Replies to This Discussion

Permalink Reply by Jeff Payne on May 22, 2012 at 7:47am

Can you get it translated or sent to you in English?

 

Permalink Reply by Colin Hill on May 22, 2012 at 8:40am

Hi Jeff,

Good question- Since posting I spoke with the escalation group who told me that the language will need to be stricken from the letter-  thyis was the case on a bilingual Spanish/English POF letter she recently handled. Translation was not an issue; they just won't accept foreign language on the letter at all. She also mentioned "investor criteria" as a possible reason for the rigidness of this rule.

Jody at the Escalation Group was very kind,  patiently explained everything, and answered all my questions. Her conversation was the highlight of my day!

Most likely the buyer will have to wire their funds to a U.S. bank  in advance of COE if they want to continue in this transaction. So much for global cooperation!

 

Permalink Reply by joe beauchamp on May 23, 2012 at 6:54pm

Your last sentence "will have to wire their funds to a U.S. bank" makes me wonder if it isn't more along the lines of what I have seen before - the funds NOT in U.S. dollars. I've seen proof of funds rejected for that reason - unknown amount of U.S. dollars at any minute, and I've seen where an investor has rejected a bunch of money in investment because they said it was not liquid - could not be immediately turned into cash.

From time to time, I find that the REAL reason of an issue is hidden by the bank. You may be getting "helpful" talk from someone who is trying to figure out what the investor or higher management is hiding. I could probably list half a dozen times of this that I have run into in my last 4 years of short sales at BofA - usually idiotic reasons, when I find them.

Throw in negotiators who are leery of anything out of the ordinary as you trying to create some sort of loophole and anything can be rejected. Hope that helps some..