Replies to This Discussion

Permalink Reply by Pattilynn Guilford on June 21, 2012 at 5:03am

Yes, it does seem to be slowing down.

On the 'true' hardship' - are the sellers delinquent in paying the mtg?

Permalink Reply by Diana Harris on June 21, 2012 at 5:21am

They have not made a payment for more than a year. They were in the 'Keep your Home California" program which made their payment for 6 months. That stopped October 1, 2011.

Diana

Permalink Reply by Diana Harris on June 21, 2012 at 7:45am

Gosh your time line looks like mine!!! 

Must be standard proceedure...wear us down to give them more time to wade through the mountains of paperwork, because there is no way they can adhere to their Short Sale timeline to approval!

Permalink Reply by Pattilynn Guilford on June 21, 2012 at 9:07am

lol...very true Diana

Permalink Reply by Cathy Baumbusch on June 21, 2012 at 11:39am

Diana, I'm terribly curious to know who your negotiator is. You can private message or email the name, or initials if you like to [email protected].

Permalink Reply by Cathy Baumbusch on June 21, 2012 at 7:32am

Amen Sister.

Here's my chronology:

3/26/2012 - "soft decline' (previous buyer walked day of approval- grrr...)

3/30/2012 - "Awaiting valuation"

4/9/2012 - Email: Body: HI Cathy, Quick question please, I just wanted to confirm. This customer wants us to review for HAFA short sale correct? If not please let me know.

4/12/2012 - Asked for status.

4/13/2012 - New changes go into effect.

4/20/2012 - Asked for status. Still haven't heard from negotiator.

4/23/2012 - Asked for status.

Email: Body: Thank you for your recent inquiry dated 04/20/12.  Please be advised that the file is currently in Underwriting: Awaiting decision status with HAFA.

4/23 - Email: Body: The valuation for the property at 403 DECATUR RD has been completed, and we are preparing to analyze the offer and determine the investor(s) net proceeds

4/23 - Email from negotiator: Body: HI Cathy, I truly apologize for not responding sooner but I will give this file my undivided attention going forward. Some Equator enhancements and a problem with my email...

4/23 - received counter offer (adding in HAFA incentive), responded.

4/27 - asked for status

4/30 - short sale deadline. Asked for status

5/4 - Email: Body: The valuation for the property at 403 DECATUR RD has been completed, and we are preparing to analyze the offer and determine the investor(s) net proceeds.

5/5 - received request to provide 4506T and 3rd party authorization. (REALLY?????). Uploaded them. Again.

5/8 - received request to upload Short sale addendum and Agent Cert. (You have GOT to be kidding me.) Uploaded again.

5/18 - still no response. Asked for status again

5/18 or thereabouts - received a call from an appraiser stating he would be doing appraisal on 5/21. (I later found out that on 5/21/2012 the file was notated by the supervisor that they had permission to use the earlier appraisal from January 2012)

5/18 - received email asking to upload documents was previously told were not needed. Also was told contract was rejected by QA team because my lic # was not on it. (Never a requirement before.) Had to redo HUD-1, and new HAFA SS Solicitation letter.

5/21 - had to redo HUD with new settlement date

5/25 - had to submit an addendum adding wife to sales contract - was previously told back in Feb not necessary.

5/25 - negotiator states she sent file for review

5/28 - asked for status

5/28 - Email: Body: The valuation for the property at 403 DECATUR RD has been ordered and we are awaiting its completion. (The appraisal had been done a week prior to me getting this message.)

6/2 - asked for status

6/5 - received counter offer changing settlement date

6/11 - asked for status

6/18 - asked for status. Also contacted Twitter team - this is at least a dozen times.

6/19 - VM from Twitter team - I was assured that the supervisor's supervisor was notified and that the negotiator was instructed to have an approval decision to me by Wednesday 6/20 (yesterday).

6/19 - Email - Body: The valuation for the property at 403 DECATUR RD has been completed, and we are preparing to analyze the offer and determine the investor(s) net proceeds.

6/21 (10:32) - Email - Body: The valuation for the property at 403 DECATUR RD has been completed, and we are preparing to analyze the offer and determine the investor(s) net proceeds.

6/21 (10:43:10) - Email - Body: Bank of America has countered the offer that was submitted on the property 403 DECATUR RD STAFFORD, VA 22554. IMPORTANT INFORMATION REGARDING ACCEPTANCE OF THE COUNTER OFFER TERMS: * Your acceptance of the counter offer terms DOES NOT mean the transaction is approved. * If you accept the counter offer, we will present the transaction for approval to the investor, mortgage insurer and/or senior management....

6/21 (10:43:11) Email - Body: ACTION REQUIRED: Bank of America has countered the offer that was submitted for the property at 403 DECATUR RD . YOUR NEXT STEP: You have three calendar days to respond to this offer...

This chronology doesn't show the countless times I've contacted the Twitter team either.

Notice how I've received the same message: "The valuation for the property at 403 DECATUR RD has been completed, and we are preparing to analyze the offer and determine the investor(s) net proceeds" FOUR TIMES - on 4/23, 5/4, 6/19 and 6/21.

FYI - on the "counteroffer" I received today- they removed the $3000 HAFA incentive from "Other Expense 2" to "Other Settlement Costs" CLEARLY a move on the part of the negotiator to make it look like there is "activity" on the file. I'm sincerely at a loss as to what to do. This has gone WAY past the point of the ridiculous.

I should also note that I listed another property on 3/2 or 3/3 and we received an approval on 5/22. So it REALLY matters who the negotiator is.

Permalink Reply by joe beauchamp on June 22, 2012 at 12:05pm

Yep, same for us. Go ahead and write down the steps you now have to take to submit a short sale and what they were last year. Then time them.  Faster? I'll give you faster - I've had 2 files where they demanded a counter in "3 calendar days" - coming out on Thursday night - meaning 1 business day - after months of bugging them to do something - anything. I just got that I am not the listing agent in Equator so that needs to be changed. This after they screwed over several files several times as they changed how they wanted their new authorization. I am awaiting a response that they are totally ignoring their rules and new authorization form and making all attorneys and non-listing agents drop their files -- or clearly log that it is just for my 1 file that they are making this exception.

Yes, it is much more complex these days - a lot more wasted time and still the same old BofA slow responses except for absurd time demands on you.