Replies to This Discussion

Permalink Reply by Terry L. Osburn on March 5, 2010 at 3:51pm

Were you forced to escalate the file? If so was it multiple times?
Usually the higher ups do not get involved unless something was brought to their attention.
I actually had to go to the office of the president on one of mine last week and they are intervening in order for the short sale to proceed accordingly. Negotiator never responded to emails or phone calls nor his manager. Yet customer service kept telling me all was OK except the negotiator missed his task due date by 4 weeks......

Permalink Reply by Ronnie Ahmad on March 5, 2010 at 3:55pm

I didn't escalate but I've been calling every other day. The task was supposed to be completed 2 weeks ago. The file is a cash offer you think that in their system they would put a higher priority on those types of deals. The file was in final approval and we countered so not sure what is going on at this point.

Permalink Reply by Suzanne McLaughlin on March 5, 2010 at 3:57pm

We have had this happen multiple times. We now actually talk to the executive committee frequently on our short sales. Beats trying to work it out with a negotiator who really doesn't care. Consider yourself fortunate if you have the data to support your case not only for the short sale, but for the offer.

Permalink Reply by Ronnie Ahmad on March 5, 2010 at 4:00pm

So its a good thing and I shouldn't be concerned? Someone mentioned that because the lien on the property is a jumbo loan that perhaps they would rather let it foreclose. There is no PMI on the existing lien so I'm not sure why there would be an issue if we already got a counter. I would assume that the VP has to sign off on such a large loss or it got escalated by the number of times I've called. thoughts?

Permalink Reply by Katerina Gasset on March 5, 2010 at 4:44pm

It all depends on who owns the note. If it is a jumbo most likely that means it is private investor such as Deutsch bank or New York Bank Mellon- they seem to have bought a lot of jumbo paper. Then the VP would be involved to make sure the PSA agreement is being followed. Let's just hope this is just because the VP is getting involved to make the deal happen. Think Positive!

Permalink Reply by Ronnie Ahmad on March 6, 2010 at 1:43am

Thanks Katerina, it is a Jumbo so stay tuned? I will keep you in the loop

Permalink Reply by Deb Cullen on March 7, 2010 at 1:03am

i'd love to have my file with David Sunlin!
At least you know someone is looking at it.
Please let us know how it resolves

Permalink Reply by Ben Benita on March 12, 2010 at 5:53am

it means you WILL have an answer quickly....nice work reaching him......

Permalink Reply by Ben Benita on March 12, 2010 at 5:54am

SID ENOTE - -how do you send e-mails out to the whole B of A group? thanks, [email protected]

Permalink Reply by Catherine Gheen on March 12, 2010 at 3:25pm

Do you know which part of the country your B of a file is? They oftentimes have more than one FVP. ARE you dealing with any legal issues? Did you riase any in the negotiations?

Permalink Reply by Ben Benita on March 12, 2010 at 4:30pm

Senior VP's will also often get involved if the loss to the investor is more than $200k we have found.

Permalink Reply by Ronnie Ahmad on March 12, 2010 at 5:13pm

Well, you are right its a $371K cash deal, it is a jumbo loan, and recieved acceptance 2 days ago, with a approval letter!!! I have been working on this one since March 1,2009.. So very very happy!!

Ben Benita said:

Senior VP's will also often get involved if the loss to the investor is more than $200k we have found.

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