Comment

Comment by Jeff Payne on October 7, 2009 at 5:42am

good question and I am about to find out since I have a new BofA short sale that I am going to submit

Comment by Wendy Rulnick on October 7, 2009 at 5:34am

Jeff - I have been hearing about the "new system" for months... What is new?

Comment by Ryan Diedrich on October 7, 2009 at 5:16am

Jeff...from what i hear it is going to get worse since the government is stepping in to handle the short sales. Only if BOA still has the note will it be an alright process to work with.

By the way...I am done. I rejected 4 short sale listings this month b/c they were BOA. Not worth my time and the emotinal distress it puts on me when sellers and buyers and buyers agents call me 8 times a day each to see what is going on.

Comment by Jeff Payne on October 7, 2009 at 2:58am

If I had a dollar for everytime I said I was DONE with BofA.... :) I agree that they are a real hassle, I just hope that their new system will help out

Comment by Ryan Diedrich on October 7, 2009 at 2:55am

I just dont take on BOA short sales anymore. I only do my farm letter to sellers with local banks and Wells Fargo. Made my life a whole lot easier but still have 3 to close out :( No answer yet and submitter full package on May 7. What a Joke!

Funny how one bank can take 9 months and Wells Fargo takes 3-4 weeks

Comment by Jeff Payne on October 7, 2009 at 2:39am

Fannie, Freddie and Gennie are nightmares with BofA, I had a GNMA loan take 9 months to get approved and in that time, the house lost about 20% in value. BofA closed the file at least 10 times and had to reopen.

Comment by Katerina Gasset on October 7, 2009 at 1:52am

BofA is fast when they own the notes, when they are the investor on their note, they will be able to make quick decisions, I got one accepted in 3 days. Many others in less than 60 days. But Freddie notes were taking about 4 to 5 months, now they may take longer after being stripped of delegation powers.

Comment by Wendy Rulnick on October 7, 2009 at 1:40am

I am finding BOA is getting slower too! I have one about to be EIGHT MONTHS. Others are in a black hole, and some are moving along...

Comment by Katerina Gasset on October 7, 2009 at 1:32am

I am not sure about Fannie but Freddie is taking a lot longer. Freddie just took away ALL delegation powers from BofA a couple of months ago. It is not in that Freddie is taking longer, which they are- after all- Freddie is ordering all of their own appraisals and BPOs now- so wherein it used to be a cake walk with them- when have we ever known the govt programs to work smoothly?

Comment by Stephanie Lim on October 7, 2009 at 12:29am

So BOA CS just tells us that Fannie and Freddie approvals are taking 6-12 months now. Anyone else heard this same story?

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