"I have had a few success in getting files escalated via twitter. At the risk of sounding dumb, can someone please explain to me why there is such a big difference in FHA short sales vs conventional? Does it have to do with investors? And why…"
Jesse S.'s Discussions
BofA FHA Short Sale Help
Started this discussion. Last reply by Tamara Dorris Dec 5, 2011. 23 Replies 0 Likes
Full disclosure: I am the buyer in this situation.I have been in contract for a BofA FHA SS since late August and I have yet to hear approval/anything substantial from the bank. I realize as the…Continue
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Katie Mitchell replied to Jesse S.'s discussion BofA FHA Short Sale Help"Yes, I am only referring to BOA FHA Short Sales (their conventional short sales are another story).
Their FHA Short Sale Department is quite responsive, does follow the guidelines and are quite helpful. I personally submit a full short…"
Jeffrey Burnham replied to Jesse S.'s discussion BofA FHA Short Sale Help"I did some additional research here... it looks like HUD WILL have authority to review the banks implementation of proceedures. (On FHA loans.) I would stand by my assertion that, in my experience, I've NEVER seen B of A live up to the…"
Jesse S. replied to Jesse S.'s discussion BofA FHA Short Sale Help"Thanks a ton. This is is potentially very useful information. I'll be contacting my Agent very shortly and passing this along.
Thanks!"
Jeffrey Burnham replied to Jesse S.'s discussion BofA FHA Short Sale Help"On the contrary, I am QUITE familiar. And have closed many. Please note the word GUIDELINE.
I challenge ANY AGENT ANYWHERE IN THE U.S. to show that B of A has acted within the SUGGESTED scheduled timelines for doing shortsales. These are…"
Katie Mitchell replied to Jesse S.'s discussion BofA FHA Short Sale Help"Jeffrey,
It seems you are unfamiliar with FHA Short Sales and their procedures--educate yourself, it will make dealing with FHA Short Sales with any bank easier.
Like Nathan says and I mentioned in my previous email HUD has everything to…"
Nathan Miller replied to Jesse S.'s discussion BofA FHA Short Sale Help"When HUD is insuring the loan, as they do with all FHA loans, you better believe HUD has something to do with the servicers handling of a short sale and has jurisdiction over short sale matters."
Jeffrey Burnham replied to Jesse S.'s discussion BofA FHA Short Sale Help"Your situation is not uncommon. B of A is herendous to work with. I have one that is now going on 2 years... so far my record is 26 months with B of A.
SO..... you need to be prepared to wait. I try as much as possible to get myshort…"
Jim West replied to Jesse S.'s discussion BofA FHA Short Sale Help"Jesse, you can try this website www.ots.treas.gov. I am sure the seller will have to file the complaint on this site, since it is their loan, but at least you can pass it along to the LA and see if they won't help support the…"
Katie Mitchell replied to Jesse S.'s discussion BofA FHA Short Sale Help"Jesse,
BOA is usually very quick with dealing with FHA short sales once the ATP has been sent to the listing agent. If your contract meets the required terms of the ATP, then most BOA will be fully approved and can close within 30 days.…"
Nathan Miller replied to Jesse S.'s discussion BofA FHA Short Sale Help"877-622-8525 - The listing agent may create a ticket with HUD for assistance with the difficult servicer.
The better advice would be... Go buy a property that doesn't involve dealing with Bank Of America."
Jennifer replied to Jesse S.'s discussion BofA FHA Short Sale Help"Jesse- I thought of something else I tried. But please keep in mind I'm a buyer like yourself so I dont have experience with short sales other than my own. But I forgot to mention that my dear, old Dad, who seems more excited about my first…"
Jesse S. replied to Jesse S.'s discussion BofA FHA Short Sale Help"Yes, it's an FHA loan (it's in the title of this thread), and since it is, it cannot be escalated through Equator. This is also why I'm looking for some HUD contact information to pass along to the LA.
I will have to sit down…"
Keji Ogunleye replied to Jesse S.'s discussion BofA FHA Short Sale Help"First I'm not sure why you want to contact HUD. Is this an FHA loan? Also if this short sale is being handled by one of BoA out-source company(UTLS or others) then they are terribly slow and do not work at the same pace as BoA. BoA as greatly…"
Jesse S. replied to Jesse S.'s discussion BofA FHA Short Sale Help"Thanks everybody for your responses and well wishes. I seem to be reading more and more about the positive effects using BofA's Twitter team is having on the success rates of short sales. I feel one of the reasons why the LA is so…"
Richard replied to Jesse S.'s discussion BofA FHA Short Sale Help"Jesse S. and Jennifer,
I wish you both the best in your effort to buy these properties. From I've seen, sometimes these deals turn out very well if you have the right people for the job and the lender want to play ball. …"
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