Has anyone been successful in getting BOFA to rescind/reverse a foreclosure while it was in short sale review?
I've had quite a few agents in town saying BOFA is foreclosing instead of doing the shorts and giving no forewarning.
It depends on your state. In Georgia, there is NO coming back from a foreclosure. It's done, finished.
I am in the process of trying to get a foreclosure sale rescinded as we speak. I have had success with OTHER lenders getting the foreclosure sale RESCINDED when the "accidental" foreclosure took place, but only in the cases where the property went back to the beneficiary. But, this is my first with BofA. I have escalated to the President's office and have been kicking and screaming for about two months now. This is a Fannie Mae, and everyone in the short sale department tells me that I am wasting my time, that Fannie does not rescind. The advocate that I am dealing with in the President's Office said that according to Fannie Mae, if the short sale is APPROVED, they will consider rescinding. Of course, ours was not, so she is in the process of trying to help us with this. Good luck, and don't give up!
My two cents:
1. Something has to be done about this crap. Why are we helping out Bank of America by sending them short sale offers if they refuse to work in good faith? Over and over again it is the same story. Short Sale Demand Letter is received and it states specific terms which need to be completed in order to close the transaction. All terms met and closing at escrow occurs, monies are wired and then the property sells at auction. Or the alternative: short sale demand letter received and during the purchaser due dilligence period and before COE the property sells at auction although a postponement has been granted by the investor.
The solution to this mess is this - suspend the foreclosure auction until after the short sale demand letter timeline expires. pretty simple you would think.
The alternative solution is just to stop doing short sales with Bank of America and letting the million plus homeowners who are in default with them foreclose. They could save a tremendous amount of money by shutting down all of their short sale departments and breaking ties to Equator.com.
What I find humorous is their recent webinar where they are so upbeat and indicating that everything has changed, they are streamlining their processes, etc..... what a load of $$%$%@