Replies to This Discussion

Permalink Reply by Amy Martin on March 18, 2010 at 11:08am

I am sorry but I cannot understand your scenario. I can understand your frustration which is not a surprise,however I am trying to figure out the facts on what transpired or is happening to your short sale.

Permalink Reply by Sam Purtle on March 18, 2010 at 1:49pm

Ray

I agree it sometimes feels like we are pushing a large rock up a hill.

Amy - you have to read Rays Activerain discussion to see what he and most of us are up against:

1. Incompetent customer service and short sale negotiators on BofA's part. Now I grant that they are overwhelmed, but if they accept short sales then they need to work on them in good faith. Otherwise why not just quit.. seriously I mean no more short sales.
2. Rays case is this - he had a great market offer last year and had short sale acceptance. The purchaser walked. New purchaser came in with a higher net to the lender. Should be a no brainer, but no.
3. They drag him through hell..... and then tell him he needs to put the whole deal on equator (the most user UNfriendly system in the world)
4. Time goes on and still no acceptance...... waiting, calling, spending most of his time making calls that go in a circle.
5. Perhaps I am jaded or just as pissed off as Ray is.
6. Equator has to be the worst thing I think I have ever come across with the exception of companies out there mandating a fee to get a short sale approved through a specific lender.
7. I know I am going to catch crap from everyone for being negative but who cares as this is my career.

Ray, many of us feel your pain on a daily basis. I personally spent 8+ hours today alone on the phone with different departments at BofA today. At the end of it all I really don't think I got anything but the runaround and a lot of finger pointing.

Permalink Reply by Ray Saenz on March 19, 2010 at 8:17am

It's on Activerain, but I can copy and paste it if I don't make any problems with Google and with the website.

Amy said:

I am sorry but I cannot understand your scenario. I can understand your frustration which is not a surprise,however I am trying to figure out the facts on what transpired or is happening to your short sale.

Permalink Reply by Ray Saenz on March 19, 2010 at 8:23am

Hey Sam,
You could not say it best, the thing is that do I still have a hope to try to finish the transaction, today I found out that Bank of America Kept the loan or bought the loan for #

I was advised by a good person who has experience with this kinf scenario to call directly Fannie Mae and try to see if they could do something, I got a phone number, but seems that it's not working well for me there, may I have more suggestions?

Nothing is helping me :( I'm almost giving up the property was sold for $ 138,767.73 to BOA yesterday at 10:00 A.M Mountain time the offer that we have is $ 140,000 and the net for them is $ 123,147.50 and for the second $ 2,000.00 BOA was servicing two loans, I don't know if the second was another investor or not, but the first time was approved with similar amounts a little bit less than these net proceeds.

I called
1 800 732 6643 and I was tranferred to a voice mail nothing live and I left a message stating that we have an offer that is still sitting and above, with my phone number, name, time and date that i called that it is extremely urgent.

I was searching info and I called another 888 326 6436 this number is fannie mae service for loan services, but the person who answered me there she told me very straight that Fannie does not force BOA to take decisions, so what she meant it's that fannie mae trusts what the stupid BOA do and what they thing is good for Fannie Mae they will grant it and if BOA denied this transaction , This fannie mae rep told me that the borrower needs to speak with loss mitigation and explain the situation there and see if she can do something, why not me? she was very clear with that the borrower does not have words to explain that I did, so that's very stupid. He needs to call loss mitigation, I don't know if that is true, any clue?
Sam Purtle said:

Ray

I agree it sometimes feels like we are pushing a large rock up a hill.

Amy - you have to read Rays Activerain discussion to see what he and most of us are up against:

1. Incompetent customer service and short sale negotiators on BofA's part. Now I grant that they are overwhelmed, but if they accept short sales then they need to work on them in good faith. Otherwise why not just quit.. seriously I mean no more short sales.
2. Rays case is this - he had a great market offer last year and had short sale acceptance. The purchaser walked. New purchaser came in with a higher net to the lender. Should be a no brainer, but no.
3. They drag him through hell..... and then tell him he needs to put the whole deal on equator (the most user UNfriendly system in the world)
4. Time goes on and still no acceptance...... waiting, calling, spending most of his time making calls that go in a circle.
5. Perhaps I am jaded or just as pissed off as Ray is.
6. Equator has to be the worst thing I think I have ever come across with the exception of companies out there mandating a fee to get a short sale approved through a specific lender.
7. I know I am going to catch crap from everyone for being negative but who cares as this is my career.

Ray, many of us feel your pain on a daily basis. I personally spent 8+ hours today alone on the phone with different departments at BofA today. At the end of it all I really don't think I got anything but the runaround and a lot of finger pointing.