Comment

Comment by Karyl Moore on March 24, 2011 at 3:17pm

Isaac, I'm in AZ and I've had a  similar thing happen 3 times.  One time, the negotiator was able to contact Fannie Mae and get the property back and we closed it - but it hadn't sold at the trustee sale as yours has.  Another time, the negotiator was NOT able to get it back and it stayed foreclosed. The other time, probably most helpful for your Seller, is the Seller saw and attorney and filed an injunction which stopped the sale.  It's been a year and she's still in the house and still fighting B of A. She has been involved to a degree with the law firm of Hagens Berman who have class action suits against B of A.  You can find some info on-line. That is such a horrible thing to happen - there are no words.

Everyone should watch the film "Inside Job" which just won an Oscar for best documentary.  It tells how the banks and investment firms and polititicans created this financial fiasco.  You can rent it.

Comment by Valerie Pressley on March 24, 2011 at 3:13pm

I'm in New Jersey, but one time I had a property go to Sheriff Sale after getting a short sale approval.  We forced the bank to get a stay on the sheriff sale to undo it so we could complete the short sale.

Comment by Isaac Ramirez on March 24, 2011 at 3:00pm

Please help,

My name is Isaac Ramirez I am a Realtor with RE/MAX Gold in Fresno CA. I am working on a HAFA short sale with Bank of America we received the HAFA request for approval of short sale on 1/10/11 and signed and completed the form on 1/12/11 we were approved by HAFA on 12/22/2010 according to Loan Resolution Corporation "LRC"  which is a 3rd party vendor for Bank of America. At that time of 1/12/2011 we had a strong all cash offer of $175,000 and were in the process of negotiating the transaction with LRC after a few days of uploading all documentation into equator and satisfying the negotiators request. During the process of working with LRC an bpo and appraisal were completed on the property on behalf of Bank of America and LRC. The negotiator Rober Bonilla and William Buterfiled informed me that they would not accept a net no less than $179,000.00. I then had the buyer raise their offer to the $179,000 to complete the transaction and get this file closed. Then thats when this nightmare occured. On 2/9/2011 William Buterfield [email protected] with LRC informed me that LRC was no longer handling the file and that the file was being handled by AMS which handles Freddie Macs files. I automaticly requested an escalation to find out what was going on with this file through Bank Of America VP Peter Alami [email protected] on 2/1/2011. Peter assured me he would look into the file and get me some updated and accurate information he provided me with contacts at AMS that would be able to also provide assistance Mary Mallon-Evans [email protected] and Ereca Moreno who is a senior operation Analyst with the short sale team. I have been calling and following up on status every other day to find out if any progress has been made. I emailed Peter Alami on 3/15/11 and requested an update and never heard back from him. Every time I called AMS I was told the file was in HAFA and approved and they were waiting for a supervisor to input the listing price into equator. I called AMS on 3/22/11 and was told we finally have a list price of $186,000 and I was assigned the file into equator on 3/22/11 and no such information was given about any sale date...Basically with this ongoing circus we have been foreclosed upon while we were in the HAFA short sale program NO one has a straight answer on how the foreclosure came along. The Home sold at the auction for $139,000 which is far less than the asking price of $186,000 I was given on 3/22/2011. I need help to fix this problem the sellers were failed by the system and given false hope. No notice of trustee sale was ever posted on their door or notice given to them regarding any auction date. The sellers also followed up weekly and no information of a sale date was ever given. PLEASE HELP

Comment by Wendy Rulnick on March 10, 2011 at 6:22am

GNMA Financial Worksheet for Bank of America.  GNMA files are not currently worked through Equator.  They "erroneously" worked my file in Equator for three months, finally pulled it and assigned to the right deparment.

Comment by Wendy Rulnick on March 10, 2011 at 6:20am

Richard - is that to you?

 

Comment by Richard Zaretsky on March 8, 2011 at 9:49am

Every once in a while you come across something that makes you laugh.

Read this letter and see the address to where it was sent - I was all smiles!

Comment by Kevin - Greenville, SC on March 7, 2011 at 4:30pm

Michael, You know only the banks can get away with that.  If you or I did we would be rotting in JAIL....

Comment by Michael Schneider on March 7, 2011 at 4:23pm

Yes indeed, MERS is not always "right", nor in agreement with the land records.

But, it is a pretty useful source.

And, the Servicer doesn't always give you the right information.

We never really cared about these little details, until quite recently.  My favorite was the $250,000 payment we sent to Saxon Mortgage, because they stated they would release "the lien", but First Franklin was the mortgagee of record on the land record.

Can I do this and get someone to send me $250,000?

Comment by Ben Benita on March 7, 2011 at 3:44pm

Kevin - A Servicer has no clue....REALLY...are you kidding us!!!!

 

;-)

 

I have not found any to be in discrepancy yet, but, not shocked at all that it happens.....as loans get sold over and over, I am sure not all parties, MERS, the Servicer, etc., stay fully up to date......

Comment by Lisa on March 7, 2011 at 3:36pm

Well at least I have a starting point! Thanks Ben! I too run a short sale nego for agents in my area. I have alot of clients and am too working in conjunction with a local title company... I have been for the most part very successful over the past few years. I have never had a fully agreeable counter from bofa only to get a denial hours later....I usually know I can expect the approval with in days of the approved counter...There is something for sure not right about this deal!!! I will keep everyone posted! Been working this particular deal since Oct!

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