Comment

Comment by joe beauchamp on August 9, 2012 at 7:16pm

I donno, Rita, I keep thinking that BofA wants a HUD-1, so that means title search, and all sorts of documents to simply give them an authorization letter (which changed again for the 3rd? 4th time since mid-April??) and thought that their next step would be to require closing doc's signed with the submission of your authorization. Well, I thought I was joking, but maybe that will be BofA's next change to...uh... make things "faster and smoother"?  ;-)

Comment by Kevin - Greenville, SC on August 9, 2012 at 12:48pm

I just closed a Bank of America Cooperative Sale last Friday and am in the closing stages with 2 others with Bank of America. The only docs required prior to closing is the Closing HUD-1.  

Comment by Rita Flood on August 9, 2012 at 11:45am

new rules for hud approvals with Bank of America, just found out. 

Also, please make sure all your required docs are uploaded. I can't approve your HUD without them.

It is mandatory to have your required closing documents to be uploaded prior to reviewing you HUD. These would include signed "Approval Letter", signed "Unearned Insurance Premium", signed "Acknowledgment  Letter" from home owner if using incentive funds for fees, 2nd lien approvals. Your HUD can't be approved without these required documents uploaded into the library.

Thank you,

Comment by Len McGuirk on August 9, 2012 at 10:45am

I see. I haven't had too many problems with Bank of New York as the investor. Feel free to send me a message about the situation privately if you would like. This way we are not filling up this group forum. Thanks!

Comment by Cami Pinsak on August 9, 2012 at 10:42am

Thank you all for your responses.  @Len - no, this is not my house. But a dear friend's elderly parents'.  It was supposed to be an investment, but they can't get tenants now and the husband had a heart attack.  Their financials clearly show no income.  I would've been happy to negotiate this short sale, but I'm not  licensed in NV and relied on realtor...The negotiator just doesn't seem to care or not whether it goes to foreclosure or not.  And I really believe that part of this negotiation business is having some "heart"!  The investor on this is Bank of New York. 

@Helena - Not Fannie or Freddie.... 

 

Comment by Helena Kaucheck on August 9, 2012 at 10:34am

I believe that Fannie and Freddie requires deficiency waivers on their short sales from servicers.  I had one with BofA that refused to waive deficiency and was able to get a new letter after I fought this with those new guidelines.  

Comment by Len McGuirk on August 9, 2012 at 10:29am

Cami, it all depends on the circumstances. Most of my short sale sellers are investors and we have been very successful in negotiating the deficiency waiver. However, each situation is different of course. Is this a home you own in Las Vegas?

Comment by Carol Muir on August 9, 2012 at 10:05am

The Homeowner can try calling BOA themself and send a written request asking to waive the deficienty.

Comment by Cami Pinsak on August 9, 2012 at 8:56am

Yes - B of A is saying this is a strategic default and that investor, Bank of New York, will want 20K to waive deficiency.  Even when their 2010 tax returns showed a net income of -19,000.  I wish I could negotiate it, but I can't and I don't feel as if this person is doing anything.

Comment by Len McGuirk on August 9, 2012 at 8:41am

Cami, I have been very successful with getting first lien and second lien deficiencies waived in my area (Las Vegas). I guess it all depends on who is negotiating the short sale, however I think it is more common to be waived by BofA now.

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