Comment

Comment by bill campbell on February 16, 2011 at 2:05pm

I'am currently working on a BofA short sale, they are dangling the approval letter over our head if we agree to sign the 15k promissary note they will upload approval letter and send to closer. any advice

Comment by Angie Branco on February 15, 2011 at 8:56am

Been working on a BofA HAFA Short Sale throu Loan Resolution Corp since December. They dropped the ball twice. First saying the homeowner wasn't eligible for HAFA because it is non-owner occupied (not true). Secondly they sent us a message through Equator saying the short sale was denied because we didn't respond to their Counter Offer (which they never sent). I was told the file would be escalated through fast track and brought right back to where it was before they denied it. A week later they told me the file was past the underwriting department and waiting for negotiator to be assigned (3-4 days). Now when I called abck a week later they are saying they need me to submit all documentation all over again and had no record of the rep telling me that is was past the underwriting stage. I tried to speak to a supervisor and they said they'd take my # to have them call me within 24 hours because there was no one there that culd speak to me. Does anyone have any contact at Loan Resolution Corp (they handle a lot of BofA's HAFA short sales)? Please help.

Comment by Thom Colby CA Brkr 888-391-5245 on February 10, 2011 at 10:01am

Make sure the payoff wasn't "rejected".  If the settlement company (escrow, Title, etc.) didn't get the payoff to the correct place by the specified date it may be rejected.   Otherwise it should be simple as others have said.

Comment by Alan Remigio on February 10, 2011 at 9:42am

Karen,

I don't know the state you are in, but, your title people should handle this...I'm assuming title insurance was purchased for this transaction and the title people transferred ownership within a reasonable time. They just need the HUD and proof that funds were wired to take to the sheriff's office. Easier than getting through to BofA legal. It's happened to me several times with other lenders also and this is the course I took. Much faster and never a problem.

Comment by Cheryl Bray on February 10, 2011 at 9:39am

i've had this happen on the buyer side.  In my case, the Lender/servicer neglected to inform the trustee that the short sale closed and the auction was cancelled.  Your title company and/or escrow company should be able to take care of this for you.  That is what title insurance is for.

Comment by Karen on February 10, 2011 at 9:24am

need legal department ph# for BOA...closed on a property in Nov. 2010 and it is set for foreclosure/auction Feb 17...no one knows anything at any of the customer service and short sale areas

Comment by Brianne Burke on February 9, 2011 at 7:07am

What does it mean when a file has been moved from Short Sale to Recovery but the bank still wants to short sale????  I've been told from this point we will have an answer (on our short sale offer) in 10 to 15 days?  Is that a good estimate?

Comment by Lisa Helweg on February 9, 2011 at 5:15am

Kevin-

Thank you for sharing that informational link!

Comment by Kevin - Greenville, SC on February 9, 2011 at 4:10am

Wendy, Take a look @ this video -

 

http://theshortsalegenius.com/bank-of-americas-cooperative-short-sa...

Comment by Norvant Admin on February 9, 2011 at 3:41am

i am currently working on a coop. I have been told that they randomly select people for it and you can not request it. So far we have had a great experience. The negotiator is fantastic and responds very quickly to all communication. Once we get an offer, then we will see, i love the dropping of the sales price every 21 days, especially since they set the price. It seems to be a great thing. We will see.

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