Replies to This Discussion

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on November 29, 2012 at 9:36am

My understanding is that the seller incentive unless it was HAFA with $3,000 will not be honored by the new servicer. Was an offer accepted? Are you in closing already?

Permalink Reply by Sandy Skover on November 29, 2012 at 9:43am

I have a file that has gone through the same situation (BOA and now OCWEN).  The Co-Op incentive will not be honored but they are looking to see if they now qualify for HAFA.

Permalink Reply by Anna Chroscicki on November 29, 2012 at 10:03am

I had a feeling. And for some reason I have a feeling that there is a reason why Bank of America is doing that to Co-op short sales. Thank you guys very much. Hopefully they
( sellers)can count for at least HAFA.

Permalink Reply by joe beauchamp on November 29, 2012 at 10:08am

It has not been released yet - call the office of the president, probably better to tweet to @BofA_Help to have them call you. Jump up and down on this.  Others have been able to get BofA to take back a file. I think it depends upon how far along you are, how far the xfer has gone and how loud you are. Good luck and let us know.

Permalink Reply by Ann Howard on November 29, 2012 at 10:55am

Most likely the co op contributition is gone. We have a transaction that was through B of A and once the loan was sold the Sellers lost the incentive.

Permalink Reply by ElizabethWeintraub00697006LyonRE on November 29, 2012 at 11:36am

Unless it's HAFA, you're hosed. Sorry. I have heard that the bank will move forward if you have the approval letter, but an inside source says Bank of America sold its servicing rights in big bundles. At first I thought that they were being fired, particularly by Fannie Mae, but I hear they are instead selling the servicing.