Comment

Comment by Catherine Gheen on August 5, 2011 at 8:08pm

One of my golden rules for my seller's with a B of A loan, is to bring in their old envelope from title and take copies of certain pages out of the loan docs.

 

Oftentimes in California it will have the name of the old Countrywide processing center in the San Jose region or the old Simi Valley branches.

 

Take a copy of the page of the "note" or look through the loan docs you will find some helpful items in there.

 

That way you can track how your seller got this loan so you can hit them upside the head with this information.

 

As I said B of A has been in a lot of legal trouble over these loans, you sometimes need to remind them.

 

They will back down.  When I called their bluff about the MI company I had a sudden approval in about 24 hours!!!!!

 

Each transaction I learn something new with them!  The stuff they pull out of their a** is amazing.

Comment by Sameer Punjani on August 5, 2011 at 7:58pm

catherine

 

way to go.  its about time we battle back with these idiots. Way to rattle their cage, and play hardball. This is what Im saying when they try to squeeze every last penny out of the seller because they think we dont know the rules, now its all exposed, so other agents know what to do..

 

 

Comment by Catherine Gheen on August 5, 2011 at 7:53pm

I just had to share this story from one of my short sales I closed with B of A a few months back.  My seller's originated loan was with Countrywide.  So the negotiator tells me at the 11th hour the MI company demands the seller to contribute $11,000.00?

 

I called B of A's bluff to produce a signed copy (by my seller) of the loan docs that supported there was an MI company on the loan?  I said if they did not supply the signed documents to support this within 24 hours I was going to file a complaint with the California Attorney General's Office.

 

Here's why, if your seller's loan was an old Countrywide loan NONE of the Countrywide loans had MI.

 

If you recall that was one of their sales gimmick's, Angelo Mozzillo knew what he was doing! (the former CEO of Countrywide).

 

Also ANY form of a retirement/pension is EXEMPT from the short sale lender touching it.

 

Tell your negotiator that you and your seller will file a complaint with the Attorney General of your State, as well as the OCC (Office of the Comptroller of the Currency) 

 

Most of these kids who are working these files if they go to their manager will stop the nonsense.  Most of the State's Attorney General's have all filed suits against B of A, and the former Countrywide.

 

Just my two cents.  Ha ha

Comment by Sameer Punjani on August 5, 2011 at 12:22pm

BOFA will attempt to suck every last dime out of your seller.  But you just need to negotiate with them.  If thats all the money your seller has in the 401k, then you  need to show the hardship in writing indicating this.  But its a catch 22, if you won't supply the paperwork, they will deny the short sale due to lack of paperwork. Then you will have to jump through hoops just to get it going again..

Comment by Karyl Moore on August 5, 2011 at 12:18pm

They won't say, "We want what's in your 401K," but if your Seller has $20,000 in the 401K, MI might/will coincidentally say they want $20,000 from the Seller.

Comment by Thom Colby CA Brkr 888-391-5245 on August 5, 2011 at 11:48am

Send it ....  If you don't, they will either decline the short sale or they will get it elsewhere and hold you hostage.  Disclose everything.

Comment by Jeff Payne on August 5, 2011 at 10:54am

They may ask for the 401K but they won't be able to touch is because it is not liquid. 

Comment by Becky Lane on August 5, 2011 at 9:05am

MI company is requesting a copy of my seller's retirement savings statement since she has payroll deductions for her 401k.  I'm reluctant to provide this since the 401k is exempt.  Can I refuse to provide this? What is the best response to MI?

Comment by Sameer Punjani on August 4, 2011 at 4:40am

Stephen

Join the club.

Comment by Stephen Shafer on August 4, 2011 at 4:37am

AMS is the worst!!!

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