Our BofA negotiator has told us the file won't move forward until we get a Fannie Mae appraisal. We've already had a BPO done but they now need another appraisal done by a Fannie Mae appraiser. When asked when that will be scheduled they told us they don't know when but they will get to it when they can. In the meantime, the file sits. Anyone have a contact for us to help get these Fannie Mae appraisals scheduled?

"Can You Help My Friend ?....He got a Notice of Foreclosure...."



full moon I know, it was a full moon this week...just didn't think it was ALL week...we got a call asking if we could help a friend of the caller. The friend had come upon some hard times, gotten behind in his mortgage, his credit score was nil.....and couldn't we find a lender...that for a point or two.... a higher rate...an extra something....could just re-finance both the friend's property and his mother's. The… Continue

We have all been waiting for this news and now it official!



Lets hope they can handle it and we can be sent the REO listings!



Titanium Solutions- Titanium Holdings Enters the REO market with its Launch of Excellen REO



It is all over the news here is one place at the DSNews to read about it



or just Google Excellen REO.… Continue

The suit was filed on behalf of homeowners facing foreclosure in NEVADA who say there has been no progress made with regard to negotiations with their lender.



"And that's why what we're calling for in this lawsuit," explains attorney Matthew Q. Callister. "(It) is an automatic stay of any further Bank of America foreclosures until such time as every Southern Nevadan avails himself of his right under federal law to have that fundamental 'good faith' negotiation."



The… Continue

I have a BOA Short Sale on a vacant piece of land that I have been working on myself.

The owners owed money to the HOA and our in house short sale specialist that I would normaly have working on this was told by her attorney boss that unless the sellers sign a waver and pay the HOA fees she had to stop what she was doing with the file. The attorney also handle the HOA and does the leins for them.



So of course I'm not going to let a good offer go South. I submitted and completted… Continue

I have been recently informed that Phase 1 can now take up to 15 days!! It has been a 10 day process.



So much for improvements and getting them closed sooner.



Phase 2 still up to 30 days.



I've noticed a lot of problems in the last 30 days at BOFA, negotiators disappearing, files being to new negotiators, negotiators not responding to emails or calls, saying short sales are open then saying oops not in the system, etc..



My recent negotiators for my Las… Continue

FYI: New changes with Bank of America, Countrywide, First Franklin.. New second lien holder standard guidelines will be as follows: 5% of the Net is what they want for the Second Lien to be released... This is going to kill so many files.....

The Short sale and the Sole Proprietor

I have been working on a short sale for several months, and the seller is truly in a hardship position…stuck between a rock and a hard place.



He is paying an interest only note on land at 8%; he was able to arrange a 90% loan when the property was purchased directly from a developer (not from a Realtor) for $400,000 three years ago.



The current market value is approximately half the purchase price, or $160,000 less than the… Continue

Saxon..the Oxen of the Short sale industry.



If you have an Oxen in your field....you will be expected to feed it and protect it everyday. For these daily chores you will be ignored, pushed around and drooled upon. If you meet one of these lumbering creatures while traveling in the road, you may honk all you wish but you will not be allowed to pass...traffic will come to a grinding halt.







The lesson of trying to work with oxen is this,,they will tear up your… Continue

Lets face it, most agents cringe when they find out at a listing appointment that the 3rd party is lender is Bank Of America/Countrywide. In many ways, their reputation is well deserved. I was frustrated for many months trying to get 2 separate short sales in Daytona Beach approved with them. Each started in December, and just got approved in September.



Along the way, I dealt with the usual delays, lack of communication, and changes of negotiators. There were so many times that it… Continue

Alas! There is more than one version of the Bank of America approval letter. One without the dreaded "deficiency" reference. Mind you, not stating they reserve the right to pursue a deficiency may not mean Bank of America has given up that right, but it does cause less trepidation.

Deficiency... what deficiency? My theory - they are leaving out the deficiency reference, but not "forgetting" about… Continue

I know you are doing a double-take, but this is a true story about a four-day short sale approval from Countrywide... The key is- it was a new construction loan... Here is what happened....

My seller. "George", bought a lot in Rosemary Beach, Florida. This a one of the higher-end markets on the Emerald Coast, with a view of the Gulf of Mexico, and a five-minute walk to the beach. George decided to build an upscale home on the property…

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We all make mistakes, but this was a big one, by a big corporation... I was in negotiations for a short sale on a Crestview, Florida listing. My sellers owed Countrywide/Bank of America about $175,000 as the senior lien and around $25,000 to Citi Financial as the junior lien. The sale price was a spot-on $150,000.

Bank of America asked for a promissory note of $5000. Although my…

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