Is B of A serious.....I have to admit when I am wrong, thought I HAD seen everything.....I WAS WRONG

Just when I thought I had seen it all doing short sale negotiations, a new "hurdle" was thrown at me today by none other than B of A:

I am working on a short sale, B of A first lien, GMAC second lien. Gmac is currently owed more than $45,000, inclusive of orginal balance, $41,000, late fees, etc.

What did the "genius" negotiator at B of A do (I know you are wondering)

They offered ZERO, Zilch nada to the second lien holder!!!!!

"Really Mr. Negotiator, let me check with GMAC and see if they will agree to "just go away" so you can avoid foreclosure"

Good times.....I can assure you this story WILL have a happy ending once I get in touch with teh higher ups and the girl I know at Bank of NY (The Investor on this), just still AMAZES ME what B of A is up to.

To those CRAZY enough to deal with short sales, all my best to you....keep fighting for your homeowners!!!



Sincerely,

Ben Benita, ATG TItle and Settlements
www.ShortSaleBeach.com

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Replies to This Discussion

Permalink Reply by Estella Drake, CDPE on October 4, 2011 at 11:05am
Wow Ben, never never think you have seen it all with BofA, you almost always have to think 10 steps forward with them. Oh, it's not their fault, it's the poor investor who told us to offer nothing...sounds like they might have investor MI? Ask them if this is what is going on since it might be better for them foreclose on this home.
Permalink Reply by Ben Benita on October 4, 2011 at 11:06am
No MI on this, I checked (standard practice for our short sales now)

My best guess is that it is a newer negotiator trying to play games....

HE DON'T KNOW WHO HE IS MESSING WITH!!!!!

;-)
Permalink Reply by Estella Drake, CDPE on October 4, 2011 at 11:12am
Get him!!!! Buena suerte Ben, keep us posted!
Permalink Reply by Smitty on October 4, 2011 at 11:34am

Ben, I need some of your fight right now.  I'm at the tail end of a short sale I may lose next week to an auction.  I have fought this thing since MAY.  I need your fight to rub off on me because I'm feeling pretty defeated.

 

If you CAN share that contact at Bank of NY, that's the investor on my loan too...you can PM me if you are willing to share.  If not I completely understand.

Permalink Reply by Ben Benita on October 5, 2011 at 12:41am
Smitty - you can e-mail me off here at [email protected].

Also, one of the BEST (and FREE) ways to get corporate contacts, go to Google:

"____________(Investor Name, Bank Of New York/Mellon Bank in your case), Stock Symbol"

this will send you to various web sites where you can EASILY track down corporate numbers and contacts....works like a charm......
Permalink Reply by Smitty on October 5, 2011 at 3:36am
Thanks Ben.  Just emailed you.
Permalink Reply by Ben Benita on October 5, 2011 at 9:06am
and just like most fairy tales.....this one has a happy ending!!!!

Just got an e-mail back from one of the "inside guys" I know, and, we got the second lien covered.....

As always - FIGHT FIGHT FIGHT for your clietns and your closigns!!!!

;-)

I also learned that Bank of NY short sales instructions to Servicers are to COUNTER offers sent in by AT LEAST 2% HIGHER than the BPO value......make note!!!!!

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