Comment

Comment by Katerina Gasset on March 2, 2010 at 7:23pm

Lisa- Contact your Congressman/women and your Senators. We just got an audience with one of our Congressmen over a similar issue with Freddie Mac.

Comment by Katerina Gasset on March 2, 2010 at 7:21pm

Lisa- I am very sorry to hear this is happening. We were told by a very superior person at BofA that they had lost their delegation powers with Fannie Mae. Fannie Mae stripped BofA of appraisal delegation. This also happened to Chase. It looks like Fannie is stripping all servicers of delegation powers on BPOs and Appraisals. Fannie wants to order their own appraisals. It is the biggest racket I have ever seen. It is beyond stupid. It is beyond even any kind of reality. What they are doing is when there is more than a 125K loss, ( can we say- most ALL properties in Florida fall under that category) Fannie looks at the neighborhood the property is located in. Then they look to see how many of "their" loans are in that neighborhood. The more loans they have in that neighborhood the tougher they are going to be on values because they don't want to drag their own assets down in value. So that then creates some stupid ass formula they use to then decide on a value.

Sorry folks, but I don't see any help coming from Fannie Mae which is really sad because they used to be so easy to work with. Now they order these appraisals from an automated system with no human contact. For all we know, they could be using Zillow, LOL, not funny but just had to throw that in there:)

Fannie Mae is not even in the HAFA program. Fannie and Freddie are buying all the toxic mortgage debt in this country and getting a blank check from all of us to keep them in business. By the end of this year, they should own nearly 90% of all the mortgages.

Do you see the writing on the wall?

Comment by Kylee Roe on March 2, 2010 at 4:48pm

Wow Dawn! Keep us posted. You are about to be a heroine. (Sp?)

Comment by Lisa Artigas on March 2, 2010 at 4:46pm

dawn! I have my fingers crossed for you! Let me know!

Comment by Darlene Krause on March 2, 2010 at 4:49am

Does anybody have a number for a supervisor or higher in the equity line short sale department of BOA?

Comment by Kylee Roe on February 28, 2010 at 6:15am

Dawn and Lisa.....horrible, horrible situation. One--what about press releases to all your tv stations and newspaper columnists. If nothing else, expose expose expose! And thank you, as we all learn from your hardship--so sorry you are going thru this!
K

Comment by Lisa Artigas on February 27, 2010 at 5:10pm

THANK YOU! I will call on Monday too! Please let me know as soon as you hear something!

Comment by Lisa Artigas on February 27, 2010 at 5:02pm

Dawn, thank you so much!! It's so frustrating and unfair!

Comment by Lisa Artigas on February 27, 2010 at 4:56pm

PLEASE PLEASE HELP!!! My name is Lisa and I have a huge problem with BoA and this file. The loan is a Fannie mae BOA loan with no Mi on the loan. The contract came in at 215k. BOA ordered two bpo's. They both came i around 218k and 220k. I was countered by the negotiator at 215k. I accepted the counter and she also verbally told me that she would send me an approval soon. I waited and waited. I then finally received another counter from her. THis time it was at 275k. I was floored. I called and she explained that for some reason FAnnie mae did a mid transaction value. There is no way that that value is correct. I emailed and called every vp and manager I knew. THey all agreed with me and also agreed that it was totally weird and not fair. Two of them have come back to me explaining that Fannie mae will not budge. I have called Fannie mae and they keep telling me that they have nothing to do with it. i told them that any appraisor would agree with me. There is now ay that that property will appraise for 275k. I hav exhausted all my resources. I am so frustrated and i have no idea what else to do. They have basically told me that they understand but that there is nothing they can do because the fannie mae rep wont budge whether i order a full appraisal or not. I sent comps and they won't even look at it. IS there any advice anyone has? I have contacted all the managers that I can...i even cc'd David sunlin but there is nothing happening....buyers do not want to buy a property that will not appraise....please help!!!

Comment by Elaine Kan on February 27, 2010 at 8:10am

This is to Carol Pease - Stop the Auction Message: Bank of America Short Sales
When you fax in your auth letter, did you have a header with borrower name and loan #? I had the same problem with my auth until someone told me that you had to have the name and loan # on the header. I did it for the SS package but did not know that it has to be on the auth letter as well and when I put the header on, B of A received the auth letter the next business day.

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