RECEIVED DENIAL from BOA 48 hrs ago for offer- BUYER countered and BOA CLOSED the file!Frantic!

The buyer COUNTERED  2 days ago and went up from 235k to 250k. Our atty. submitted offer and was told file CLOSED! sorry!

Please help. This is our only offer over 4 months. They emailed us a letter saying this:

 

Decline - Investor Denied This short sale was submitted to your Investor for approval and was denied due to (insufficient offer, not willing to sign a deficiency agreement, or contributing to the loss). However, if the seller is willing to sign the deficiency agreement or contribute to the loss or have the buyer increase their offer; we may be able to reconsider the short sale. Please send us any updated documents for the short sale to be reconsidered.

 

WHAT action can we take? We are frazzled after just hearing this. Our lawyer who is working  on behalf of this is inputting eveyrthing back to BOA again....hoping we will be able to have BOA approve this NOW that the BUYER came back at 250k. BOA had countered  last week for 250k plus 10k from seller. Buyer only came back at 235k *same from first offer*. NOW BOA had sent denial letter....... BUYER countered 48 hrs. ago at 250k.. and lawyer representing us said BOA said they closed THE FILE!!! We are frantic.

What do we do???????? Please help!

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honestly folks, we are going to have to band together and ... I dunno but BAC is a train out of control. What if everybody starting emailing/calling/faxing the guys with the big paychecks? What if everybody started complaining to the Comptroller or Congressman or Governor - could somebody draft a complaint letter and post it? we could ALL print it and MAIL it (yes snail mail it!) ..
How many more horror stories do we share before SOMETHING gets done? How many more lives of homeowners will this bank be allowed to trample upon? Anyone?
Thank you Wendy. I honestly am at my wits end. I think my husband is going to have a heart attack. He was so upset when he found out and called BOA and kept telling them about an hr. ago that the buyer did come back and gave them the money BOA wants! I am so scared we will go to foreclosure. The hold up was being denied for HAFA over 60 days waiting alone for that and then it escalated to a traditional short sale... This seems so fraudulent!
Is there anyone higher up the lawyer can speak to? Is this where it ends? We have a decent offer on the table and have emails from someone at BOA stating if the buyers can come up a little more they would reconsider per email to husband.
call me at 727-452-3301 I'm on Eastern time

S Smith said:
Thank you Wendy. I honestly am at my wits end. I think my husband is going to have a heart attack. He was so upset when he found out and called BOA and kept telling them about an hr. ago that the buyer did come back and gave them the money BOA wants! I am so scared we will go to foreclosure. The hold up was being denied for HAFA over 60 days waiting alone for that and then it escalated to a traditional short sale... This seems so fraudulent!
Is there anyone higher up the lawyer can speak to? Is this where it ends? We have a decent offer on the table and have emails from someone at BOA stating if the buyers can come up a little more they would reconsider per email to husband.
Since you have an attorney handling your short sale, you are just going to have to go with their recommendations. They should know the negotiator they are dealing with and what the odds are that the deal will be reconsidered.

Are they close to the trustee sale date? Sometimes I've seen lenders stand on their price if the trustee sale date is just around the corner and they feel that they can net close to the same amount as the short sale offer.

Best of luck!


Wendy Smith said:
call me at 727-452-3301 I'm on Eastern time

S Smith said:
Thank you Wendy. I honestly am at my wits end. I think my husband is going to have a heart attack. He was so upset when he found out and called BOA and kept telling them about an hr. ago that the buyer did come back and gave them the money BOA wants! I am so scared we will go to foreclosure. The hold up was being denied for HAFA over 60 days waiting alone for that and then it escalated to a traditional short sale... This seems so fraudulent!
Is there anyone higher up the lawyer can speak to? Is this where it ends? We have a decent offer on the table and have emails from someone at BOA stating if the buyers can come up a little more they would reconsider per email to husband.

Wendy, they are reopening it supposedly! Stay tuned. This is mind bending....thank you so much and probably will call you soon!

Did your Atty call Loss Mitigation, escalate with a supervisor?  Tell them he's (she's) recording the conversation with the supervisor and expects the decision to be reversed and file to be re-opened? 

UPDATE:

Was assigned NEW Negotiator Dec. 17th, then as of Dec. 21st got YET ANOTHER NEW NEGOTIATOR! Even our atty.s office said, huh? That they had the most recent negotiator. My husband called BOA and was told on Mon. Dec. 20th
that there was a NEW negotiator YET AGAIN for no apparent reason assigned. Meanwhile from Dec. 6th the last counter by buyer of 250,000  we all sit here and wait in limbo. NOW, the our paralegal emails and says we need to UPLOAD ALL NEW FINANCIAL DATA AND INCOME. Geez, nothing has changed. My husband still makes the same money,, just more in the hole thanks to BOA! I am surprised the buyer hasn't walked yet. This has been going on from August! So now after 3 weeks, they are just getting around to it! We have an offer from buyer on table and were told the file had been closed due to BOA saying 3 times and your out basically...

 

Is there any way to escalate this?   BOA wanted 250k plus 10 from us. That is when buyer countered at 250k...and submitted. We were told the case was re-opened as of Dec.7th. offer  .NOW, after this long they want EVERYTHING re-entered!! Will this take another 45 days?Longer? If this offer isn't taken then we will definitely FORECLOSE on this house...thanks to BOA....We are already now in Foreclosure status WITH NO DATE SET though..as of this past week. This is ludicrous! Were told the file was re-opened Dec.7th  and now almost 3 weeks later...we are back to square 1? with AN OFFER ON THE TABLE?
Kimberley Kelly said:

Did your Atty call Loss Mitigation, escalate with a supervisor?  Tell them he's (she's) recording the conversation with the supervisor and expects the decision to be reversed and file to be re-opened? 

Have your negotiator email BofA's negotiator to have file "fast-tracked."  Because you are working with the original buyer, they can do so.  Your lawyer can call 866-880-1232 to request the fast track as well.  This will get mgmt involved to get the whole deal back to where it was when it was declined.  The reason you have to reprovide financial docs is because once short sale is declined from Equator, all data is lost with it and there is no way for BofA to retrieve it.

We had this fast tracked on 1/4. My husband calls every day to see if we have a foreclosure date set yet and thankfully we do not. This started back in early Sept. He said this is taking way too long and that our buyer will walk soon. C/S supposedly had it fast -tracked.. I wish the paralegal or atty. would have thought of this considering they do these all the time. So now it's yet again in Fannie Mae's hands. My husband wanted to know if it was from Dec.6 for them to come back or is it based on 12/21 with the new negotiator reassigned.? BOA of course won't tell us!  Is it true they have up to 45 days to come back with their counter? God knows I am sure they won't take the 250k....

 

Do they also accept promissory notes if we couldn't come up with the 10k additional on our end? I will update when I hear more. So frustrating. I cannot believe short sale dept. has no communication with f/c dept! It baffles me.

Wendy Haisley said:

Have your negotiator email BofA's negotiator to have file "fast-tracked."  Because you are working with the original buyer, they can do so.  Your lawyer can call 866-880-1232 to request the fast track as well.  This will get mgmt involved to get the whole deal back to where it was when it was declined.  The reason you have to reprovide financial docs is because once short sale is declined from Equator, all data is lost with it and there is no way for BofA to retrieve it.

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