Comment

Comment by Ryan Diedrich on October 6, 2009 at 8:03am

I have 7 active short sales now. 3 are with Bank of America and they are a nightmare to work with. Anyone have any ideas on how to speed the process up? I do a lot of short sales but it has never taken this long.

I faxed in and confirmed reciept on May 7th, 2009. BPO's were ordered (3.5months later) and now still in stage 1. They give me the same ole' crap of "I cant help you"

Funny part(not so funny i guess). I am behind on my mortgage with BOA because they wont approve any of my short sales so I can get paid :(

Comment by Azucena Rodriguez on October 5, 2009 at 7:34am

Great, I just e-mailed the negotiator and called and left a message, Jeff I really appreciate that your taking this time. Hopefully I will be sharing a successful ending to this short sale soon. thanks

Comment by Jeff Payne on October 5, 2009 at 7:21am

Be sure to include a read reciept and the loan number when you email. If that does not work, go to your local BofA mortgage office and find out if they know anyone that could help,

Comment by Azucena Rodriguez on October 5, 2009 at 7:08am

Yes I do have the name and contact info. so I have called and e-mailed the negotiator, but there has been no response as yet,

Comment by Jeff Payne on October 5, 2009 at 6:41am

Do you have a name of the negotiator assigned to the file? Ask who it is when you call in.

Comment by Azucena Rodriguez on October 5, 2009 at 6:11am

I did send the latest financial not long ago, now they said that we were almost done with phase two of the process more than two weeks ago, should I keep on calling every week to check as I did for the first three months? thanks,

Comment by Azucena Rodriguez on October 5, 2009 at 4:17am

James and Jeff, great information!! thank you.

Comment by Souzan M on October 5, 2009 at 4:13am

A way to keep someone touching the file and make sure there are fewer delays is to fax in sellers updated financials for the past 30 days before they ask!
ps. Phase 2 is a good thing in Bank of Americas world!

Comment by Jeff Payne on October 5, 2009 at 2:54am

The time consuming part is that in each phase, the negotiator is allowed 30 business days for review. So each phase can take 6 weeks.

Comment by James ferebee jr on October 4, 2009 at 4:37pm

If you are dealing with BofA they have 3 stages of loss mitigation that you go through. If you get past stage 1 which is the reviewing of the file and making sure they have everything they will order the BPO and then it will be assigned to phase 2 after phase 2 review you go to phase 3 which will be the approval stage.
I hope this help there is a lot more that goes on so this is the fast version of what happens.

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