Providing you with the knowledge and tools needed to succeed with Short Sales.

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.

Permalink Reply by Katerina Gasset on April 16, 2010 at 8:25pm: All the time. You just need to get the negotiator get the foreclosure postponed. They won't usually do it until it is the week of the foreclosure date in case the short sale starts to go sour.; ▶ Reply to This

Permalink Reply by Dawn Barrier SFR®,CSP®,HRC on April 16, 2010 at 9:05pm: I mean after it has been foreclosed on?; ▶ Reply to This

Permalink Reply by Dawn Barrier SFR®,CSP®,HRC on April 16, 2010 at 9:06pm: Postponements were requested and agents were told it should be ok, but then BOFA foreclosed anyway.; ▶ Reply to This

Permalink Reply by Claudine Ellis on April 16, 2010 at 11:47pm: Yes it is possible. Little bit of a fight, but you have to beg, fight and stay on the line til they postpone it. They will try to get approval from Fannie Mae or Freddie, but it can be done. I did it. Took a few days. You have to lie and say the foreclosure is the same day you call. Once they find out it's not, then play ignorant. I called a week before and told them it was happening the next morning. They scrambled and got it stopped. Hate the games, but there is no other way.; ▶ Reply to This

Permalink Reply by Claudine Ellis on April 16, 2010 at 11:48pm: Also, you need to be in contact with trustees and foreclosure attorney. If BOA tells you it is done, dont believe them. They say a lot of things, but you need it from the person who is foreclosing. The BOA ultimate is making the foreclosure happen, so they can stop it but if they never communicate with the trustee or foreclosure attorney, it's a mute point.; ▶ Reply to This

Permalink Reply by PB on April 17, 2010 at 10:42am: I am in the middle of a firefight right now with Bank of America, Recontrust and Fannie Mae. It has been awesome to say the least...Bank of America is not doing anything proactive, Fannie Mae is slow, and Recontrust doesnt know whether to scratch their watch or wind their A**.

I have been escalated to the National Portfolio office with FNMA on this one because i hold two really powerful smoking guns that BofA sent me two weeks after the short sale was done...needless to say the folks that are handeling the asset...OLD REPUBLIC TITLE, they are working to get this rescinded as well.

Dont be surprised if in your investigation...you find out that Fannie or Freddie Didnt know anything about the short sale at all...I found out this little tidbit 2 weeks ago..

Keep me posted on this...have met alot of people that this has happened too, and "Class-Action" is being tossed around.; ▶ Reply to This

Permalink Reply by Jeannie Lugo on April 18, 2010 at 8:09am: It depends on your state. In Georgia, there is NO coming back from a foreclosure. It's done, finished.; ▶ Reply to This

Permalink Reply by Jessica Sulliman on May 10, 2010 at 2:53pm: 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!; ▶ Reply to This

Permalink Reply by PB on May 10, 2010 at 2:58pm: i am also still working with senators and congressional offices in multiple states trying to get this one rescinded, because Fannie is not a fan of reality, they have this asset for a 1/3 over list price, and of course its not seeing offers or anything, i did have the presidents office involved until i found out it was another branch of customer service, and thats it...I have pressed this issue to theFHFA for consideration, and am waiting to hear back from the case manager assigned, i will surely keep all interested posted.; ▶ Reply to This

Permalink Reply by Jessica Sulliman on May 10, 2010 at 3:01pm: PB, can you tell me more about the FHFA and contact info, etc.?; ▶ Reply to This

Permalink Reply by PB on May 10, 2010 at 3:03pm: Im not sure it will do any good at this point however they are directly charged with over seeing fannie and freddie, so i hit them up for direction...www.fhfa.org or something like that, go to contacts, and start there...they will want you to submit something in writing and an email is acceptable, but definately make some noise, this is the feds, and we all know they are not fast unless ALOT of pressure is applied.; ▶ Reply to This

Permalink Reply by Vanessa Calhoun on May 11, 2010 at 11:13am: Jeannie Lugo said:
It depends on your state. In Georgia, there is NO coming back from a foreclosure. It's done, finished.

I'm in Georgia and I've been successful in having foreclosures rescinded. They've been FHA foreclosures and the recissions have occurred prior to deed recording.; ▶ Reply to This