Comment

Comment by joe beauchamp on September 29, 2011 at 12:57pm

Napua, with BOA, if you can take a little extra time to do whatever headstand the negotiator wants, you will usually get to closing a lot faster than if you stand on principle and attempt to make the negotiator do the right thing.  Occasionally, you have to fight one of these because it is important, the other times, you simply paint the contract blue because that is what he wants - and move on.  4506-T expired - no they don't expire, but I get them another signed one.  For the first time, 2 days ago, the guy asked for a new contract..???  No, not for any reason, said the MI wanted a new contract.  I am not going to spend the next 3 weeks arguing, I asked the listing agent to get me a new contract.  Stupid? Insane?  Welcome to BOA.

Oh, and there are times when you can see that the negotiator is brain-dead and you run into wall after wall - just have the short sale killed and resubmit.  Much easier to deal with the next negotiator.

Comment by Cami Pinsak on September 29, 2011 at 12:51pm

Pamela - 2 questions: 1) Is this a Fannie or Freddie or a NON GSE loan.   2)  Was the loan modification process a HAMP modification? 

Comment by Barbara J. Rice on September 29, 2011 at 12:48pm

Pamela: My experience with BofA is that you still have time to get a short sale done!! Here's what I recommend: #1) have the homeowners start getting their docs together immediately (you want to be ready to run when you get an offer), #2) price the property aggressively but not out of the market ... within 10% should work), #3) prequalify the buyer's agent and the buyers to make sure they will stick through the process AND that they really qualify for a mortgage (if applicable) because you only have one shot at this (I have them qualify with a lender I trust!); make sure they really want the house, and finally, #4) be sure to keep checking on the status of the Trustee Sale and work with your BofA negotiator (when you get one) to stay on top of it.

Good luck!

Comment by joe beauchamp on September 29, 2011 at 12:47pm

Pam, I (hopefully) sent you a message with one of our agents' email addresses.  He has been putting a lot of time into going after banks with forensic audits.  He has at least 1 attorney who has helped lots of people.  Mention your situation, mention me and forensic audit.

Otherwise, in 30 days, w/o a buyer already, you are really hoping beyond the stars..

Comment by Napua Lucas on September 29, 2011 at 12:33pm

I would like your thoughts on this. BofA short sale, they countered the price, buyer & seller agreed and signed and submitted an addendum to contract with new price. The negotiator requested a New HUD1 to show price and a specific close date to match the date on their worksheet. That was fine. Now negotiator is saying that the addendum must show a close date to match the HUD1, I am saying "no" because the short sale addendeum gives the buyer 30days in which to close after receipt of Agreement Notice (approval letter from lien lender) and that their Approval Letter will state the close date.  We don't put closing dates on short sales because they take forever.  By putting one on I would be putting the buyer and seller in a difficult spot and altering the contract according to BOA, they are not a part of contract. Do you put a closing date on the addendum when you are still in negotiations and have not received an Approval Letter?  I asked for her supervisor to call me.  Waiting.

Comment by Pamela Walsh on September 29, 2011 at 12:18pm

Our homeowner has been working on a BOA loan mod for two years...declined and appeal declined. Foreclosure sale date now  is October 31, 2011. We are told that they cannot qualify for a HAFA short sale since the sale is within 60 days. We can go the standard SS route with offer or the BOA Co-Op route. In reading the discussions on BOA Co-Op, it sounds like it is a nightmare and we would never get far enough in the process to get the sale postponed in time and allow us to get an offer on the home.  Any suggestions on the best way to help these folks who have been given the run around and jumped through all the loan mod hoops only to find themselves with the sale in 30 days?  Your advice is

much appreciated!
Pam, Boise, ID

Comment by Brigitte Mueller on September 29, 2011 at 6:14am

Shane....depends on if the owner re-affirmed the debt, or didn't include it in the BK.  It's best to discuss with a bankrupcty attorney.  I do a number of short sales with BK attorneys and am able to get answers from them, since I am not an attorney.

Comment by Shane Feist on September 29, 2011 at 5:22am

I was told that it is against the law for a bank to ask for a seller to sign a promissory note, or pay back a deficiency if they filed Bankruptcy, does anyone know if this is correct?

Comment by Nina Jihee Yoo, CDPE on September 26, 2011 at 5:28am

@ Ava- Great news~~~~~~ Good job!!!

Comment by Ava Anderson on September 26, 2011 at 5:26am

Just wanted to let you all know that I just received my extension letter!  Contacting BOA help with Twitter makes a big difference.

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