INVESTOR DECLINING EXTENSION REQUEST ON SHORT SALE APPROVAL
Has anyone ever had an extension request denied by BOA investors? Is there a way to turn it around?
I have an approved BOA shortsale. Have been working on it for some time and received the approval on October 30th. Noticed that the buyers name was incorrect on the approval and the buyers lender was requesting it corrected. I called, emailed, left message to the negotiator throughout the month of November to make the correction. On December 1st, I escalated to a manager my request and also mentioned I will now need an extension as the buyer's mortgage contact hasn't begun to process the loan. She said she will note it. On December 18th, I finally received an email from the negotiator making the correction and giving me a deadline to close by December 30th. That was two weeks (who was he kidding, he knows it takes longer than that to process a mortgage loan). I called him to discuss and he never returned my call until another escalation request was sent via email on the 21st. He called me on the 30th and told me he will now request for the extension through the 15th to allow the loan to process but he cannot guarantee if the investors will honor the extension. Today, I heard that the investors declined the request.
I have an approved BOA shortsale. Have been working on it for some time and received the approval on October 30th. Noticed that the buyers name was incorrect on the approval and the buyers lender was requesting it corrected. I called, emailed, left message to the negotiator throughout the month of November to make the correction. On December 1st, I escalated to a manager my request and also mentioned I will now need an extension as the buyer's mortgage contact hasn't begun to process the loan. She said she will note it. On December 18th, I finally received an email from the negotiator making the correction and giving me a deadline to close by December 30th. That was two weeks (who was he kidding, he knows it takes longer than that to process a mortgage loan). I called him to discuss and he never returned my call until another escalation request was sent via email on the 21st. He called me on the 30th and told me he will now request for the extension through the 15th to allow the loan to process but he cannot guarantee if the investors will honor the extension. Today, I heard that the investors declined the request.
Replies to This Discussion
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Permalink Reply by Tim Schmitz on
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Huh.......sounds very inflexible. I received my short sale approval from BofA today and called in to get clarification and the person told me they allow a one time 30 day extension, but not to ask for it until you get really close to the expiration date of the originial approval as it is only good for 30 days from the request.
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Permalink Reply by Wanda Kubat-Nerdin on
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Tina, I have also been told that BofA will only allow a one-time 30 day extension as well.
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Permalink Reply by Kent Dills on
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Tina, sorry to say this but nothing surprises me (on the bad side that is) about B of A anymore. They are actually getting worse instead of better as things go along. Terrible training and oversight going on there I'm afraid.
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Permalink Reply by Tina Farinas on
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Of all the BOA short sale I've had this is the worst. And I agree very inflexible!!
Tim Schmitz said:Huh.......sounds very inflexible. I received my short sale approval from BofA today and called in to get clarification and the person told me they allow a one time 30 day extension, but not to ask for it until you get really close to the expiration date of the originial approval as it is only good for 30 days from the request. -
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We have an active escrow on this and the buyer has begun inspection which means fee expense to them. I cannot get the negotiator to call me back and explain why they would want to decline the request. I called SS Dept and they told me it is out of BOA's hand. Once an investor cast their decision, it is it!
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Permalink Reply by Lori Young on
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You should address this with the BOA manager for your rep. Ask who the investor is and ask to petition the extension. Maybe the investor is being kept in the dark about your request. Everyone has a boss.
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Wanda, this was the only extension I've ever requested on this after waiting over 90 days for an approval.
Wanda Kubat-Nerdin said:Tina, I have also been told that BofA will only allow a one-time 30 day extension as well. -
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I have to agree with you Kent. They are getting really bad.
Kent Dills said:Tina, sorry to say this but nothing surprises me (on the bad side that is) about B of A anymore. They are actually getting worse instead of better as things go along. Terrible training and oversight going on there I'm afraid. -
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Lori, I would love to address this with a BOA manager but I can't get anyone to give me the names of the investors. Have any contact you can share?
Lori Young said:You should address this with the BOA manager for your rep. Ask who the investor is and ask to petition the extension. Maybe the investor is being kept in the dark about your request. Everyone has a boss. -
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Permalink Reply by Dominique Van Ryckeghem on
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Tina, I would forget about the shadowy "investor". Escalate this to the CEO, CFO, Senior VP, Head of Customer Service level and stick with the obvious truth that this short sale is a better deal for them than foreclosure and explain the situation.
The squeaky wheel gets the grease so go get all squeaky on them. -
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Thanks Dominique...:-)
Dominique Van Ryckeghem said:Tina, I would forget about the shadowy "investor". Escalate this to the CEO, CFO, Senior VP, Head of Customer Service level and stick with the obvious truth that this short sale is a better deal for them than foreclosure and explain the situation.
The squeaky wheel gets the grease so go get all squeaky on them. -
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Permalink Reply by Randall Wilks on
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"getting bad"? --------B of A is evil incarnate!!!!
Tina Farinas said:I have to agree with you Kent. They are getting really bad.
Kent Dills said:Tina, sorry to say this but nothing surprises me (on the bad side that is) about B of A anymore. They are actually getting worse instead of better as things go along. Terrible training and oversight going on there I'm afraid. -
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