalink Reply by Coleen DeGroff on
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THANK YOU so much @Thom Colby and @Eric S. Garrison for answering my pleas for help! Someone from BOA saw me out here losing my mind last week and now things are moving along nicely -- so nice to get such support! :)
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Great for you Coleen !!!! Best of luck
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Permalink Reply by joe beauchamp on
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I believe I have run into Ms Vaughn. Unless I am missing something, the new HUD-1 stuff is no big thing. When dealing with banks and often bank paper pushing pinheads, it is better to just do as they ask. If you have a real issue with what HUD-1 or color of pen or yogurt at the table, bring it up after you get the approval. The closing officer is more attuned to the real world. At that time, it is out of the hands of the nimrod and you have someone with pressure to get the file closed since there is an approval.
After starting to deal with WF recently, after years of only as 2nd, I can tell you that just suggesting that the negotiator could possibly be mistaken would have that file denied instantly. And for what? Because you would rather be right about a piece of paper which doesn't matter until you actually go to closing? I say get the approval, get the file closed. Isn't it obvious that principles and banks don't really mix well, anyway? ;-)
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