Bank of America Short Sales

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Bank of America Short Sales

This group is for information, tips and solutions for Bank of America Short Sales.

 

 

Members: 1978
Latest Activity: Dec 11, 2023

Bank of America Short Sale Information

 Click The Button Now To Hire A Short Sale       Superstar To Support You.

 

 

Short Sales 1-800-669-6650

Short Sale Fax 1-866-808-5050

Home Retention Department 1-800-669-0102 call to open VA or FHA/HUD short sales

Letter of Authorization Fax 888-491-4947 or 805-520-5019

***Need Help? Try TWITTER HELP****:

****LOG INTO YOUR TWITTER ACCOUNT and TYPE: @BofA_Help Call YOUR NAME RE: PROPERTY ADDRESS, YOUR TEL NUMBER

 http://social.bankofamerica.com/

For TWITTER Do not place LN# or borrower name in the message. Just a brief: 'Need help with a HAFA short sale" will suffice. Make sure to mention short sale. Also, each file should to be a separate tweet. If you have issues with 4 files then send 4 tweets. They will respond very quickly.

 

HELOC Short Sale Department: email for LOA and Short Sale Packages:  [email protected]

 

EMAIL Moderator with new contact info or corrections to this group.

Discussion Forum

Investors not pushing off auction date

Started by Albert E. Manalo. Last reply by James Franko Oct 8, 2021. 11 Replies

Short Sale while home is in Probate

Started by Chris Zubrycki. Last reply by Brett Goldsmith Jun 19, 2018. 4 Replies

NO BofA FHA SHORT SALE UNTIL LOAN MOD DENIAL??

Started by RVT REI LLC. Last reply by RVT REI LLC May 21, 2018. 2 Replies

Short sale package

Started by Izabella Lipetski. Last reply by Izabella Lipetski Mar 11, 2017. 2 Replies

Where are the short sale forms now?

Started by Elva Branson-Lee. Last reply by Chris McGee Feb 10, 2017. 8 Replies

Pay off 1st in full and short 2nd and 3rd?

Started by Erinn Frisbie. Last reply by ElizabethWeintraub00697006LyonRE Jan 23, 2017. 4 Replies

B of A reducing Escrow/Settlement Fee..Again

Started by Tony Morales. Last reply by Tony Morales Sep 9, 2016. 6 Replies

Upload Trustee Release?

Started by Robert Martin. Last reply by Robert Martin Jun 2, 2016. 2 Replies

Two Separate Files BOA never receives any documents

Started by Lisa Jackson. Last reply by Julie Lyons May 2, 2016. 3 Replies

Comment Wall

Comment

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Comment by Jeff Payne on August 19, 2011 at 8:52am
Becky, Twitter Rules!!!!! 
Comment by Becky Martin on August 19, 2011 at 8:29am
I just did my first Twitter escalation and it seems wonderful!  She listened to my situation and promised I would have an answer by Monday:)
Comment by Napua Lucas on August 18, 2011 at 10:02am
Have a HAFA approved short sale (1st & 2nd purchase loans with same Lender BOA) For 2nd loan approval BOA states no deficiency but it will show as an uncollectable charge-off. Is there a better way for the 2nd without stating uncollectable charge -off?
Comment by Louise Dela Cruz on August 16, 2011 at 12:44pm

URGENT!!

In the wake of passage of SB458, lenders are struggling with how to respond.  We've had 2 separate clients today tell us that BofA has stated they are cancelling all loan settlement negotiations.  Since these concerned 2nd loan liability, this may mean that BofA will be killing all short sales in which they are involved as a junior lender.  What is unclear is whether they are extending this to ALL short sale negotiations regardless of whether they are in first or junior position.

 

Needless to say, this will be devastating to short sales since BofA is involved in so many. It will be worse if other lenders follow their lead.  Perhaps this is a strategic move to create a backlash in the market to force the legislature to amend or even kill SB458.

 

Please let us know what you are seeing in your real estate short sale dealings.

 

Steve Beede

[email protected]
Comment by Alan Remigio on August 9, 2011 at 1:30pm

T,

I am assuming your agent did not get any written correspondence, starting with the reduction in commission. If the agent did, commissions should have been among the last challenges addressed, as the focus should always be on the price FIRST! For the most part, I agree with Thom that you may have bigger issues and  the very first is the price. My experience has always told me that I never agree to the listed price, regardless. This is classic negotiation with the bank in complete control, because the price was not committed to first. Take your concessions off the table (as they do), counteroffer and be prepared to walk. If you don't have an agent working for you, alone, get one. Good Luck!

Comment by Thom Colby CA Brkr 888-391-5245 on August 9, 2011 at 12:42pm

T-

First, I'm surprised BofA cut the commission to only 2.5% total - typically that only happens when the same agent is on both sides of the deal - (and, if that's the case you probably have bigger issues anyway).  2½ months is not that bad.  What do the comps from your REALTOR suggest the market value should be?  BofA is using BPOs and Appriasals to determine market value.  It is not unusual for a short sale lender to disallow closing cost credits on non-FHA loans.

 

The big question you need to ask yourself is - Is this house "the one" that I must have?  And, am I willing to pay this price, pay my own closing costs, pay the commission and pay the repairs not covered?.  Add all of these items up and see if it's worth it ! 

If not, move on and find another house.

 

Best of luck,


Thom Colby

Broker

Newport Beach CA

p.s. Since you're in DC - maybe a call to the local TV station might help !

Comment by T. Joseph on August 9, 2011 at 12:30pm

I would really love some advice:  My husband and I are attempting to purchase a short sale home - as is.  We originally offered the full asking price with 3% cc help but requested a $10k reduction in price due to inspection findings ($25k in immediately necessary repairs). 

 

First we were told that BoA will only pay 2.5% of realtor commission and that we would need to pay the remainder out of pocket.  We agreed. 

 

When BoA finally came back with a response 2 1/2 months later, they wanted to increase the price by an additional $8k, only deducting $2k from the asking price.  We agreed. 

 

NOW they are saying they refuse any cc assistance because we have a conventional mtg and not an FHA! 

 

We are almost at the end of our rope with this house.  The costs are starting to mount up and we're not sure what to do.

Comment by ElizabethWeintraub00697006LyonRE on August 8, 2011 at 7:21am

They want to be paid. MI wants more money because it pays whether its foreclosure or short sale. They can jinx the whole thing. B of A doesn't seem to want the seller to pay them. I think that's due to SB 458.

 

Elizabeth Weintraub

Broker-Associate #00697006

Lyon Real Estate

Sacramento Short Sale Agent

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Comment by Catherine Gheen on August 6, 2011 at 4:27pm

I've read all of the comments on this MI issue.  I am wondering why anyone would support B of A and their shake down of a seller in duress?

 

Again in California we have two major Civil Codes that protect a seller in duress.

 

Also has anyone ever read and of the TARP manuals for the CEO's?  If you get a chance dig some up online and you can see the compensation bonus program each of our nation's banks leaders received in that program.

 

Look up what AAL is and how they receive bonuses to move the loan losses as a positive on their books.

 

So do not succumb to the belief they are hurting and they need to pay off the MI.

 

9999.99% of the time it is a smoke screen to get money or NOT approve the short sale to collect on a Loss Sharing Agreement.

 

Loss Sharing Agreement's pay them to foreclose and our FDIC compensates them as well.

 

 

Comment by Napua Lucas on August 6, 2011 at 9:13am

Commenting on Catherine Gheen's

 

Thank you for your information, very good to know.  I just listed a home that has both the first and second loans with Countrywide, therefore  BOA.  Good information to know before I get a contract and submit to BOA.

 

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