Comment

Comment by Pattilynn Guilford on July 14, 2012 at 3:15am

@Sherry - check with a local B of A branch, you may be able to cash them there.

@Dean - what is the address, phone, contact info for CFPB? ty :)

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 14, 2012 at 2:14am

@ Cathrine Greene file complaints in multiple offices. CFPB, Federal Reserve, Fair Housing Alliance, State Attorney General, Senator and Representative. CFPB is preferred over OCC as OCC. In Missouri our Attorney General said they act on complaints and they also gather data to look for patterns. When warranted those patterns will result in Consumer Protection action..

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 14, 2012 at 1:40am

@Helena Kaucheck If no one files a complaint with the appropriate regulators, thn nothing changes. we just vent our frustrations. It is our obligation to help clean this mess up and where appropriate report wrong doing.

Comment by Sherry Wheeler on July 13, 2012 at 11:50pm

This is sooo helpful.  The checks are made out to the seller and BOA.  This is why she can't cash them & get the work done.  She isn't upside down on the home and if they'd accept the checks & let the work begin it wouldn't be a short sale.  It appears to me that BOA doesn't want the work done so they can pocket the money at closing.  Maybe it's because it's been turned over to another company for foreclosure but surely there is a way.

Comment by Debra Enos on July 13, 2012 at 3:45pm

Hi Sherry:  Since this is a Short Sale, I take it that the insurance "checks" are written to the sellers.  Turn a copy of the checks over to escrow.  Escrow should add the insurance funds to the Estimated HUD1....increasing your bottom line.  Include a copy of the checks with the Estimated HUD1 when you send it to the bank.  Escrow will direct you on what to do.  They can not sign over as escrow can not take 3rd party checks..Don't let the seller cash until you have escrow instructions.  The seller may end up cashing and getting a cashier check in the same amount to give to escrow..but wait till you know all is going through..Escrow should include a copy of the insurance check(s) and cashiers check with the final closing stateement sent to the bank....supporting the transaction.  If the property ends up foreclosing, the bank will still expect those funds to be to them. So watch out.  Think about it.  When escrow provides a "relocation" check to the buyer, that amount is in the HUD1,  the bank wants a copy of that check sent with the final closing statment...

Comment by Sherry Wheeler on July 13, 2012 at 2:25pm

I have a listing BOA contacted to do a short sale.  Property has over $23k in insurance claim checks and BOA won't tell us where to send them.  She sent them in & they sent them back "wrong department".  He loan is in foreclosure with no auction date set.  LLC ( I think, don't have the file with me) is the company I was referred to.  They are ignoring my questions concerning the checks.  Can anyone advise me?

Comment by Pattilynn Guilford on July 13, 2012 at 3:37am

yea...last year when we first started doing this a letter was sent from the Fed explaining in detail and the bank quickly approved. Not so much anymore :(

Comment by joe beauchamp on July 13, 2012 at 3:12am

OH, good to know - OCC useless. It's like a creeping crud - you get a law passed and it doesn't take long before the bandits cut it down by defunding or changing it, etc. Any "victory" toward ethics and fairness is as good as public memory - say about 15 minutes? Thanks for the info.

Comment by Catherine Gheen on July 12, 2012 at 8:42pm

Joe, I could plaster a wall with all of the OCC complaints I have filed.  I think the current chairman is on the banks side.  The former chairman John Duggan at least had people respond to the complaints.

Now it seems you only receive an acknowledgment letter.................

Comment by joe beauchamp on July 12, 2012 at 8:27pm

Oops - that last one was for Cathrine from yesterday - the website displayed it as the last one on here - sorry to look out of sequence.. That'll teach me to use this comment wall..

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