First BOA SS, and some easy questions for seasoned vets .....

I've gleefuly managed to dodge the BOA bullet on all my short sales, but my first one has now slipped under the door.

I input the listing in Equator as  "submitted without offer", and now the status is "document collection".  The homeowner, who works and temporarily lives 80 miles away, hasn't checked his mail, and when he did today, he had multiple packets of HAMP docs (from BOA) to complete.  I instructed him to complete the most recent one and get it to me tomorrow. 

If BOA is in "document collection", and I have an offer on the home (received today), how can I bypass the "document collection" phase and get the offer in their hands?  I've reviewed all of BOA's instructional videos and docs, and can't seem to find an answer.  Sheriff's sale is a week away, on December 3, so there is a bit of a sense of urgency to stop the sale and get the new offer in front of the negotiator, who's contact info I have.

Also, on the IRS 4506-T, what address do you use in Box 5 ?

Suggestions?

Thanks in advance, and hope all had a great Thanksgiving ...

J. Parr

Views: 156

Replies to This Discussion

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on November 24, 2011 at 4:31pm

To my knowledge you can not bypass the document collection. A complete financial package must be submitted. It takes 48 hours to 72 hours for them to get it into the review process, but you will have to stay on them. You also need to know who the investor is so that you can contact the investor directly and advise the foreclosure attorneys as well. Once the package is in the review process you can request the foreclosure sale be stopped.

 

IRS form 4506T Iine 5, I leave the address blank as Bank of America will insert it.

Permalink Reply by Kevin - Greenville, SC on November 24, 2011 at 6:18pm

@Dean - I concur.

Permalink Reply by Richard Kirk on November 24, 2011 at 7:09pm

It may be difficult to find and contact the investor.  I have had pretty good luck contacting BOA directly to request postponement.  Send a message to everyone on Equator and call 866 880 1232 and request postponement through BOA both ways.  Good luck

Permalink Reply by John Parr on November 25, 2011 at 10:52am

Dean, Kevin and Richard,

Thanks for your valuable advice, gentlemen.

Hope to return the favor soon.

Great weekend.

JPP

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