Suntrust 2nd - expectations
I’m the buyer. BoA is primary, Suntrust is second.
June 27, 2010 - Original offer made
Sept 14, 2010 - BoA asked for $10k more, which we agreed to and submitted a new offer.
Oct 7th , 2010 - BoA got their appraisals in and changed their mind asking for an additional $80. We negotiated back & forth and settled on a price they seemed happy with.
Oct 30, 2010 – Submitted new offer at a price that BoA seemed happy with.
Went back & forth on closing dates for a while – originally shooting for Dec 20th.
Jan 13, 2011 – got approval letter from BoA. They were still leaving room to go after seller for deficiency.
Jan 19, 2011 – got updated approval letter from BoA, basically writing off the deficiency. Closing set for Feb 28th. Suntrust being offered $8,900. I’m not sure how much was owed to Suntrust, but I believe it was over $100k.
Jan 20, 2011 – Suntrust requests an Arms Length Affidavit. We sign and send right away.
Since then, the only updates we’re getting from the seller’s negotiator are “we’re working on Suntrust”
Feb 18, 2011 – Seller’s negotiator says he’s requesting an extension to the closing date from BoA.
- Is BoA likely to grant an extension? If so, how long will they wait?
- I’m guessing Suntrust didn’t start looking at anything until after BoA did their approval. Is that right? If so, that means they started, at the earliest Jan 13. How long will they take? I’ve got a mortgage commitment and a nice rate locked in which is expiring soon.
- Is there anything that can be done to motivate them? I’m reading a lot in forums that Suntrust just doesn’t seem to care. If it goes to foreclosure, doesn’t Suntrust lose out? I guess they could still try and collect from the seller after foreclosure, but how successful will they be with that?
Replies to This Discussion
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Permalink Reply by Frank Grasso on
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My experience has been very bad with SunTrust and unfortunately there is little you can do. They do not move quickly and even going to the office of the President did little in speeding anything along with my latest short sale. BOA may grant an extension but they will only do it once so if you don't close it after that you have to start over. Keep calling SunTrust is about the only way you may get their attention. Good Luck
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Permalink Reply by Previous SunTrust Negotiatior on
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Anyone heard of the Mortgage Debt Relief Act. They get nothing and then the homeowners do not have to count the 1099C as ordinary income is residental property. 2nd are handled by Consumer Banking and they are hard nosed and will try to get what they can. Write a letter to Jim Wells at Suntrust. It will get done.
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Yes, keep calling. The letter the Jim Wells will help. Not sure why the Office of President did not help you. When I worked in escalations, we had to resolve the issue within 48 hours.
Frank Grasso said:My experience has been very bad with SunTrust and unfortunately there is little you can do. They do not move quickly and even going to the office of the President did little in speeding anything along with my latest short sale. BOA may grant an extension but they will only do it once so if you don't close it after that you have to start over. Keep calling SunTrust is about the only way you may get their attention. Good Luck -
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That was because the loan had to be a FHA, Freddie, or Fannie. That person was slow to say the least. Write a letter to the Treasury Dept, BBB, or OCC.gov
Previous SunTrust Negotiatior said:Yes, keep calling. The letter the Jim Wells will help. Not sure why the Office of President did not help you.
Frank Grasso said:My experience has been very bad with SunTrust and unfortunately there is little you can do. They do not move quickly and even going to the office of the President did little in speeding anything along with my latest short sale. BOA may grant an extension but they will only do it once so if you don't close it after that you have to start over. Keep calling SunTrust is about the only way you may get their attention. Good Luck -
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