Comment

Comment by Debra Enos on July 15, 2012 at 11:31am

@Thom:  Yes Thom, I know it sounds crazy....REDC was representing both loans for Bank of America...He said it had to be done that way in order to get the 1st to pay the 2nd $6000...essentially making the 1st short by $6000...You are probably right....this allowed them to be paid on both loans.

No "reverberations" to me or the seller.......This was totally the doing of REDC..Bank of America/REDC also ran it as a Co-op short sale...offered by REDC...Client did not qualify for HAFA...Not late on the 1st...and was only 7 days late on the second when we acceptance an offer...the next day REDC contacted me...the seller had contacted BofA 4 weeks earlier after talking to their help line and gave them my contact info as the agent he was listing with...they were suppose to respond in 10 days, not 4 weeks...my client got tired of waiting as he knew he was going to miss his first payment - on the second only. So we listed, and had an offers coming in the day after going Active, do to a holiday.

Comment by Kylee Roe on July 15, 2012 at 10:49am

omg Debra. That is a great story and just so illustrative of how much of a mess Short sales still--sadly--are! Hoping no reverberations to you nor your seller.

Comment by Thom Colby CA Brkr 888-391-5245 on July 15, 2012 at 10:33am

@Debra - If only the 2nd was short, were you only dealing with REDC on the 2nd?  You only needed a Payoff Demand for the 1st.  I suspect REDC wanted to handle both so they would get their cut on both loans.........

Comment by Sherry Wheeler on July 15, 2012 at 10:32am

This keeps getting better & better.  I Twitted too.  Thanks!

 

Comment by Debra Enos on July 15, 2012 at 10:27am

I had a BofA with REDC....Fannie 1st via BofA, Bof A second...Only the 2nd was short......The whole process was easy and surprisingly fast...We closed in about 60-65 days from sellers acceptance...only because the buyer needed 45 days.  We were fine - until after closing.  REDC Closing department had us revise our HUD1 - 5 days before closing - to show the distribution as one - not two loans...or they wouldn't approve it.   After closing they said opps, we goofed, they needed two seperate figures on the HUD and two seperate wires....to late...we closed and funds were wired as instructed.....They even asked us to cancel the wire, or they would return the funds to have us redue the HUD and rewire....No Can Do.....They said that they would handle it from their end.  Always wondered how they explained that one to Fannie :-)

Comment by Debra Enos on July 15, 2012 at 10:07am

@ Sherry - Joe has a fabulous direct contact for you and your seller with regards to the insurance claim...I've added that info to my list!  LOL....I would still do the two HUD's...and let the Claims Department  for BOA (800-669-6076) know that you are in the middle of a Short Sale and need a timely resolustion to prevent foreclosure.  You also might want to add the contact person/division at the Claims Department to your Sellers Authorization Form at some point..Let them duke it out for a change....Your seller has the right to the repairs - it is her insurance claim, she paid for the policy, and repairs protect her property value - don't let the bank take it away from her....adding  her lender to the check protects the lien holder from the seller cashing without repairs...that happens alot with auto claims..and don't under estimate the power to BofA's twitter people...Good Luck.

Comment by Sherry Wheeler on July 14, 2012 at 11:51pm

@ Debra you are right on.  The property would sell for more if repaired - nice neighborhood & one of the larger floor plans in there.  It would not be a short sale if repaired.  She went thru HAFA but BOA sold the loans & they told her she had to start over again & have just worn her out!  We have an offer so I'm going to try to get her to do it & submit 2 HUD1s as you suggest.    Thanks so much for all the advice.

Comment by Wendy Rulnick on July 14, 2012 at 9:03am

Getting more "wet signatures" required on Bank of America short sale files, for different investors, not just Ginnie Mae...   Almost all of our files in the past year were with electronic signatures.

Comment by joe beauchamp on July 14, 2012 at 5:40am

Sherry, the homeowner needs to contact BOA Claims dept. 800-669-6076. If you think BOA is a pain with short sales, you'll really enjoy these people. I just had a deal kicked out because of claims delays - check from ins company for vandalism - if they gave the check to the buyer or the seller or left it for closing or just about anything, we could have closed MONTHS ago. Nope, they did at least 5 inspections of the plumbers work over 6 weeks - and weeks taken before to get to that point. The short sale is now starting over.

BOA Claims will talk to nobody but the homeowner - not even the closing officer. You think BOA short sales are crazy, how about leaving the property uninsured for months now, holding onto a check that is not yours when you could have just signed it and closed? Again, tell me that BOA is hard at work to close short sales...

Comment by Debra Enos on July 14, 2012 at 5:14am

@ sherry - Okay, now that I have the rest of the story...a local branh will not/can not cash and hand over all proceeds to the seller.... Have the sellers endorse it....make copies of BOTH sides (endorsement) and send to the bank WITH the correcetd HUD1 that INCLUDES the dollar amount of the checks.. increasing your bottom line....at closing send the actual checks, keeping copies for yourself....I'm curious. if the repairs could be made, would the value be higher than what the checks are written for? Or, about the same?  If higher, then the bank is preventing the seller to gain full value of the home, and she may have cause to sue for damages. Have escrow do TWO HUD1...One as-is with the insurance check amount in the HUD1 and one a one repaired - without the check amount included.  It will still force them to do something.  If you end up turning in the checks, and the property is no longer "short" then your seller should receive the difference. If still short - then  have your client seek a good attorney for damages because the home would have sold for more if repaired.  By chance have you Tweeted B of A? They are SO helpful..Have you talked to the insurance carrier? Did the check come with cashing/repair instructions? You can still go to a local branch - Home insurance does site the lender.  As an after thought, this may be a way to keep homeowners from pocketing the funds - whether they are selling their home or not to keep the value up for the lenders.  It is  possible that the branch will set up a trust/repair account so the contractors can get paid directly from it, securing that the repairs are done and keeping the home value up for the lender.  My mother had a similar situation, and the bank manager was authorized to distribute checks from the trust. Can't hurt to talk to a branch manager. But I would still do the two HUD1's....Good Luck

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