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

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Comment by Michael Schneider on November 9, 2011 at 10:19am

Can someone help me on this?

Seller has a Fannie 1st, with a $15K 2nd.  Net Proceeds will be less that the payoff on the 1st, so both are short.

Seller is under review for the BofA cooperative short sale program.  Under this program, what is the maximum payment that Fannie will make to the 2nd?

And, can the seller make an additional payment to the 2nd?  Meaning, basically, can the seller use the incentive to make an additional payment to the 2nd? 

 

 

under the cooperative short sale program

Comment by Kylee Roe on November 8, 2011 at 4:42pm

Jaime, I did an AMS/ HAFA in August, and I believe this IS how we did it. In fact I learned on that one that I didn't have to wait for BAC/AMS ok to approach the second (whereas previously we always had to have the 1sts approval in hand to approach the 2nd). Have your title company do a HUD for Chase, showing their percentage/amount of payoff, as well as all the other line items, and get their approval in writing and then send it to AMS. If AMS is still operating as they were over the summer, you'll still have to yell and scream to get the final letter from AMS even with Chases' written approval and in Cali at least, you'll need all three letters to go the title company --initial HAFA approval with sale price, and final approvals from lien holders. GOOD LUCK!

 

Comment by Karyl Moore on November 4, 2011 at 5:59am

If it's Seterus, they are very fast but they cut your commission to 5% to pay for the 3rd party negotiator they hire.

Comment by Tara Samney on November 4, 2011 at 5:57am


Jim, No they skipped all of that in Equator.  I just it this am and it was in Document Verifcation - I had received the email about the valuation being ordered 4 days ago in Equator and I had homeowner call yesterday and was told 3 days ago.  Negotiator or rep (no title) wrote me outside of Equator with the rejection letter and going to the other service provider.  When I check Equator now it is just completely gone- no messages in there either. Surprising since we're supposed to do everything in it- but then they just skipped through it.  Thanks all for the heads up on Seterus.  Not fun losing 2 weeks but better than it being rejected!

Comment by Richard "RJ" Kas on November 4, 2011 at 5:52am

If it has been service released, then it means that the loan was "charged off"  you now have to deal with Seterus Inc.  I had recently a B of A with the exact same language... Decline - Service Released.  Mine went to Real Time Resolutions.  Not sure if Seterus is similar, but when I spoke to a manager (dont remember their name) I was told that BofA 1st would pay 6% or $6000 to the service released company... whichever was LESS.  In my case it came to $4221 as a payoff to RTR.  More than likely, you will have to resubmit another basic short sale package with Seterus as well.  Call them, they are probably using the same loan number.  Good luck.

Comment by Jodie Luke on November 4, 2011 at 5:47am

Seterus is pretty good. I have a copy of the 3rd party they require to be notarized and the financial statemant they require. Send me an email at [email protected] and Ill send them to you so you dont loose any time. This will help speed it up:)

 

Comment by Jim Hale on November 4, 2011 at 5:46am

Tara -

Forget about the regular email.  What did they say to you through Equator?

About the ordering of valuation?  They should have advanced you to the "valuation" phase. Did they do that in Equator?

About the decline?  They should have changed you to "rejected" phase.  Did they do that in Equator?

Comment by Eric Mieles on November 4, 2011 at 5:42am

Tara, I've had success with them. Just make sure you get there specific authorization letter and they also want it notarized. Don't lose another two weeks with this step. Not sure if everyone has dealt with that just FYI!!

Comment by Tara Samney on November 4, 2011 at 5:38am

Ok just got an update from the bank - "Please be advised i have closed out short sale since loan has been service released to SETERUS INC".  So I guess we just lost 2 weeks on Equator?  has anyone dealt with this? They gave a number for Seterus,

Comment by Tara Samney on November 4, 2011 at 5:33am

I just got a decline letter from Bank of America after submitting an offer less than 2 weeks ago (I am the listing agent).  When we listed it we contacted the bank and homeowner applied for HAFA and didn't qualify.  I was advised to wait for an offer then have homeowner call to initiate.  Homeowner called same day as offer.  Got authorization, contract terms and contract all up within an hour of task assigned.  only were assigned these 3 tasks and received an email 4 days ago a valuation had been ordered.  No one contacted me for property access. I got "Decline - Service Released" letter in my regular email as a Short Sale Rejection.

no reason was given.

???  It was a good offer- within 80-90% of market value. Deficiency of about $50,000 though.  No counter either.

Is this a real decline or have I not done something correctly?  The bank also said the home owner would get a call from a negotiator by yesterday and that never happenned.

 

Thanks! 

 

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