Comment

Comment by The Good Home Team on September 29, 2010 at 10:45am

Any advice on getting a BoA property postponed from the October 5 foreclosure? it is a Fannie Mae property and I met with the seller on Sunday and got their info in on this past Monday.

They seller is also in a loan modification review and I had the seller call in to ask for the foreclosure to be postponed. BoA told them no. I find this unacceptable since BoA put him in the wrong modification (making homes affordable program even though the seller told BoA he did not qualify for that).

Trying to go up the BoA chain to get at least a month postponement.

Comment by Wendy Rulnick on September 28, 2010 at 9:46am

Bank of America's HAFA department tel is 877-824-0976

Comment by Jeff Payne on September 28, 2010 at 7:57am

That video has been around for a while, it is full of 1/2 truths and inaccuracies about the Indy Mac/OneWest bank FDIC loss share agreement. I will see if I can find the real loss share agreement, I have it somewhere

Comment by Cami Pinsak on September 28, 2010 at 7:24am

@Mark - Thanks...That is helpful!

Comment by Kylee Roe on September 28, 2010 at 7:04am

Help. Does anyone have a contact at Bank of New York? Trying to stop a sale (again)!! HELP. 11th hour.

thanks.

Comment by Cami Pinsak on September 28, 2010 at 5:03am

Okay - looking for some help. There was recently a video posted on this site under ( I think) B of A. It was in regards to the reasoning behind banks accepting foreclosure rather than short sale. Anybody have that link? Or can you direct me to the right group? Thanks

Comment by Brigitte Powell on September 24, 2010 at 1:08pm

Hey Amy, I'm just agreeing with Joe :-) he puts it so well lol!!

Comment by Amy Martin on September 24, 2010 at 12:53pm

Thanks Brigette.

Comment by Brigitte Powell on September 24, 2010 at 10:57am

Right on the money Joe

Comment by joe beauchamp on September 24, 2010 at 9:54am

Kristie, I've had to deal with freddie mac in the past - have one now but nothing has happened yet. They are fickle. They disallowed the short sale because the seller was (no longer) living in it as a home but was renting it out. Freddie ONLY allows short sales of home owners. The loan was for a house to be lived in, not rented. No variance - dead deal and you could be paying them anything you want and it wouldn't help.

Another dangerous thing about freddie - most people are unaware. When they set a deadline they mean it. I have an example where the agent proved that he never got the request - didn't matter. He missed the deadline! You haven't read the worst part. Freddie Mac will never ever ever entertain a short sale for that owner/property again - period.

You can say that they are a tad conservative. So, you do need to be careful with the LLC thing. Whoever the sellers end up being, they better be living there and using it as their home or the deal is dead no matter how good it is.

I think, in this case, so far BofA may have protected you. If freddie knew that the sellers are not the borrowers - dead deal - obviously not the home owners. I think this comes from their loans are exclusively for homeowners and stipulate for no other use. You violate that and they are done with you. Economically sensible? Probably not usually. Who in their right minds would say "I'd rather lose $100K at a foreclosure than $50K at a short sale"? But that is our Gov't inaction....in action... ;-)

I think I understand now - for freddie, you MUST get those borrowers names on the deed - they must be living there when freddie pulls up to check. That was a year ago that these things happened - I doubt they have changed in a positive way since then.

Assuming that is do-able, I'd say dump the title co. Plenty of them around - they are just "paper pushers", essentially. But don't tell the ones that I use that - those are sharp people and they HELP get things done instead of stand in the way.

Nice job separating the REAL complaint from the bull - I have no idea why they would hide the real one except typical BofA incompetence. Makes no sense to me. So, now you know - and that means that you are fine with your old HUD-1, right? So, you learned a LOT there by being creative and forcing them to respond - yep, I like that.

I assume that they cannot handle switching who the real sellers are - I assume that changing sellers with BofA means a restart, and I'm not sure how you got to that point - BofA knows about the note, you actually got them to accept someone else as the seller? I'll have to see if I can short sale the brooklyn bridge with them then..??

Now, if you have BofA seeing the sellers as the people on that note, that makes sense, but then I can't see how you made it to the point that X is now on the note and Y is selling and BofA said - sure, fine by them..??

So, I'll assume that isn't the case because multiple people at BofA have to be overly incompetent for that to slide by. I'm thinking that BofA is set, they have the borrowers listed on the note and on the HUD-1 as the sellers - but you said not..?? I'll assume that is incorrect.

The next thing to do is make sure that the borrowers are living in "their home" and do a quit claim back to them then get another title company and finish the deal. [Since the LLC is family, you might have a little leeway with freddie by calling it estate protection and planning, if necessary.]

Go tear 'em up!

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