Of course they can, however I have not heard of anyone with that issue. I just closed my first short sale with BOA and it was not easy. let me share with you what I learned.
1. give BOA whatever they ask for, no matter how stupid it seems.
2. make sure your seller's loan number is on every document you submit, as BOA is dealing with thousands of documents, not just yours.
3. Seller cooperation is vital to this transaction becoming a success.
4. call customer service atleast every 10 days for and update. If you get the same stuff just a different day after 3 weeks it is time to move up to the supervisor of customer service. write his/her name down.
5. follow the supervisor's lead and her/his direction. If after you do everthing as you were suppose to, and still no results, start calling the corporate phone number.
Tags:
I agree with Katerina - call every 5 days, sometimes I call after only 3 days as I want to keep in touch. BUT, whatever happened to lenders not going after deficiencies???? Wasn't that part of the new rules effective April 5th and now with the new rules issued by Fannie and Freddie? I understand that if a lender has agreed to be guided by the new rules and get their little "payments" for doing short sales they have also agreed to NOT proceed on collecting deficiencies.
Or am I missing something here?????
According to the HAFA guidelines the Deficiency is forgiven with the HAFA process.
Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process.
Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process.
My understanding is that in the HAFA process the Realtor's commission is supposed to be protected but cannot be over 6% between Seller and Buyer's brokers.
Again my understanding is that FHA, VA, Freddie Mac and Fannie Mae loans are not for the HAFA program. This leaves private conventional loans with any lender. Please correct me if I am wrong. Margaret C.
Cynthia Robbins said:Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process.
Cynthia,
HAFA does not apply to ALL loans but it does apply to ALL lenders that have signed up with the HAMP program and agreed to be bound by rules associated with these programs. HAFA is a 2nd part of HAMP, when mortgage modification programs can't or don't work for the homeowner there is the HAFA program to help avoid foreclosure, part of which is short sales. According to the rules these lenders are supposed to follow they CANNOT FORCE commissions to be lowered below 6%, they can if it is over 6%, but not below 6%. NOW we ALL know that if they are really coniving they will ask to lower commission to say 5% and if not agreed they will not approve the short sale for some "other reason". Stick to your guns though about the 6% and repeatedly remind them of the rules prohibiting them from lowering commission and sooner or later they will agree to 6%. I did it and it worked for me.
Cynthia Robbins said:Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process.
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