Replies to This Discussion

Permalink Reply by joe beauchamp on July 20, 2012 at 3:02am

Start by getting a discount at your local bar - they will appreciate the extra business..

Yes there is a packet. First, BofA seems to be getting a little better at this, but make sure your seller has called in to home retention and gone through the loan mod phase for FHA, otherwise you might be moving along and suddenly your file is gone because it was sent over to loan mod. He must be denied in loan mod first (exceptions - vacant house, etc.). Then they will recommend short sale, then an FHA case number is added, then after the umpteenth time of updating pay stubs/bank statements, they will assign a paper shuffler. He will send you the FHA "welcome" packet with account and case number filled out.

You need the normal things, and BofA throws in their addenda, of course.

FHA at BofA is usually very slow, unresponsive and unmanaged. So don't think that it is just you..

Permalink Reply by Michael Schneider on April 19, 2012 at 5:03am

@Joe. Dealing with FHA directly?

Permalink Reply by joe beauchamp on April 20, 2012 at 12:54pm

I have not gone directly to FHA - was discouraged from trying FNMA years ago - the others in the office were right - they could care less.  I may have to go to FHA, however, I have several just sitting.  BofA supposedly just moved FHA stuff to Jacksonville, but I haven't seen a positive change - just silence..

Permalink Reply by Justin Berry on April 20, 2012 at 4:22am

I've done a few - my last one took only a year!  :-)

Permalink Reply by Evelyn Santiago on July 24, 2012 at 10:50am

Submit the file with an offer and hope it can close in 3 months or less....doubtful but anything is possible. The incentive to the seller will get smaller the longer it takes for the file to get processed even though its the servicer who is taking their time. Makes sense doesns't. Perhaps the servicer gets an incentive we are not aware of?? Love the fact that the seller gets stabbed in the back on this again.

Yes, horse tranquilizers are a start but if you could get some elephant ones you would be better off! Nothing will try your patience as these FHA short sales with BOA - hope you know how to meditate or self-medicate which ever comes first.

Actual hint - update financials every 30 days on your own no matter what...they expire a lot becauese of BOA's 10 businesas day rules for somethings, 20 for others, 48 hours for different things - but at least they always say..."whom do I have the pleasure of speaking with" when you call the short sale helpless line....I am always tempted to say...the Devil...because that is what they make me feel like...evil and nasty....despite my better judgement.

Permalink Reply by Rosemary Brooks on July 25, 2012 at 7:28pm

I wanted to share this in case you all missed the webinar:  http://mp135934.cdn.mediaplatform.com/135934/wc/mp/4000/10584/12423...

FHA Short Sale

Permalink Reply by Bryant Tutas on July 26, 2012 at 1:00am

Hi Rosemary. This is a registration link. Do you have a replay link?

Permalink Reply by Kevin - Greenville, SC on July 31, 2012 at 5:28pm

Bryant,

Just log in or register on that link.  I will bring up the replay.

Permalink Reply by Stephanie Greenberg on August 11, 2012 at 12:14pm

Just closed a FHA short sale with BofA yesterday and many, many months. 

• 12/15/12 Submitted file to Bofa
• 12/29/12 Assigned to Phase 1 negotiator
• 2/17/2 negotiator asked for updated documents
• 3/26/12 Assigned to Phase 2 negotiator
• 5/24/12 Received written approval and assigned to Phase 3 negotiator
• 5/24/12 Phase 3 negotiator asked for documents to be redone
• 8/10/12 Closed escrow

In between each date, I called, emailed and nothing.  On 3/26/12 I tweeted to @bofa_help and got the approval letter.  On 7/24/12 I tweeted again and finally negotiator called and said he would get everything set for us to close on 7/26/12 then complete silence.  Tweeted, call customer service, negotiators manager, and HUD and finally got it closed.  What an ordeal!  You have to follow up more than you should and have lots of patience.  Good luck.

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