Comment

Comment by joe beauchamp on October 2, 2010 at 7:33pm

Uh, Joan, you are in deep doodoo if you believe BofA that they will give you status through equator and all you have to do is sit and wait -- that is unless you have a strong rocking chair and have given your grandkids the instructions for the day when BofA finishes your short sale.. ;-)

I've been in equator since it was called REOTRANS more than a year ago. Go into equator, click on your properties and you'll see the one you are talking about. Click on it then look toward the right where it says library. Under that is "view". Click on that. You'll see it open and and the top selection will be "property". Click on the + and it will open - this allows you to put in more, but click on "property" under that and voila, there are all your files.

BofA seller area is stupid - thank goodness there have been so many complaints that they've switched to expecting them in the library instead. You don't run into problems like this if YOU have the docs and YOU are responsible for putting them in and you keep a copy. Among other things.

You can also probably go into equator and click on the chat help and ask an equator person how to get to the files. Or, as was mentioned, just call in. The rep can see them and you can get the rep to confirm for you, and the notes, that they are there.

I process SS's all day and have taken over pretty much just BofA files for my company. You need to call in at least every 3rd day. Fortunately, more reps will look over the status and suggest escalations, etc. for you. But if you don't call, things get ignored and that is not good if your buyer won't be living forever..

[not that you want to, but if you get the email addr and pw from the seller, you can go look at that area to see if the files are there. If this is a restart fo a short sale, the seller needs to use a different email addr and it goes to a different area. Under other circumstances, a choice will come up for the seller of which property to click on - there would be 2 of the same property (or more), likely something happened so the negotiator is looking at a new and empty one but everything is at the old one - or your seller is lying - and I've had both - what a dumb system - and you have absolutely no way to know what is going on there except to use the seller login info or a rep usually will tell you that xx is missing - (geesh) ]

Comment by Joan Psarros, CDPE, CRS, SFR on September 30, 2010 at 9:55am

Hi Carol, Thank you. I will try that and forever be greatful to you. I forgot that we as agents have a voice. I thought with Equator we weren't allowed to talk. You are right and I am getting on the phone. I will let you know how it turns out. But, it has to be better than sending the same message to them and getting the same message back . Which has nothing to do with the question asked.

Comment by Carol Muir on September 30, 2010 at 8:47am

Hi Joan, try to get BOA on the phone, that is the easiest way to resolve. You could also do a conference with the client and BOA at the same time.

Comment by Oma S Hoffman on September 30, 2010 at 7:28am

closed on one of my more challenging bank of america short sales today. What's puzzling to me is the stuff this bank pulls and get's away with on a daily basis. Buyer's loan was a bank of america's loan, and the lack of communication between department in this company rates at zero, . This is my 5th, closing with them and I still hate this company.

Comment by Joan Psarros, CDPE, CRS, SFR on September 30, 2010 at 7:15am

Seller uploaded all their information into the borrower site for BOA. The negotiator told them that it doesn't show. I was told to input it into the library on Equator. I don't know if it was done correctly. I have sent multiple messages back to the negotiator to make sure it was done correctly to no avail. Has anyone had to do this on the library section? I had to put in description; paystubs, 2009 tax return and then uploaded.

Comment by joe beauchamp on September 30, 2010 at 3:35am

Good Home Team....
You are at a point where you need extraordinary intervention. "Look what it will cost you" doesn't fly with BofA or Fannie Mae. If this has not been postponed before, Fannie Mae told me a month or so ago that it is up to the bank to do the 1st postponement. That could have changed yet again, but I kind of doubt it. You could call them to see if that is the policy in which case concentrate on getting your BofA negotiator to not be a jerk - it is his choice, although he will tell you that his hands are tied and it is the investor (yes, they frequently lie all over the place).

If it is a fannie mae thing, then you need to concentrate on them. I've had zero use for the lackadaisical pinheads who call me back from Fannie Mae - only 1 was capable of spelling Fannie Mae with his eyes closed. But, at least 1 other on this forum claims to have success with them. That is what you need if it is an investor thing.

If it is BofA, try the president's office then John Ciresi - information for both is somewhere in this forum (hmm.. we should have a common place for good info instead of things sort of scattered). Either could be your hope.

Finally, there is the judge route. Get a judge to postpone the sheriff sale - it was not that difficult in the past and I believe it is still that way. They don't get tips from banks every time the banker breezes by like our swell politicians do. They are more inclined to be happy to stick it to a bank in this small way.

And, something I learned from an MI person, you can continue a short sale during the redemption period - that blows my mind, but that is what she said - so that would be after the sheriff sale.

Oh, yeah, HAFA - I have plastered all over the place for multiple accounts that the seller is not qualified for HAFA because the house has been vacant for a year and the seller lives less than 5 miles away. In typical BofA total brain-dead fashion, they will submit them to HAFA anyway. When I got a reply from a negotiator saying that she understood that the seller was not qualified but she was going to let the HAFA reps determine that, I hit the ceiling. That is a waste of a week, at least, of our short sale time and BofA resources for nothing. The team lead did not like my comments and said so, however, it didn't go to HAFA at that point and I immediately had a new negotiator (I also said that if she can look at facts and ignore them like that, I don't expect a good faith negotiation). So, being dumped somewhere stupid is par for the BofA course. As is them illegally telling you that you, as the authorized representative of the seller, will not be told who the investor is, etc. BofA does a lot of illegal things and that is actually a criminal violation of the Truth in Lending Act. For them, that is normal.

Good luck!

Comment by The Good Home Team on September 29, 2010 at 11:28am

@Kylee usually we have more time but the seller was/is waiting on the loan mod decision. I don't want to send in an investor offer since it will be too low for BoA to even consider.

Many times the lenders will tell me to have the seller call in and request the postponement - I am working every angle I can at the moment - I can get a purchase contract in a week or two if they give us some time.

Thanks for your advice I will definitely try that!

Comment by Kylee Roe on September 29, 2010 at 11:23am

Good Home Team....
If you don't have a fully executed purchase contract, then BofA won't extend f'closure sale. Sounds like you only uploaded seller info, not purchase contract. If you have third party authorization, are you yourself able to call Loan Mod., and ask for delay of sale? Often, Realtors know what to say to get the postponement. Clients calling isn't usually enough. If the trustee is Recontrust, call them direct, ask who foreclosure tech is at B of A and try to find a way to get in touch with them directly. But still gonna be tough if no Purchase Agreement in their hands.

Comment by The Good Home Team on September 29, 2010 at 11:08am

@karla Thanks for the info - I've read that Fannie Mae was no longer postponing but unless there is a good reason and from what I have been seeing is that every client I talk to is waiting on their loan Modification. If the loan Mod gets denied then it is too late for us to attempt a short sale b/c BoA is dragging their feet up until or the day before foreclosure to let them know if it is approved or not (over 90% of the time it is not approved).

The media should get a hold of this b/c in my opinion the seller should have an attempt to short sale their property after getting denied for a loan modification.

Comment by Karyl Moore on September 29, 2010 at 10:57am

Good Home Team: In the past month I had two good short sale files which were foreclosed because B of A wouldn't extend the sale date. They have always extended dates in the past. Joe Beauchamp told me, and I also read on-line, that Fannie Mae is foreclosing like crazy now and not allowing the servicers to postpone the sale dates. Here's something I read on-line:

Friday, September 3, 2010
Fannie to Crack Down on Foreclosure Delays
Is a stealth shift in policy afoot, to find the bottom in the housing market by getting banks to start clearing out their foreclosed and “ought to be foreclosed” exposures?
On Tuesday, Fannie Mae announced that it was not longer giving servicers intransigence (my turn of phrase, not his) with Federal programs like HAMP raised credibility issues and Treasury planned to look into it. This move suggests they knew they’d be taking a tougher stance back then.
However, one element of the supposed “get tough” program has gotten comparatively little attention. Mortgage servicers are being directed to speed up foreclosures and sales of foreclosed properties. Per Kate Berry and Jeff Horwitz at American Banker (via e-mail, no online source):
Fannie Mae wants out of its defaulted residential mortgage holdings as quickly as possible and is warning loan servicers not to stand in its way.
The government-sponsored enterprise notified servicers Tuesday that it will begin monitoring them to determine why there are delays in moving delinquent loans into foreclosure. If servicers cannot properly account for the holdups, it will perform on-site reviews and assess fees to give servicers “a financial incentive to comply with Fannie Mae policies and improve the overall quality of their performance.”…
“This is a shot across the bow that servicers have to start paying attention,” said Kevin Kanouff, a founder of Statebridge Co., a Denver special servicer. “Now they’re going to put their feet to the fire and expect to move these loans along as opposed to throwing them in a program and just collecting the fees."

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