Comment

Comment by Wendy Smith on March 8, 2012 at 11:48am

Janie - whether or not the deficiency will be pursued is NOT a conversatiuon you want to engage too deep with your client.  There are different factors involved and BoA was on the front lines of selling the defaulted notes to a 3rd party for pennies - the 3rd party can pursue the deficiency.  Also, it is not a good idea to base the future on historicals in this regard - the short sale world is changing every day.  Be very careful - sellers hear what they want to hear and will hold you responsible for the rest. 

Comment by Janie Howard on March 8, 2012 at 10:52am

Superstars, what is your experience with BofA pursuing deficiencies?  I have only heard that they tend to only pursue deficiencies in cases where they suspect fraud. My client will have an approximately deficiency of $190k but does not have money nor the hope of coming into money which was evident from their hardship.  Anything you all have heard would be greatly appreciated!

Comment by Wendy Rulnick on March 8, 2012 at 5:52am

BOFA Letter of Authorization. You can no longer use an agent version. I am uploading into the info box, too.

Comment by Wendy Rulnick on March 8, 2012 at 5:51am

Bank of America is doing QA, and will be double checking all Equator files to make sure the contract, Equator, HUD, etc all have EXACT matching buyer and seller names, including middle initials or they will kick out the files.

Comment by Mary Ann Carman on March 7, 2012 at 8:36am

Thank you all so much. I just spoke to BofA and he'll be sending a message to the closing officer to see what can be done to keep this deal together and not lose it at this point. He'll be staying in touch with me to make sure things get taken care of. Thanks again for everyone's help. 

Comment by Mary Ann Carman on March 7, 2012 at 6:45am

Debby - The final HUD goes up within the last 5 days, I know and I have it, but she specifically said since it's 5 day she couldn't get me an extension. I know there's a lot of last minute stuff to take care of, that's why we need the extension. It's requested by the buyer's lender. Hope to hear back soon! Thanks for the info. MAC

Comment by Debby Thompson on March 7, 2012 at 6:39am

Mary I Tweeted them and they called me right away. They may be telling you that they need that time to get your final hud approved if the numbers are going to change. It is a job between the buyers lender and the sellers lender to keep everyone one on the same page. Lots of last minute work.

 

Comment by Mary Ann Carman on March 7, 2012 at 6:35am

I provided an email address. Can they use that as well, or should I re-tweet with a phone number?

Comment by Thom Colby CA Brkr 888-391-5245 on March 7, 2012 at 6:28am

Mary Ann - if you provided your phone # and the best time to call, they will typically call you within 2 - 4 hours

Comment by Mary Ann Carman on March 7, 2012 at 6:25am

Here's my issue - the negotiator was going to get me an extension, but now says that it's within 5 days of closing and she can't do it. We need the extra 4 days. Have gone to the BofA twitter site and tweeted, but don't know how to use that and am not that familiar with this process. Does the reply come through twitter and how will I know if I get help? I'm lost.

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