Comment

Comment by Steele V. Propp on July 1, 2010 at 1:47am

House passed the extension of the tax credit but have heard nothing regarding the Senate other then they were to get on it right away. As far as I know it is officially expired but I suppose a Senate passage and President signature could overturn that.

Anyone hear different?

Comment by Brigitte Powell on July 1, 2010 at 1:42am

Ben, Great I will definitely check it out. thank you once again :-)

Comment by Ben Benita on July 1, 2010 at 1:39am

Brigette - For Sellers with a VA Loan, see if they qualify for the VA Compromise Sale program where the VA will actually pay the difference between what is owed and what the home sells for.....we only recently learned about this, and, you can find more info. at:
http://www.valoans.com/va_article.cfm?id=103

We have many in progress and it seems AWESOME!!!! In some cases, the VA will cover any shortages owed and if you contact the VA, they are VERY EASY to work with should issues arise.

Generally makes the short sale go much much much smoother b/c there is no loss to the Investor if approved.

Comment by Brigitte Powell on July 1, 2010 at 1:36am

Barbara, I totally understand....and yes there are always alternatives - Don't do them :-) however, :-) every short sale I have taken on was a previous client and I feel I have no choice but do my best for them. I certainly don't go out looking to list a short sale and certainly not a BoA short sale.

Comment by Brigitte Powell on July 1, 2010 at 1:25am

Anybody heard anything about the tax credit extension? My closing officer :-) Yea!!!! Buyer still hanging in there and we are looking to close on Friday. Kristan is our closing officer and get this :-) a fromer Real Estate Agent who speaks "normal" :-) refreshing indeed. Even tho our approval was REALLY late...actually too late for the June 30th deadline, our HUD1 statement was approved by Kristan yesterday. Waiting for buyer's lender to get paperwork together.
Just a note: Rosie sent me the letter of approval on the 29th with a 30th closing deadline or the letter would be void. Needless to say after all this time (Feb) I laughed hysterically and fired off a letter to ALL on the BoA email list with "suggestions" :-) . Repeated questions to Rosie only provided this answer "well you asked for that day" (BREATH....was my advice to myself) finally a note from the closing officer that said "you can ask to change that date and we will amend it" After you settle you turn in the original letter AND the amended letter. She answered all my questions in a way that was understandable...WOW what a concept!!! Will let you know when this one is done......have another one coming up that is VA with Wells Fargo and am so dreading this one also.

Comment by Brigitte Powell on July 1, 2010 at 1:15am

Stephen, If you didn't figure it out yet, the LIBRARY (noted up on the top)

Comment by Ben Benita on July 1, 2010 at 12:57am

Mandy -- TOTAL BS!!!!! Escalate properly, to higher ups and to the investor, and you should be fine. We have had several similar requests in the past (do not recall who the Servicers were) and we were able to get around it.

Generally, an e-mail TO your seller, with a "cc" to B of A and the Investor, noting in the e-mail subject line:

"__________(Investor) will keep paying _______(Servicer) unnecessary servicing fees until we are able to find a NEW BUYER"

If possible, send a "cc" to someone in your local media and you should find success getting to closing.

As always:
"Negotiate like a 4 year old.......keep asking until you get what you want!"

Comment by Ben Benita on July 1, 2010 at 12:52am

Gunna - get a copy of the repair list estimate to the higher ups ASAP and reduce the NET TO B OF A accordingly. A well worded e-mail to the higher ups with a "cc" to whomever the investor is should get you to closing....properly wording the e-mail is key. If the investor on the note is private (may also work with Fannie and Freddie if you get direct enough in the letter), fax a signed written request (known as a "QWR", qualifed written request in banking speak) to
Fax - 805-520-5019, Attn: Correspondence Department

Also try reaching out to:
Customer Relationship Advocacy
450 American Street
Simi Valley, CA 93065
800-601-2522

Comment by Gunna Voigt on July 1, 2010 at 12:30am

Thank you, Ben. The short sale package was originally sent in September. The damage occured after that, since the house was vacant. The buyer's agent had written it in the contract that home inspection would be after approval. I didn't like it, but that's what happened, and a lot can happen in nine months to a vacant property! So, now i have to face the music, or the deal will be dead, then the house will be an abandoned handiman special!

Comment by Cynthia Robbins on June 30, 2010 at 7:13pm

somehow that sounds like a RESPA violation of some type.

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