BoA Stated FHA Borrower Cannot do Short sale
How can I get resolution to the denial. The borrower has FHA ,but the property is no longer owner occupied and is well kept with utilities on.The CRM rep stated he cannot do short sale ,but I told the borrower with the new rule as of October 1st 2013.. non-owner occupied can do short sale. I have tried calling CRM number with no success and the short sale support center cannot help.How do I get this started.
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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You need to find the reason for denial. Seller makes too much money? You told BofA that it isn't maintained? Or what.
BofA CRM's have always been slow and unresponsive. Who else actually makes "appointments" to call you back in a 6 hr window? Not even the cable guy.
Then your recourse is to talk to HUD. Email your authorization with the reason you want to talk to them. With BofA, when you call HUD, they will actually route your call to BofA. Assuming this fails, call HUD back and they will escalate you to a real HUD analyst. You want to know what you are talking about, so don't just say "its broke", be specific, what is BofA's objection.
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Permalink Reply by Keji Ogunleye on
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Thanks Joe. The property is being maintained. The borrower was told that he cannot do short sale for a rental property. They've not review his financials.
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