Comment

Comment by Sherry Wheeler on March 13, 2010 at 12:29am

I forgot to add it's an FHA loan.

Comment by Sherry Wheeler on March 13, 2010 at 12:28am

I have a 1st & 2nd with BOA. I have 5 offers - 1st offer walked. Should I submit the highest offer which is contingent on financing or submit the lower offer that's cash, no inspection contingency? I've just been assigned to the 2nd neogiator. If I change buyers will they throw it out? Would that be better & then just resubmit thru Equator? Help!

Comment by Ben Benita on March 11, 2010 at 2:12am

Contacting a Goncress person, that will make you feel good. But, if you actually want RESULTS from this BS, complain to the OCC, The Office Of The COmptroller Of The Currency, 800-613-6743.
(They are over the FTC and actually regulate banking BS like you are going through). We had a similar situation with a foreclosure here in Virginia. ONE complaint to the OCC and the foreclosure Trustee, Samuel White (they were in charge of the foreclosure and actually conducted the auction), IS ACTUALLY NEGOTIAITNG THE SHORT SALE NOW ON OUR BEHALF!!!! Talk about getting results!!! The foreclosure was rescinded and we have closing now set for the end of this month.
OCC web site - Http://www.occ.treas.gov/ - for general info.
E-mail for OCC -- [email protected] ("cc" them on lender correspondence)
To file a complaint with them - www.helpwithmybank.gov, start here, online customer complaint form,
By e-mail (use this for ANY correspondence with the lender via “cc”) [email protected]

Be CERTAIN to let your contacts at B of A know you are filing a formal complaint with the OCC and watch how responsive they get (Phase I persons will not care, ANYONE over Phase I WILL REALLY GET THEIR ATTENTION)....
Enjoy, and one last thing DO NOT LET THIS SIT!!!! Have your client, the one who lost his/her home follow up on this. Regarding Fannie and Freddie loans, b/c of how the TARP funds are disbursed, they actually MAKE MONEY on some loans by foreclsoing!!! Our tax dollars hard at work. I had an "off the record" conversation with a woman I know in the Chicago office for Freddie Mac, and, some of the loans they actually get back $1.80 for every $1.00 they lose at foreclosure.....love love love me some short sales!!!!!!!!

Comment by Marcelo Da Silva on March 10, 2010 at 8:08pm

I'm about to contact a Congressman. I got a counter on 02/24. Buyer accepted and new HUD1 was uploaded on 02/26. On 03/01, negotiator acknowledge receipt and advised "Thanks.I'll get back to you at the end of next week". On 03/05, I email the negotiator requesting update. On 03/08, house was foreclosed. I think this was done in purpose. And it's all documented in the Equator. I agree with Katerina, everyone here should contact our congressmen.

Comment by David Dee on March 10, 2010 at 7:46pm

I can't believe some of the things from reading the comments below of what Fannie mae is doing. That is just terrible. For them to force the owner into foreclosure when it was approved and then raising the value so that the deal will not go through. I hope I don't have to encounter that situation. Sorry to hear that happening. That must be a very stressful situation to be involved in.

Comment by Kylee Roe on March 9, 2010 at 2:43pm

Kristi,
Sounds like more wacky BOA song and dance--having you guess and they'll tell you whether you're wrong or right? WTF!? Call back again, and maybe again until you can get an idea of what they want--if they tell you Equator more than resubmitting comps, then go to Equator....or vice versa. And are you asking to speak with a group leader or supervisor each time? Try to get through to one of those for a more solid answer. Either way, get busy doing whatever the next step is. This is why BOA deals take long, 'cause we need to keep taking action, not wait around.

Comment by Kristi Roberts on March 9, 2010 at 11:35am

I submitted an offer to BofA in January. We have been navigating through their system. This was submitted prior to REOTrans/Equator. We're pushing to get our negotiator. Today we called and they said our offer was insufficient, but wouldn't tell us what they wanted. They said to start over on REOTrans. When I called back, the customer service rep said they can't tell us what they need, but they can tell us higher or lower if we guess. Also, she said if the value is too high, we can send in three comps to assist with value. Anyone else experience this?

Comment by Katerina Gasset on March 3, 2010 at 5:25pm

Keep us posted.

Comment by Lisa Artigas on March 3, 2010 at 1:42pm

Dawn, today BofA submitted my short sale manually to Fannie mae. Tomorrow I will start calling them like crazy. I hope something comes out of this. Katerina...Fannie mae is simply being impossible!!! So frustrating! i will keep in touch!

Comment by Van Bui on March 2, 2010 at 8:09pm

I have contact info. of Vice President, REO sales of Fannie Mae. I met her at NAR conference in San Diego last year. Email me if you want her contact. [email protected]

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