Help with BOA FHA short sale - Need internal contact

I faxed a completed package with offer on Monday, The foreclosure date is 5-4-2010, that's next Tuesday. The short sale department is now saying it is taking 7-10 business days for them to receive the package and have it imaged in their system. They won't postpone until it gets there. That may be too late for this client. I've emailed everyone I've worked with in the past but no luck getting anyone to postpone this. Anybody have any phone numbers or email addresses to help me. What else should I do besides calling and bugging them every day.

Carol Pease

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Replies to This Discussion

Permalink Reply by Esther M. Camarotte on April 29, 2010 at 6:28am

Call BoA corporate office in Charlotte, NC and ask for the Office of the CEO and you will get someone on their staff and they usually respond in 48 hours. I hope that helps.

Permalink Reply by Katerina Gasset on April 29, 2010 at 7:06am

So my question on all of these issues with foreclosure dates so close, why do the sellers wait until the last minute to list their properties? I can not for the life of me, figure this inaction stuff out. I know how it feels to be frozen in denial, but there comes a point where you have to move out of denial. I wish we could educate the homeowners much sooner in the game.

Permalink Reply by Esther M. Camarotte on April 29, 2010 at 7:20am

They always think that something will change before foreclosure. It's sad you know. You can't reason with emotions unfortunately. I have seen it too many times.

Permalink Reply by Carol Pease on April 30, 2010 at 8:20am

I got it done. Thanks everyone!!!

Katerina & Esther

Texas has a very short foreclosure period and it is non-judicial so it can happen in about 60 days. The problem is that BOA will not consider an FHA short sale without an offer and they won't postpone the date without the offer.

Permalink Reply by Esther M. Camarotte on April 30, 2010 at 9:33am

Okay, strategy here is drop the price until you trigger an offer. Even if they don't take it you will know what they will take at that point. Now fyi in an FHA short sale HUD will not allow any seller concessions on a conventional loan - No Exceptions. If the buyer uses FHA financing then they will allow 1% of the loan amount in seller concessions. Also if you sell the property with 90 days then the seller gets a $1000 incentive if its after 90 days then it drops to $750. If you actually get to that point the incentive goes on the 2nd page as an incentive and not as Cash to Seller as this is not allowed. Need further help call me 202-344-0045

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