Comment

Comment by Petra Norris on March 30, 2012 at 6:30am

I know it is frustrating when buyer walks after receiving an approval letter.  But what is more frustrating to me is when you receive a contract within days for the same price (cash offer) and the negotiator comes back and ask for this:

Please Provide the following as soon as possible. Required Documents: (1. HUD-1 (2.Hardship Letter (3.Complete Financial Package (2 months of current bank statements and pay stubs, 2009, 2010 & 2011 tax returns, and a detailed list of income and expenses). (4.Financial analysis (Short Sale Summary) (5. Seller’s Listing Agreement) Please Upload all the Documents when you get them. Please keep in mind that each month that passes you have to upload updated pay stubs and bank statements. The BPO has been ordered as well this will take a total of 7-14 working days to get it back.

Back up contract was uploaded along with HUD within in 8 days.  Old approval letter was dated February 23 with closing date of March 30th.   Has anyone experienced where you practically have to start all over again?  Is there another solution as I have messaged the negotiator to clarification with respect to the submitting of docs? All of this was uploaded with the first contract and lo and behold I can't find it in the library.

Any suggestions would be appreciated.  Thanks :)

Comment by Brenda L Wood on March 28, 2012 at 6:25am

I had no problem getting immediately through about 30 minutes ago...

Comment by Paula Bachman on March 28, 2012 at 4:21am

I'm hoping this is only the case for one Customer Service rep, not the entire system! Wow.

Comment by Evelyn Santiago on March 28, 2012 at 3:47am

If you are trying to reach BOA Short Sale Desk with any type of short sale issues their Systems have CRASHED!  It only took me 20 minutes on HOLD to be informed of this!!

Comment by Michael Schneider on March 23, 2012 at 9:37am

@Kelly I think the only definition of "approved" is when you have received the demand/approval letter.  If you have receive such approval, I think the Servicer would be hesitant to revoke it.

The MI must have "right of approval" for a short-sale.  Absent that it would be a bit like my giving my car away and then making a claim on my insurance policy.

If the MI rejects HAFA, they will probably make a request for payment, otherwise they likely would have approved the HAFA deal.

Just go back to the plate and take a couple more swings.

Comment by Kelly W. Maynard on March 23, 2012 at 8:16am

I have a short sale with B of A, who just approved my clients for HAFA and has done the valuation.  The short sale has now been assigned a negotiator with B of A.  The negotiator called me yesterday while I was driving and mentioned that there is mortgage insurance on my client's loan.  I have an offer that is more than the valuation, is cash, and is not asking for any seller contributions.  My questions is: if my client is approved for HAFA, but now it is discovered that there is MI, can that change what has already been approved?  Such as... cannot ask clients for promissory note, etc?

Comment by Wendy Rulnick on March 22, 2012 at 7:27am

Bank of America changes Webinar April 2 at 4:00 p.m. Eastern. 

Comment by Paola Martinsen on March 21, 2012 at 7:04am

Has anybody worked with Victor Nyanjui VP at BAC recently? He used to be accountable for Equator. Im trying to get a hold of him or Pilar Flores regarding Equator issues but the contact info I have for them is no longer valid. If anybody has updated contact info for then that would be great :)

Comment by Wendy Rulnick on March 20, 2012 at 12:17pm

Good tips, all!   Rob - that is clever.

Comment by Robert A. Carrino on March 20, 2012 at 12:05pm

If we are 7 days or greater from auction but still up against auction clock we initiate in hopes of the lender scrubbing for HAFA,FHA or CO-op SS program. these will generally get postponements for us. That may not matter that much to you in FL Wendy however that keeps our ball in the air here in GA and other non judicial states. That is our criteria.

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