BofA Approved Short Sale now it Foreclosed and Freddie won't Rescind

I have had enough of BOA. It has been a nightmare the last ten months working this short sale file. I have gone over hurdle after hurdle. Not a 300 meter hurdle race how about a 300 mile hurdle marathon. I received the highly anticipated email that the file has been approved. The seller had to agree to a 25k promissory note which was done. One week later on May 10, 2010 the property was foreclosed on. How can this be? I emailed BofA and they emailed Freddie asking them to resend the loan in order to get the closing done. I recieve this email today.

 

"Although this file was approved it appears as though the investor is not going to rescind the foreclosure and the deed has been filed. I have been advised that you will need to contact the investor about getting the property.  The file was approved prior to the sale date and upon a request to postpone being submitted, it came back denied. "

Bank of America

This response says the letter came back denied to postpone the foreclosure but yesterday there was no response to the request submitted, I believe they just sent it back today along with the them saying the investor will not rescind.I called Freddie Mac and Rodney said,"Oh now their putting this on us!" "Call Home Steps Department @ 1800 972-7555 and hit prompt 1,2,6. You will have to speak with them now." I called and spoke with Lovern, they set up an inquiry and this is suppose to go to corporate. She said they were not allowed to give out time frames as to when we would get a response. I was given a reference number and that is it.

 

I have closed 100% of my short sales when they have had an offer submitted, no matter what hell and furry it caused in my life, it is about taking care of my clients. This deal looks real dead to me, even my broker said so. I don't accept that answer! He was able to get one rescind because the foreclosure was not in the paper properly. Missouri is a non redemption state. My second job is a Home retention specialist and many assignments are going to homes after foreclosure to qualify them for reinstatement. What gives here? I left messages for higher up in BofA but has a 24 hr turn around response. The seller has been calling BofA as this is very detrimental to him. He wants to speak with a lawyer about his options. What about us Realtors, are we do nothin when I (the listing agent put 11 months of time, energy and money into this listing. 

 

The Short Sale is approved with a closing date before June 29 2010. how can the foreclose on it and then not be willing to fix it. I would like any and all comments. Has this happened to any of you? Any Advice on how to save this deal? 

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Replies to This Discussion

Permalink Reply by Brigitte Powell on May 21, 2010 at 12:22pm
At least SHE answered you. It took me to ask for an escalation for the negotiator to call me "I was asked to call you" (that was on 5/11/10......my response was "this is 5/20/10 I have arranged for an answer elsewhere and as you can see a new negotiator has been assigned" Her answer "Oh has there? " " Oh yes I see now" - Rubbish!!

Laurie Clark said:
Updating the file status: I emailed the negotiator about us needing to close by May 25th 2010.
Letisha can you tell me what is going on with the rescission? We are suppose to close by May 25th 2010 which is Tuesday. I have no idead what Freddie and BOA have done to resolve the issue.

She emailed me and told me: I have been advised that once the closing takes place and funds are exchanged that is when the rescission occurs.
Permalink Reply by joann durand on May 21, 2010 at 1:07pm
Any info on class action law suit against BOA?
Permalink Reply by Laurie Clark on May 21, 2010 at 4:00pm
Only because I complained to the presidents office at BOA. they open up a case number and they have 2 to 5 days to respond. they sent it back to the negotiator. The first email was that they were working on it. It seems it really does not matter "What response they give us" as long as they respond by the deadline after it has been escalated. i complained again only to find this out. So each email they have 48 hours and if no answer then you can call back to the presidents office and get a new case number. It does get to the point I just want to give up but then it seems to come to life just enough to open up hope again. I have my broker involved and they have the president of the title company involved.
They want us to close first then rescind after. What lender for the buyer will be okay with that? Hmmmm.

joann durand said:
Any info on class action law suit against BOA?

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