Comment

Comment by Cathy Baumbusch on May 20, 2012 at 4:13pm

@ Mariana, RFD or Reason for Default like Ricky said, is what we used to call (and some of us still do) the hardship letter.

Comment by Cathy Baumbusch on May 20, 2012 at 4:11pm

@Katerina, neither one of these files that I mentioned has a second or HELOC.

Comment by Ricky D. Ostrom on May 20, 2012 at 12:18pm

RFD = Reason for Default

Comment by Mariana Molina on May 20, 2012 at 11:37am

Hello can someone tell what is an RFD letter - bofa equator is asking for this?  Appreciate the help.

Comment by Katerina Gasset on May 19, 2012 at 3:46am

@Cathy- I was trying to point out that BofA has come a long way since they took over CountryWide's horrendous files. I am a total advocate for our sellers when doing short sales for them. That being said, I also have an understanding of the position of the lenders. The second taking longer to get approved oftentimes is not the result of the staff you are dealing with at BofA but could be the investor guidelines. Just because the two loans are being serviced at BofA does not mean they can be approved in the same time frame. So much depends on where that second note is in a delinquency, did they put it in their collections department, have they charged it off yet, is the investor on that particular note a private investor, is is truly a second mortgage or is it a HELOC. These are all facts that will determine the methods by which BofA must go through to get the approval on a second. The main point I try to make in this entire short sale market is that the lenders don't have to do a short sale. Customer service has nothing to do with the fact that the homeowner is asking a lender to let them pay them back less than they agreed to paid. There is a lot of pressure from outside sources for banks to do the short sales. But the fact remains, they do not have to do them at all. There are banks that turn every short sale down still today. The short sale lenders have just as many complaints about agents as agents have about them. Agents send in incomplete short sale packages, agents yell and scream at the front lines at the lenders, who have nothing to do with anything, they are just answering the phones, agents make threats and such. It works both ways. 

Comment by Stephanie Hart CA 310-930-2342 on May 19, 2012 at 3:30am

Cathy I think we all understand your frusterations. I closed a BAC yesterday with the best negotiator yet. The policy changes are so fast (don't fill out the 4506T, wait... Fill out the 4506T). I had a negotiator once that sent me a package with how the 4506t, needs to look, how the 3rd party needs to look (death of one borrower) it was amazing.. And she ALWAYS answered her phone. Every single time. Plus if she was gng to send me a counter she would call 1st to let me know I could expect it. The exception not the rule for sure. I will say Wells/Wachovia/World is the best at having a processor review the contract within a week and letting you know if something needs to be changed (I'm OCD contract girl too yet things slip at times). I know now to check my HUDS More carefully..I just had escrow spell the buyers name wrong and get my final HUD rejected (fun). It's almost like we're paper pushers at some point. It's hard to not take it all to heart, yet the one thing I took home from the last (BAC) seminar I was "you did not cause their hardship" deep breath!

Comment by Cathy Baumbusch on May 19, 2012 at 3:12am

I'm happy to do as they ask. What I am finding difficult to tolerate is not telling me all at once what the new requirements are and then waiting 3 weeks to tell me about a new requirement that they could have told me the last time they contacted me. There's no excuse for telling me that they now need one little data item (for example, my state lic. #) on a contract that has been sitting in their system since the beginning of March- which is what they did yesterday. I honestly believe that their new "system" is designed to make us just give up so that they don't have to do them any more then they can kill the programs and use the excuse that the consumer didn't take advantage of them.

Comment by Sameer Punjani on May 18, 2012 at 11:56am

Cathy

 

I can understand your frustrations with the short sale process.  Trust me, I've vented my conerns on this forum and many others on the internet.  Most people here just "jump when they say how high."  If you want change to these short sales, I'm not sure what you can really do.  I mean the FDIC is even on the banks side, this was clearly evident because we wouldn't be in this mess in the first place.  For now, like most of us we do as they say. 

Comment by Cathy Baumbusch on May 18, 2012 at 9:11am

Are you kidding me? What difference does it make how long I've been doing short sales? I don't base my judgments on how things "used to be". I base them on how effective they are. @Sameer, I never said the Twitter team doesn't respond, but they can't DO anything. All they do is say they'll call the negotiator FOR ME. What good is that? And @Katerina, I did not say that my files were opened in March. One has been open since November 2011. And it was approved but the buyer walked. They told me it would not take as long to get a second approval because it was only "soft declined". But it has made no difference whatsoever. There is no reason in the world why a second approval should take just as long or longer than the first one did with a "soft decline". There is no excuse. As far as 48 hours being "very good". You tell me how often you tell your clients that you'll get back to them in 48 hours and then never actually do it, and call that "good service".

Also, both of these files are already in the Escalation Dept.!

Comment by Kevin Kudrna on May 18, 2012 at 7:14am

I was actually contacted by Dignified Transition Solutions.  They have you go through a self-guided tutorial with test, a webinar, then give you access to their online system to receive new leads.  I have had it up for one week but no new leads yet.  The best part is I have no referral fee to pay them.

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