Comment

Comment by Cynthia Deacon Daniels on May 10, 2012 at 11:36am

Going to accept Equator counter and buyer walked - have a backup. Do I accept counter first with old buyers name then submit new offer? Help!! Counter expires tomorrow.

Thanks

Comment by Karyl Moore on May 9, 2012 at 4:42am

Stephanie - it was the same purchase price with the new offer being cash whereas the first offer was for a loan with 20% down.

Comment by Stephanie Hart CA 310-930-2342 on May 9, 2012 at 4:20am

Karyl that is fantastic to hear... I keep hearing agents say they are never able to substitute. Did you have the new buyer replicate the previous offer to a T?

Comment by Karyl Moore on May 9, 2012 at 4:17am

I just had to replace a canceled offer with a new offer on the new B of A system and it worked great! Approval on the new offer within a week!  Wow, is that nice compared to how it used to be! B of A has come so far from how they were a couple of years ago.  Sure wish other lenders would follow suit.

Comment by Donna Clayton, Broker, MBA on May 8, 2012 at 11:32pm

No Debra, You are not alone.  I had a co-op all ready to close, but the buyer needed a few more days to get his mortgage clear.  We requested the extension right around the time the new changes were implemented and unfortunately, our BPO had expired so it needed to be updated. Well it's been nearly a full month, and we STILL don't have the extension approved.  The only logical explanation that I keep hearing from both Bank of America and the workgroup is that the new process has slowed everything down.  As of yesterday, there had been an internal QA task that was 5 days past due. Then the task was 'reset' with a new due date!

Let's hope they can work out the kinks in this new system soon.  I was happy with the old system!

Comment by Debra Enos on May 8, 2012 at 3:19pm

Okay, I've read some comments on the "new" B of A process. It sounds like their "co-op" is the best way to go, if you can, ....I am in a B of A now, (my buyer) it as been nearly 5 weeks and the sellers negotiator just said that B of A is "behind because of the new process".  No BPO. Nothing. No response on the HAFA, which is suppose to be done in 30 business days from date of offer (request submitted with offer).   I worked hard to get all the new documents the negotiator before the 13th, I initiated it because I never got them from the sellers negotiator...I didn't want any unnecessary set backs.  I mean really, HAFA doesn't care about their problems, B of A still have to follow HAFA guidelines and timelines. Right?

I was able to CLOSE a Co-op in about 2 1/2 months, start to finish, and that was because the buyer needed a 45 day close.

Is anyone experiencing a slower response with the "new" B of A Program?  Or, is it just me?

 

Comment by Michael Schneider on May 8, 2012 at 2:19pm

Might be a contested foreclosure, with counterclaim.  So, they are pushing you back to local counsel.

If you have the written, formal payoff/demand from the BofA, you can probably close on it. I would check the judicial log to see the status, if it's online, and confer with the seller's attorney.

Comment by Lori Young on May 8, 2012 at 10:02am

Tricks again.  Approve the file and in closing.  Call today because I get a new rep that is collection documents.  WHAT?  I told her to look at the file we are in closing. Then I call back this afternoon and am told it is in litigation and I can't speak with them for five days.  WHAT?  Come on BOA.  

My question, what is sorry in litigation actually mean?  Does it mean stop calling us and in the next five days we are going to close down your file?  Suggestions.

Comment by Wendy Rulnick on May 7, 2012 at 8:31am

@Mariana - Ginnie Mae Rural Housing

Comment by Mariana Molina on May 7, 2012 at 8:23am

Hello Wendy - what do you mean USDA files thanks

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