Replies to This Discussion

Permalink Reply by Kent Dills on April 1, 2010 at 3:52am

Jeannie, from what I've heard - USDA will be refunded so if you hang in there a bit, this situation might be back to normal on that front. Now as far as getting B of A moving and getting this done from their end, that's entirely another matter. :-)

Permalink Reply by Jeannie Lugo on April 1, 2010 at 4:00am

Thanks, Kent. Any idea of when the re-funding would take place? -- I mean, like, right away-ish, or would we have to wait for the start of the new fiscal year? Everyone at BOA keeps saying we're so close to finalizing this deal, and I could hang in there if they thought it would happen in April or May, but I can't wait for July 1 -- after all, I'm a first time home buyer, too! -- I want to be under contract now, and close before June 30th!



Kent Dills said:

Jeannie, from what I've heard - USDA will be refunded so if you hang in there a bit, this situation might be back to normal on that front. Now as far as getting B of A moving and getting this done from their end, that's entirely another matter. :-)

Permalink Reply by Bob Wienk on April 1, 2010 at 4:57pm

From my understanding, and according to a few local loan officers, the USDA probably will be replenished with new funding, but not all lenders have yet run out of their "allotment" or whatever one should call it. In other words, call around and you will probably find a lender who can still do the USDA loan because they have funding available.

Permalink Reply by Kat Smith on April 3, 2010 at 7:06am

I recently called the USDA Rural Development office, and, as of right now, there will be no additional funding until the new fiscl year funding -- October 2010. I too lost out on this as an option, and I am being forced to use an FHA loan. The one birght side to this is that the insurance drops off after you reach 20% or after five years of payment - whichever comes first. My first objective after the first year will be to assess if a re-fi is in my best interest to reduce the PMI. Like you, I too have been in this short sale purchase nightmare since July 2009. I've given everyone until the end of this week to make something happen or I move on, because I've got to move out of my current residence by the end of April. This is my second attempt to purchase a home, and both stories have been a living nightmare -- enough to convince me that rentals may be the best way for me to stay sane. The "American Dream" of home ownership is more like a "Nightmare on Elm Street".

Permalink Reply by Jeannie Lugo on April 11, 2010 at 12:52am

Well, things got worse. The listing agent and the seller both contacted the SS line and the Negotiator, to put off the Foreclosure, which was set to occur last Tuesday, April 6th. They both were assured that the sale had been put off.

Not so -- the house sold on the courthouse steps, and is now in BoA's REO division. We were at the very end of the process -- the Negotiator said he was just waiting on the mortgage insurer's payoff amount, and then we would get our letter of acceptance.

The whole thing has been a massive catastrophe from day one. It has turned me off short sales. I'm going to see a lawyer on Monday, and just hope there's someone I can sue for such flagrant incompetency. And if not, well, then I just have to be content with trashing BoA's reputation with all my friends and family, and perfect strangers if I get the opportunity.

Permalink Reply by Kat Smith on April 11, 2010 at 4:57pm

I pulled the contract offer I've had on the table for eight months this past Friday with still no response or feedback from BOA, other than "we'll give you a response by the end of the week at the latest". I heard that for the past three months, and they always had another excuse. However, what I did see is that the evaluation price of the house has jumped from $265K to $308K just within the past few days ... perhaps it jumped up after the evaluation that happened about two weeks ago ... perhaps this is why no one bothered to respond to my offer after all. Needless to say now I'm up against the window of 04/30/10 to find yet another home and hope that I can get a ratified contract before then. This is the CRAP that makes me just want to rent another house and keep my headache (and heartache) to a minimum. The whole system is just a scam and this is the main reason why we are in such a bad economic status now, and to think some of my hard earned tax dollars went to help bail BOA out and they are STILL playing these games.

Permalink Reply by Jeannie Lugo on April 12, 2010 at 12:34am

Kat,

The guy who got the REO assignment for the house locally told the former listing agent that since it was a Fannie Mae backed loan, that BoA has no interest in closing it as a short sale, because they were paid off by FM long ago! I wonder if that is true? Can anyone speak from experience about FM-backed loans and BoA?

If I get no response here, I'll post that question anew. I think it would be worthwhile to know. And I wonder, too, if yours was FM-backed!

Jeannie



Kat Smith said:

I pulled the contract offer I've had on the table for eight months this past Friday with still no response or feedback from BOA, other than "we'll give you a response by the end of the week at the latest". I heard that for the past three months, and they always had another excuse. However, what I did see is that the evaluation price of the house has jumped from $265K to $308K just within the past few days ... perhaps it jumped up after the evaluation that happened about two weeks ago ... perhaps this is why no one bothered to respond to my offer after all. Needless to say now I'm up against the window of 04/30/10 to find yet another home and hope that I can get a ratified contract before then. This is the CRAP that makes me just want to rent another house and keep my headache (and heartache) to a minimum. The whole system is just a scam and this is the main reason why we are in such a bad economic status now, and to think some of my hard earned tax dollars went to help bail BOA out and they are STILL playing these games.

Permalink Reply by Kat Smith on April 12, 2010 at 2:22am

Jeannie:

I believe it was a FM backed loan ... you may have shed the light on the matter with this statement, but the problem I still have is this -- IF YOU DIDN'T WANT TO SELL THE PROPERTY THEN WHY DIDN'T YOU JUST TELL ME NO MONTHS AGO!!?? Now I'm stuck trying to find another home and doing so within the 18 day window left for the tax credit. All of the people who are part of this type of shady business practices, or those who knowingly are committing these acts of fraud and disception ... trust me, it all comes back around. This is why so many of the same people who helped create this mess now find themselves a part of this mess. I'm a firm believer in the old statement - what goes around ...

Permalink Reply by Jeannie Lugo on April 12, 2010 at 2:38am

EXACTLY!!! Why not just say they won't work a SS on this property?

And for that matter, why NOT negotiate on FM-backed loans??? It would offset the amount the government has to pay to the banks.

Kat Smith said:

Jeannie:

I believe it was a FM backed loan ... you may have shed the light on the matter with this statement, but the problem I still have is this -- IF YOU DIDN'T WANT TO SELL THE PROPERTY THEN WHY DIDN'T YOU JUST TELL ME NO MONTHS AGO!!?? ..